Love Austin Homes has teamed up to provide a Commission Advance service to local real estate agents.
Commission advance can help agents better manage cash flow by evening out commissions regardless of closing scheduled.
Below are some common questions and answers:
- Why Should I Convert My Commissions to Cash?
- You are in business as an Independent Contractor. Your earned but unsettled commissions are un-productive assets. They are receivables, income you are waiting to collect. Like other businesses, you want to convert receivables to cash to operate and promote your business today. Promoting today results in more income tomorrow.
- What Do I Need?
- All you need is a ratified non-contingent contract with preliminary loan approval.
- How Does It Work?
- Our service provider will fax you the necessary forms and instructions that step you through the process. You then fax us the completed forms. Upon our review and approval, you can come to the office to sign paperwork and receive your check (the fast way) or we can fax the paperwork to you to be signed and mail your check to you (the easy way). It's just that simple!
- How Soon Can I Expect My Check?
- Usually within 2 days after we receive the completed documents... often the same day.
- How Much Do I Get?
- Our service provider pays you (Advance) up to 82% of your total commission immediately. You will receive up to 92% after an additional 10% (Holdback) is paid to you after settlement.
- What Does It Cost?
- Your cost is called a discount and is paid from settlement. You pay nothing up front. We discount the commission from 8% to 14% on 30 day to 90 day settlements with a $150 minimum.
- What If Settlement Is Delayed?
- Our service provider must be paid within 30 days of the Settlement Date specified in your application or you will incur an additional discount fee.
- What If Settlement Does Not Occur?
- You would re-purchase the receivable by check or assign the proceeds from another receivable to our service provider.
- What Do I Do Next?
- Call 512-853-9522 with any questions or to receive an Application.