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Frequently Asked Questions
What 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.
Why 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.
When can I apply for a Commission 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.
How 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.
Does 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.
