Answers for Agents

Answers for Agents

Questions asked by Real Estate Agents

Will Agent’s Equity distribute or sell my personal information?

Absolutely not. We respect your privacy. Information submitted to Agent’s Equity will not be sold or distributed.

When can I apply to receive an Agent’s Equity Advance?

The moment your transaction becomes a firm and unconditional sale, you can apply for an advance of funds.

What supporing documentation do I need to supply?

Along with the signed Agent’s Equity Agreement, you will need to include the following supporting sale information:

  • A fully copy of your firm Agreement of Purchase and Sale
  • A copy of the final Trade Record Sheet shoing breakdown of the commission you have earned
  • The name, contact and phone number of the solicitor/notary handling the sale
What happens if my sale does not close?

The reality is, after a purchase contract has been signed, the vast majority of residential sales close on schedule. but if a sales does fall through, you have two easy options. Either repay the full amount of the commission purchased within 60 days, or repay the outstanding amount with the proceeds of future sales. A minimum of 25% from each subsequent commission is applied to the balance until paid in full.

Should I spend a large portion of my profit on commission advances?

No. Not unless it is obvious that a net return can be earned that justifies it. Remember that, “half a loaf is better than no loaf at all!” If your business has high fixed costs (desk fees, staff, rent etc.) then the marginal costs of increasing sales can be quite low, relative to the potential return and a commission advance will work for you.

Is a commission advance like a pay-day loan?

Absolutely not. When you sell a commission receivable you are selling an asset that you already own. You are not borrowing against a future paycheck. That is a huge difference.

Is a commission advance cost effective?

YES – especially when you consider some of the alternatives such as:
•    Losing control of your business;
•    Losing profitable opportunities due to lack of finance;
•    Pledging your home and other personal assets;
•    Losing a marketing opportunity that would increase sales.

I’ve entered my information online. What’s next?

Once completed, an Agent’s Equity Commission Sale Agreement will be automatically delivered to you via fax or email. This agreement must be signed by yourself and the Broker of Record, and faxed back to us along with your supporting documents. We’ll review your paperwork and notify you if your Agent’s Equity Advance is approved. If your request is declined, or if any information is missing, a customer service representative will call you directly.

How much will an advance cost?

Our commission advance service can cost you as little as $74.50 per transaction! If you have a deal that has firmed up and would like to know how much it would cost to get your money today, give us a call at 1-800-331-9756 for a free quotation.

How much of my commission can I receive from Agent’s Equity?

Up to 90% or $15,000 of your net commission receivable!

How many days before the closing date can I apply for an advance?

You are welcome to apply within 150 days of the closing date!

How large do I have to be to use commission advancing?

There is no “right” size. The Agent’s Equity program is designed to suit the needs of all realtors. Because we impose no maximum or minimum restrictions on the amount of business transacted, it is literally a “tailor made” program – just for you.

How is my Agent’s Equity Advance delivered to me?

Delivery of funds can happen in 1 of 2 ways: Cheque or Electronic Bank Transfer.

How do I apply for an Agent’s Equity Advance?

Your first step is to create an account by phoning our office or registering on our website. After your account has been set up, you can log in to our website day or night to enter the information for the sale on which you would like to receive an advance. Enter this information online is a straightforward process that takes less than 5 minutes!

Does my broker need to register before I can apply for an Agent’s Equity Advance?

Yes, in order to apply for an Agent’s Equity advance, your broker must be registered in our database. This can be done quickly by calling 1-800-331-9756.

Do I need to set up an account to apply for an advance?

Yes. One of our representatives would be happy to quickly set up an account for you. Just call 1-800-331-9756.

Can I access more than one commission at a time?

No Problem! Agent’s Equity Can handle up to $50,000 of your net commission receivables!

Are the fees for a commission advance tax deductible?

Many of our agents have received tax deductions when using a commission advance for business purposes. See your accountant for more information. Agent’s Equity provides tax receipts upon request.

Are commission advances a permanent way to finance my business?

That’s up to you. It is often best used as a short-term solution to your financial needs.

Get your commission advance in as little as 30 minutes.

Register now and get back to doing what makes you money - selling homes.

Or, give us a call and speak directly with our helpful staff:

Attention: Brokerage Owners

* Agent’s Equity Offers Broker/Owners A Better Proposition For Using Their Surplus Capital * Which would be of more value to you? a) Revenue from recruiting a new agent?   OR    b) Revenue from providing a commission advance to an agent? Now imagine – a) Revenue from gained by recruiting 5 new agents   […]

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Payday Loan or Commission Advance? Is There A Difference? YES! YES! YES!     PAYDAY LOAN   COMMISSION ADVANCE (not a loan)   Borrowing money and incurring unsecured debt   Sale of an asset – not borrowing   Huge interest cost: $1000 for 2 months can cost $500+   Less than $80 for the same […]

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The Cost of Running a Successful Real Estate Business….

Here is a partial list of fees and costs that many young and/or aspiring real estate salespeople may not realize is associated with running a successful real estate business (courtesy of Heath Applebaum, REM, May 2015 issue) – * CREA fees and dues * Monthly provincial real estate board dues and fees * Listing fees […]

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