7 things you should consider when choosing a trustworthy commission advance company
We all know that agent recruiting is the life blood of any successful real estate office, and it should be the goal to recruit the most, best agents. But how does a real estate brokerage actually go about doing this? Here are some of the tactics used by the most successful recruiters from around the world.
- Some of the best agent recruiting is done by your current agents! Ask your agents whom they’ve enjoyed working with on past transactions, and whom they look up to at other offices. Then provide incentives (trips, meals, a boost in their split) for the agents that provide you with the best referrals.
- Get involved with charities and your local community. Sometimes the best way to find good real estate talent is in the most unlikely of places, and being involved in communities outside of your industry will help you grow your network immensely.
- Get involved in communities in your industry, too! Hold a new agent training for your local board, and make sure to follow up with any qualified candidates. Have your agents support you in this endeavor, and encourage them to follow up as well.
- Email all of your top recruiting targets with their end of year sales and what they could have made working for you- NOTE: make sure you are confident of their current splits and that this would compare favorably before sending.
- Organize an outing or mixer for some of your top agents to mingle and socialize with your top recruits, so the recruits can get a feel for what will allow them to continue to grow and succeed.
- Everyone wants to grow their network, make sure you not only connect with your potential recruits on social media, but ensure that you impact your relationship with them positively.
Once you’ve had a chance to implement all of these tips, recruiting will no longer be about hunting whatever agents you are able to convince they should switch to you, but rather farming your various networks for the most, best agents around.
Why should you have to wait for your commission until the closing day to get paid when you could use a commission advance instead?
- No Credit Checks–Look for real estate commission advance companies that don’t require a credit check. Advance companies provide you with funding based on a contract of sale and a pending commission, which you sell to them. Your Purchase and Sales Agreement is the collateral for your advance.
- Same-Day Approval– The approval and underwriting process should be quick with any advance company. The longer process is usually gathering DocuSign signatures and getting confirmation from brokers and escrow companies.
- Simple Application– Advance companies usually have an online application. The advance company you choose to work with should offer a quick application and a very concise and clear list of documents that can be uploaded.
What Do You Need?
The documents for a commission advance are simple:
A. Purchase and Sales Agreement
B. Driver’s License
C. Bank Account Information
D. Broker and Escrow contact information
E. Summary of Closed Transactions
- Multiple Commission Advances – Every advance company is different but usually you can have up to 2 or 3 advances at one time. Some commission advance companies tranche or fund in 2 payments because the agent requests a large advance amount.
- Listing Advance vs. Commission Advance – some companies offer Listing Advances, which is when there is no identified buyer but only a listing agreement with the seller. Traditionally at least 2 or 3 listings in order to qualify for a Listing Advance. A commission advance is when a broker or agent receives a portion of their commission prior to closing.
Find a commission advance company that fits your needs and works with you. Some regional franchises may have different underwriting procedures due to state rules, but most nationwide advance companies like Express Cash Flow provide excellent service. Check them out at ExpressCashFlow.com.
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