There’s no question that real estate professionals come to eCommission so that they can smooth out cash flow in between closings. Even Barbara Corcoran noted in a recent video that “agents use eCommission to control the timing of when they get paid” in order to get some predictability over what sometimes seems like a “roller coaster.”
One question many agents have, however, is what are some of the ways they can use the advance to give their business a boost.
We decided to ask agents about some of the ways they use eCommission to continue investing in the future of their business. Here is what we found out:
- Payroll: many of our repeat customers use eCommission to help make payroll for their growing real estate team. Commission checks may vary and get pushed, but payroll deadlines do not. eCommission has helped fast-growing teams keep their team compensated, committed and confident.
- Software: other eComission customers use commission advances to purchase software for greater sales and back-office efficiency; customer relationship software management (CRM) is one popular purchase to help organize contacts and track opportunities from lead through closing.
- Website: every so often a commission advance comes in handy to redesign a website. For example, many websites built three or more years ago are not mobile friendly. Now that consumers use their mobile devices to search for information like real estate agent and home sales, if your website is not mobile friendly there is a good chance the consumer may move on to an agent who does.
- Office supplies: some real estate professionals use their advance for more basic items such as getting office supplies, business card re-orders or a new briefcase. It may seem small, but those items can add up!
- Laptop or tablet: agents are always on the go, so it pays to have a reliable laptop or tablet that can serve as the interface with your office software, MLS, etc. Technology changes so rapidly that it’s not uncommon to see agents upgrade or expand their devices every 2-3 years to keep up with the times.
- Advertising: this is a big one, as agents need to keep on the top of the radar of their target market. Whether it’s annual ad buy in a local newsletter, monthly ads in a community newspaper or online ads in a local cultural website, these investments can potentially provide an agent with brand awareness and a steady stream of leads. Since ads are not cheap, using an advance to buy a volume discount is not uncommon.
- Rent: teams, brokerages and independent agents all have to pay some form of rent for their office space. Granted, independent agents and small teams often have a desk inside a larger office maintained by a broker but they still end up paying rent. Independent brokers have their own office to lease, which can be costly depending upon the location of the space — downtown vs suburbs, class A vs class C.
- Car payments: a car is an agents office-on-wheels. It’s often the biggest single investment an agent makes in the business as many choose to buy vehicles that allow them to transport clients in comfort, which may involve buying a higher-end car or SUV. Payments for a luxury sedan or a roomy SUV are not cheap. Plus those monthly payments come regardless of whether that last home closed on time or not.
- Board dues & fees: agents have to stay current with their national, state and local board dues and that’s not cheap. Some cost upwards of a thousand. Throw in fees for MLS and Supra eKEY and you start to see why flexible access to cash advances can be a life-saver.
- Continuing education: agents have to pay for their own CE every year and the amount of CE required every year varies state-by-state. Fortunately, some agents find ways to take CE at a discount, say through vendor partners like title companies. Still, CE can add up and commission advances have helped many agents make ends meet.