Realtors and others in the real estate business have long known that cash flow can become one of the most frustrating and significant concerns of anyone who makes their living through real estate commissions. Cash flow for realtors can be slow and choppy, which becomes a problem for weekly, monthly and even daily expenses such as reoccurring bills, grocery shopping, and so on. Thankfully, the problem of irregular cash flow for realtors has solutions. In the past, realtors were encouraged to take out payday loans and other loans to help tide them over until they received their commissions, but there is a new standard in the industry which is changing cash flow for realtors in a significant way: commission advances.
Types of Commission Advances
There are several types of commission advances that realtors can take advantage of, including house sale advances as well as mortgage commission advances. A mortgage commission advance is an advance on the commission realtors receive for their mortgage sales. There are certain mortgage commission advance requirements that realtors need to meet before they apply; these include mortgage commission advance documents such as bank statements, proof of your employment, all the necessary proofs for the mortgage sale, as well as identification documents.
Benefits of Commission Advances
The reason for the extreme rise in the popularity of advances on commissions—for mortgages, sales and other realtor transactions—is that they are extremely convenient, fairly easy to apply for, and they have much lower fees compared to standard loans.