7 Ways Commission Advances Help Agents Grow Their Business

You need thick skin and a tough mind to make it as a real estate agent. The first few years can be a mighty test of your will. You have to constantly hustle to build a network and a reputation that is large enough to provide you a steady stream of clients. Dry spells are unavoidable, particularly as sales slow down in the winter months. During that time, however, you want to keep the momentum going by continuing to invest in your business. Here are a number of ways that commission advances can help. Advertising You know it might be ...

Five things that take longer than an eCommission advance application

Applying for a commission advance is simple and quick. Here at eCommission we want to make sure you can apply for and receive your hard-earned advance in under an hour. While you may not realize it, many things that are part of your routine can actually take longer than getting an eCommission advance. Here are five examples: Waiting in line at the DMV It’s everyone’s least favorite activity. Ranks right up there with getting a root canal. Well, okay, it’s not that bad, but pretty close! Come to think of ...

Commission Advance 101: what happens if my sale falls through?

Commission advance is a service tailored exclusively to real estate professionals Salaried employees enjoy the benefit of knowing exactly what they’ll earn on their next paycheck, and when they’ll receive it. Selling real estate is a different story. Some months you may close two or three sales and earn thousands of dollars. Other months… nothing. Riding this “cash flow roller coaster” as described by Barbara Corcoran, is the #1 reason why agents leave real estate. Solving this challenge is crucial for sustaining long term business growth.  A commission advance is designed just for agents and takes the nature ...

Seven tax filing mistakes realtors should avoid

As the dreaded tax filing deadline comes ever closer, real estate agents find themselves in a familiar position: how to pay as little tax as possible to Uncle Sam while staying off the radar of the ever-watchful IRS. We decided to make a list of seven tax mistakes that real estate professionals may accidentally make so that you’ll be able to avoid them when it’s time to do your own taxes! Forgetting little (deductible) expenses It takes a lot of discipline to keep track of the variety of business expenses you make during the year, especially if many are ...

Six personal finance books for real estate agents

Not many of us were born with the instincts of a Wall Street bond trader. Investing for yourself — either on your own or with the help of a professional — takes time to learn.   But even if you’re not a billionaire like Warren Buffett, you can still learn how to become a better manager of your financial portfolio thanks to many helpful books written on the topic. To help you start figuring out how to grow your own personal wealth, we have included a brief description of six personal finance books: Rich Dad Poor Dad Robert Kiyosaki had two ...

Avoid these five common financial mistakes

FACT: Running a successful real estate business takes fiscal discipline. TRUTH: Becoming a good financial manager of a business is not something we are all cut out for. After all, many in the field of real estate are in sales because they love to sell, not because they love crunching numbers and doing taxes! Nevertheless, there are still some opportunities for even the least financially-gifted among us to keep in mind when trying to grow a real estate business. Here are five common financial mistakes that every agent should keep in mind: Renting expensive digs One ...

Finding the best business checking account for real estate agents

One thing every agent has in common is the need for a flexible checking account to help manage the daily finances with the fewest headaches and fees possible. To help you, we have put together a quick list of items you should be mindful of when looking for the right checking account for your real estate business: Dare to compare! The best way to ensure you end up with the right checking account for your real estate business is to shop around. There’s no need to settle for the first bank to come along. Nor do you even ...

Four questions to ask your accountant in December

The month of December is typically a month in which you look back at what you have achieved over the past year. What went according to plan? Where did you come up short, and what are lessons you learned from that? A very useful and perfectly legitimate question to ask is also whether you are well positioned to NOT pay more taxes than you really have to for the year that is coming to a close. You worked hard for the money, so why not use whatever the tax code makes available to you to keep Uncle Sam on a healthy ...

Tax deductibility of a commission advance, how to use to your benefit.

With tax season fast approaching, we wanted to give you a few reminders about the tax benefits when receiving a commission advance. Suffice it to say, there’s good news, so take advantage. What is tax deductible? Fees: As an independent contractor, the fees you pay to secure a commission advance are a fully deductible business expense. It’s a true cost of doing business and as such will be 100% deductible. For sole proprietors, this means recording the fees as a business expense on  Schedule C of your tax return. Business expenses: Further benefits when ...

Riding the commission roller coaster: four tips for managing your cash flow

Real estate agents, like most good salespeople, tend to be optimistic. You have to be in order to succeed in a profession based 100% on sales commissions. But when your compensation is tied to a sale that may cancel or become delayed due to no fault of your own, it can create financial stress for even the most optimistic real estate professional. Fortunately, there are some tried-and-true steps you can take today to make sure you have steady access to cash between closings. It all starts by taking an honest look at your current ...