eCommission is known for its fast, responsive application process that allows real estate agents to receive advance payment of their commissions in under one hour. As we explained in an earlier post, we designed the process to be as simple and straightforward as possible.
But mistakes and confusion can still happen occasionally causing delays in receiving your funds.
To make sure your experience using eCommission goes as smoothly as possible, we thought it’d be best to describe the six most common things to avoid during the application process:
Not autosaving your password
If you are a returning customer, having your login to the eCommission website auto-saved will save you the time of having to reset your password in the event you forget it. Most browsers allow you to autosave passwords for sites. Another option is to use a password management app like Dashlane to keep track of your passwords on any device you use and keep them secure from hackers.
Not having all the sales information at hand
Fortunately, our commission advance application process does not ask for an endless list of information on the sale. That said, we still require some basic details including the address of the property, buyer / seller name, and closing company information. Having access to a copy of your purchase agreement during the application process will help you complete your advance request quickly and easily.
Not setting aside dedicated time
We don’t recommend applying for a commission advance when you are watching your favorite TV show or doing work around the house. Multitasking is hard enough to do but when you are applying for a commission advance it’s even more difficult. Our site is sensitive to keeping your information private and will automatically log you out if inactive. That’s why it’s best to carve out at least 10 minutes of straight time to complete your request from start to finish.
Forgetting to inform your broker
All commissions earned by licensed real estate agents are the legal property of the agent’s broker. That’s why your broker needs to approve your commission advance request each time you apply. When you submit your application online, eCommission automatically sends an email to your broker for his or her approval. That’s where making sure your broker is ready to approve the app beforehand comes in handy. Although not essential, it’s not a bad idea to give your broker a quick heads-up of your intention to use eCommission. Once your broker is on notice, the application process should go much faster.
Having an account with a small bank
eCommission wires commission advances to customers every hour on the hour between 9:00 am and 4:00 pm central time, Monday through Friday excluding holidays. Bigger banks are typically better equipped to receive wire transfers of money faster and more efficiently than smaller, regional banks. In fact, some small credit unions can take up to two full days to process incoming wires. Since most agents prefer to get their commission advance faster, you may want to look at opening an account at a larger, national bank if you don’t have one already.
Applying before the property is in escrow
The last delay seems kind of obvious but it still deserves attention. When you apply for a commission advance you should always make sure the property you sold is in escrow. This means your ratified purchase agreement including earnest money deposit has been received by the entity closing the transaction, whether that’s a title or escrow company, or real estate attorney. Once that happens we can approve the application and wire transfer your commission advance to your bank account.
Would you like to share any experiences you have had with the application process? Share your thoughts in a comment below, on Facebook or on Twitter.