Being able to thrive within the real estate industry means having money available to pay off expenses on a past deal in order to move on to another potential sale. On many occasions, an unexpected logjam can grind things to a halt, which can result in watching potentially lucrative financial opportunities fall by the wayside.
However, obtaining a realtor commission advance can help alleviate that issue, though the problem still exists of determining which of the many commission advance companies for real estate and mortgage brokers serves your needs best. To avoid that issue, listed below are some tips on which company to choose when the commission advance for brokers remains an integral part of your growth strategy.
Expect Application Simplicity
Trying to get a loan from a bank or other financial institution can be a process that drags on for weeks and months. That doesn’t serve your interests and neither does filling out a lengthy application, which often forces you to dig for supporting information and other items deemed necessary. That’s why the very best commission advance companies keep things clear and simple. Any company of this nature that doesn’t follow this script is one to be avoided.
Demand Quick Approval Process
After compiling all of the information for a standard loan, the final decision on whether or not to grant it can be delayed because of a backlog of applicants or stringent screening procedures. If a decision on your realtor commission advance doesn’t offer same-day approval, it’s best to walk away and look elsewhere. Otherwise, there’s no way to determine exactly when the commission advance for brokers that you receive will arrive, or even if you’ll be approved. Time is money in real estate, so make sure you avoid getting caught in this bind.
Credit Ratings Shouldn’t Be a Concern
Besides the time considerations, another flaw in trying to borrow from financial companies is that your credit often has to be impeccable. Any type of risk makes your application radioactive to those firms, something that shouldn’t happen when choosing a commission advance company. That’s because the pending commission you’ll be receiving is good enough collateral for them, so if a company asks about your credit, you can be certain that it’s not the company you need.
Amount Range and Scope Issues
Some companies insist that you have to borrow a certain amount, even if you don’t have such a need. Either that or they cap the amount they’ll lend you, which can limit your flexibility. In addition, some lenders may hold you to one deal at a time, which usually isn’t the way things work in real estate. That’s why the commission advance for brokers that’s being offered should have no strings attached, especially if they handicap your business opportunities.
Check for Fee Surprises
Some commission advance companies or other lenders add on hidden fees, which devalues the money you receive. These are often buried in fine print and can be something you find out about much later. Ensuring that all assessed fees are noted up-front should serve as a lit must test when choosing such a company.
Your Best Choice
Wilson Gordon is prepared to offer you a realtor quick commission advance in order to allow you to grow your business and not get bogged down in paperwork. Make sure to get in touch with us and see how we can help you expand your footprint in this competitive field.