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 firstname.lastname@example.org
- Payouts may be available the same day if the application is sent before 11am ET
If you have questions about this policy, please reach out to Support either by emailing supportCAD@therealbrokerage.com or clicking on the Support tab in your app.