FAQ’s
Need an answer to your question before you apply with Rocket Advance? Here are the most commonly-asked questions we receive.
01What is a Commission Advance?
A Commission Advance is the act of purchasing commissions at a reasonable and affordable discount, thereby allowing you to receive them faster. In short, you will get paid ahead of the closure of your deal, allowing you to receive commission funds quickly, so you can move on to your next deal.
02Why should I advance my commissions?
Many real estate agents operate as independent contractors, which means unpaid commissions are deemed “receivables.” Commission Advances offer a cost-effective method for agents to finance their business and accelerate the process of closing real estate deals. Selling costs and personal expenses can be dealt with quickly, without having to wait for a deal to close in order to receive commission funds. This is particularly advantageous for real estate agents who need to cover operating costs, deal with personal finance challenges, etc.
03How quickly can I set-up a new account with Rocket Advance?
Our professional and dedicated team of experts are on stand-by to set up your account, so you can receive your commission funds as fast as possible. We operate on a timeline of one hour (normal business hours apply) to have your account set up and structured to receive commission advances after receiving your initial application form. Please have all necessary account applications documents ready in order to accelerate the process.
04How quickly can my advance get processed?
Rocket Advance can have your Commission Advance processed, and funds sent to you within the same business day. The following is a breakdown of the steps involved:
1) We send out a Commission Purchase Agreement to you within one hour of receiving your completed Commission Advance request (normal business hours apply).
2) Once we receive a completed copy of the Commission Purchase Agreement signed by both you and your brokerage before 1PM EST, your funds will be deposited within the same day between 4:30PM and 6:30PM EST. Please make sure the entire agreement has been filled out, and no information is missing. If we receive said agreement after 1PM EST, and no later than 6PM EST, your funds will be deposited between 9PM and 11PM, EST. Please note that we remit funds same-day via Electronic Funds Transfer. We cannot be held responsible for possible delays if your account is not set up with one of Canada’s major financial institutions.
05Does my brokerage need to be registered with you?
Yes. Please note that we are the approved advance supplier for many brokerages across Canada. In the event that your brokerage does not have an account set up with us, our team will quickly rectify the situation for you, while also setting up your agent account at the same time. Once completed, both you and your brokerage will be ready to do business with Rocket Advance.
06Does my brokerage need to sign anything?
Yes. We require both you and your brokerage to sign our Commission Purchase Agreement. Please make sure that all applicable information has been filled out before submitting for approval, so that we can guarantee you will receive your funds without delay.
07When can I apply for a Commission Advance?
You may advance your commission(s) at any time, from the moment your deal goes firm, and all necessary conditions have been waived. Please note that we do not advance commissions on deals shortly before, or after they are scheduled to close. This is due to factors that sometimes arise, from regulatory compliance issues and unforeseen delays, to deal verification problems, etc. By not advancing commissions too close to a scheduled closing date, Rocket Advance can better serve you by avoiding issues that may disrupt the process.
08What type of real estate transactions do you advance commissions on?
We advance on all types of real estate deals, including, but not limited to:
1) Residential resales and leases
2) Commercial sales and leases
3) Industrial sales and leases
4) New home & pre-construction condo sales
For inquiries on any other type of transaction, we invite you to contact Rocket Advance directly so that we can determine transaction eligibility.
09Is there a minimum or maximum size of commission that you advance?
No, you are free to submit commission advance applications for deals of any size or amount
10How much of my commission can I Advance?
You may advance up to 90% of your NET commission payable (before HST/GST) on residential resale deals, and up to 80% of your NET commission payable (before HST/GST) on all other types of deals.
11Are your advances restricted to a closing within 90 days?
Unlike other advance companies, we do not impose restrictions or limitations on timing as it relates to closing. We will analyze and consider all deal applications, regardless of closing length.
12Will you check my credit history?
No, since commission advance eligibility is based on individual deals and closing consistency. Your credit score and history are unrelated to these transactions. Therefore, we have no need to perform any checks.
13Will I be treated with the utmost confidentiality?
Our team of professional representatives is mandated to treat your information with absolute discretion, confidentiality and privacy. Our online submission process is completely secure, and your personal information remains with us, never to be sold as data to another vendor. To read our Privacy Policy, and for more information, please click here.
14Can I advance more than one deal at a time?
Yes, you may. We impose no maximum on the number of advances you can carry concurrently with us at any one time. Feel free to submit as many applications as you would like, based on the deals you have closed.
15Is my brokerage liable if my sale falls through?
No. Our Commission Purchase Agreement disclaims the brokerage in the event the property sale falls through, the brokerage does not collect your commissions, or there is a commission shortfall.
16What happens if the closing date on my deal is extended?
Our team recognizes that from time to time, deals may get extended. Please be sure to notify us of any changes regarding the closing of a deal as quickly as possible, so we can determine if any issues may arise. We will evaluate the reason(s) for the extension, and may require a copy of a valid executed extension. Once we understand and approve the nature of the extension, we will gladly extend the payment due date to coincide with the new revised closing date. Please note that an additional charge – dubbed an Extension Fee – will apply.
