As a real estate agent, you already know that success in the industry is highly dependent on a combination of skills, knowledge, and of course, financial stability. One of the biggest challenges many agents (particularly new ones) face is managing said finances, especially when it comes to commission advances.
In this article, we’re going to explore how your commission advances can help you achieve financial stability, and grow your career, as well as the options available to you if you’re having trouble making ends meet.
COMMISSION ADVANCES - A RECAP
Put simply, commission advances are lump sum payments allowing agents to access the funds they need to manage their finances, invest in their business, or simply cover living expenses. This is especially handy for new agents who are just starting out, and have yet to solidify their reputation in the industry. They can have a significant impact on an agent’s financial stability and growth, as per the following scenarios:
1) Cash Flow Management
Commission advances can provide a steady stream of cash flow that allows agents to manage their finances much more effectively. New agents may experience this benefit the most, since they will be busy working up through the ranks to make a name for themselves within the surrounding community.
2) Business Growth
With a commission advance, you can invest directly into your business, whether it be marketing campaigns, training initiatives, etc. Reinvestment can ultimately lead to a boost in productivity, sales, and ultimately, greater financial rewards. A short-term commission advance can have long-term benefits on your success as a real estate agent.
3) Reduced Financial Stress
Commission advances can help alleviate the financial stress associated with making every dollar stretch until the next deal closure, allowing agents to focus on their work. This can lead to increased job satisfaction, better work-life balance, and a more positive overall outlook. Clients notice these things, which is why it’s so important to be stress-free, and focused on the task at hand.
4) Increased Productivity
With the financial security provided by a commission advance, you can focus on high-leverage activities such as prospecting, networking, and client relationships, all of which are vital for your success. The more productive you are as an agent, the more business will flow your way, giving you the opportunity to wow your clients, and build your reputation.
CHOOSING THE RIGHT COMMISSION ADVANCE PROVIDER
When selecting your commission advance provider, you’ll want to consider the following factors in order to reap the greatest benefits:
1) Reputation
Always be sure to research the provider’s reputation within the industry, and pay special attention to reviews from other agents who have used their services.
2) Fees and Terms
The key to benefiting from commission advances involves understanding the associated fees and terms of the company in question, which includes the interest rate, repayment terms, and other fine print such as penalties for early repayment. Be sure to pursue the deal that best serves you, not the other way round.
3) Flexibility
Try to seek out a commission advance provider offering flexible repayment options, as well as the ability to adjust the repayment schedule as needed. This may not seem like a big deal at first, but you could find yourself in a tricky spot that requires some leeway from the commission advance provider. The best companies will be happy to work with you for a mutually beneficial outcome.
4) Customer Service
Always choose a provider with an excellent reputation for customer service, including dedicated support, and a responsive team. If a problem does arise, you won’t want to spend your time going through the hassle of dealing with bad customer service reps, late replies, etc.
CONCLUSION
Commission advances yield huge advantages for real estate agents who want the reassurance of financial stability, not to mention career growth. By having a steady stream of cash to fall back on, you can reduce financial stress, and grow your business, which are vital when trying to remain competitive.
Interested in commission advances from a company that understands exactly what your needs are as a real estate agent? Rocket Advance knows better than anyone, and our team is ready to assist you, and help you acquire the funding you need to tackle any challenge you might run into as a hard-working real estate agent. We’ve got your back, so contact us today!
