Rental Advance is commission advance service for real estate agents and brokers. Typically, there is a wait period after a sale, before an agent or brokerage is compensated. Our services allow agents and brokers to get paid sooner, provided they meet the necessary requirements, in exchange for a nominal fee.
Rental Advance is purchasing your sales commission in exchange for cash today. This is sometimes referred to as accounts receivable factoring. It is not a loan.
It’s easy! Step 1) Complete our online application. Step 2) Sign our agreement form, with your manager’s signature. Step 3) Provide the required documentation (this can vary depending on the transaction). After that, just tell us how you’d like your funds! You can track and manage the status of your commission advances on our platform.
We charge a fee of 10.5% on Rentals closing within 30 days. Sales commission advances, and their fees, are evaluated on a case by case basis.
Anyone can apply, however applicants must meet our criteria during our vetting process.
Advance limits vary based on sales production and/or license designation
We do not check your credit, or run credit-security checks. However, we do require pieces of information, such as your social security number, in order to provide our services.
Our rates are lower, we offer more payment options, and our process is streamlined using our online platform. This means quicker access to your receivable commissions. We also offer rewards to repeat clients, and give bonuses for referrals. Add our stellar customer support, and you have an efficient cashflow solution.
We provide commission advances on sales on a case by case basis. The required documentation may vary depending on property type (condo, co-op, commercial or residential). Our staff will happily guide you through the process.
While most transactions do run smoothly, there are instances in which a deal falls through. If in the event a rental or sale fails, you can repay your debit balance with future earned commissions.
Banks are more risk averse. Getting an advance from a bank isn’t easy. You may not get approved at all. If you are approved, the fees tend to be on the higher end of the spectrum.
The documents needed to verify a sale can vary on a case-by-case basis, however, in all cases the Agent or Broker must provide:
- ID & Proof of Residence.
- Active Sales Contract
- Completed Copy of RentalAdvance Forms
- Manager Approval (if you are an Agent)
Provided you’ve sent in the required documents, the approval only takes an hour.
You can receive your funds via Bank Wire, ACH Deposit, or Check. We also offer payments via PayPal and Venmo.
Bank Wires typically take one business day. Checks can be overnighted or picked up in person. AHC funds can take between 2 to 5 business days. PayPal and Venmo are instant.
It’s easy! Just refer a friend or colleague in the industry, and if he or she completes an advance (from sign up to repayment), we’ll credit your account with a bonus.
We’ll do our best! Rates in the space are very competitive, and we pride ourselves on transparency and fast payments. If another provider does offer a lower rate on an advance give us a call!
Yes, the cost of the advance is tax deductible. Always be sure to check with your tax consultant or attorney.