What is a Commission Advance?
A commission advance is a financial service that is offered by a third-party company that will advance a pending commission for a fee when you have a mutually acceptable transaction under contract. In exchange for the fee, funds are advanced to you before closing. The funds that are advanced is a loan and it is tied to a specific transaction. Should that transaction not close for any reason, the loan is still required to be paid back to the third-party company.
Real cannot and doesn’t make any representations about any commission advance third-party company. Real must sign to agree to the Advance terms with the third-party advance company and repay the funds on the agent's behalf.
How can I get a Commission Advance?
Conditions of Commission Advance from Real:
In Canada, you must meet the following conditions before you can get a commission advance:
- Transaction must be firm
- Transaction must be Broker Compliant
- Maximum 70% of agents portion of the commission
- Minimum Commission Advance amount $1501
- Agent must have confirmed Commission Calculation and Trade Record Sheet
- Anticipated closing date of the transaction must be at least 7 days in the future
- Agent must be in good standing with the Company
Commission Advance Process:
- Agent completes their preferred 3rd party advance company application
- Email completed advance application before 11am ET for approval to CADcommissionadvances@therealbrokerage.com
- Payouts may be available the same day if the application is sent before 11am ET
If you have any questions about the Commission Advance policy or need a recommendation for a 3rd party company that we work with, please reach out to cadcommissionadvances@therealbrokerage.com.