Advance commissions or commission advances in real estate businesses refer to a financial facility available to real estate agents and brokers to further their business. A broker or agent secures such advance by selling a portion of his/her future commission for a stipulated fee. The agent approaches a commission advance service provider to obtain such an advance.
Advance commissions aim to enable real estate agents and brokers have access to cash flow for their business growth. With a predictable cash inflow such as that offered by such advances, agents and brokers can fulfill business expenses promptly without compromising business growth.
However, the very purpose of advance commissions is defeated due to several misconceptions and myths surrounding the concept. A clear understanding of this efficient financial method can help real estate professionals make the most of it.
Most of these myths are a result of the circulation of baseless information. Here, we shatter such prevailing myths on commission advances with authentic information:
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