What We Do
Questions we often receive:
What is CommissionNow.Com?
What's the cost?
How much can I receive for my commissions?
Are there any other fees associated with the transaction?
What happens if the transaction doesn't close within 30 days?
What happens if my transaction doesn't close at all?
May I sell just part of my commission?
Is there a limit to the amount I can sell?
Will you buy all types of commissions?
How do I receive my money?
Does my Broker have to approve the sale of my commission?
Is it confidential?
Do I need good credit?
Do other Agents use your service?
How do I get started?
What is CommissionNow.Com?
CommissionNow.Com is a "Factor". Simply put that means we purchase the receivables from independent contractors and businesses. We specialize in the Real Estate industry because it's what we know; the founders have all worked in the industry for over 20 years and have "walked in your shoes".
We've designed our system to be quick, simple and an effective cash flow tool for commissioned professionals. It takes only about 20 minutes to complete an application and submit the necessary forms to receive funding on an unrealized commission. Often, you can have money wired the same day as the application is made!
We don't expect to be an everyday event for most agents, but the few times a year that cash flow is crunched, there's now an alternative to borrowing money.
What's the cost?
What's the cost of not having access to your receivables? Have you ever had late fees on your business bills? Lost an opportunity because you couldn't fund a marketing program? Maybe you even had penalties for paying taxes late? You charge a percentage of the sales price or the amount financed as your brokerage fee, we in turn base our discounts on a percentage of the receivable being purchased. Typically our fees are between 8%-10% for first 30 days. A $3,000 advance for 30 days would cost approximately $300. After 30 days our fees run $4.00 per thousand per day on the advance amount after the 30th day and accrue on a per diem basis to provide you flexibility.
How much can I receive for my commissions?
You can get an immediate payment of up to 80% of your commission when you assign it to us. The remaining 20% of your commission, less discounts and fees, are wired to you within 48 hours of the close of your transaction.
For example if you wanted to assign a $6,000 commission to us that is going to close within 30 days, we would pay you $4,800 immediately and once the transaction is complete, we would wire back $768 assuming no other expenses or fees. You would have received a total payment of $5,568.00 for your $6,000 commission. The factoring discount cost for 30 days would have been $432.
*Those companies that offer 100% will subtract their fees prior to advancing you any funds and therefore in essence don't really give you 100%.
Are there any other fees associated with the transaction?
Yes, there are other transactional fees.
For first time clients and every 5 years there is a one time $75.00 for a UCC search and filing fee
There is a $75.00 processing fee for every transaction
There are wire fees of $20.00
…..And that's it!
What happens if the transaction doesn't close within 30 days?
We understand that things do come up. For periods beyond 30 days we prorate on a daily basis to minimize the cost to you, the seller. A complete fee schedule is enclosed in every purchase and sale agreement and is negotiable in some circumstances.
What happens if my transaction doesn't close at all?
Having come from the Real Estate industry we understand that some deals fall through due to no fault of the Agent. If your transaction does fall through, we will give you a chance to assign another transaction to us for payment or you may repurchase the receivable from us using your personal funds.
May I sell just part of my commission?
Yes. We base our fees on the amount we purchase, so if you need only $3,000 of a $10,000 commission that's no problem. You would receive immediate payment from us for the portion that we are buying and the rest of your commission as usual from your broker.
Is there a limit to the amount I can sell?
Yes, we generally don't extend more then $10,000 to any one client at anytime but make exceptions for repeat clients and special circumstances.
How do I receive my money?
All fund transfers are done by wire.
At closing we get paid directly from the Settlement Agent. One of the forms you will complete will need to be acknowledged by the Settlement Agent. When the transaction closes, the Escrow Company sends us our money and if there is a portion of the commission that you did not sell to us, it would be paid to you in the customary manner.
Does my Broker have to approve the sale of my commission?
As a 1099 employee (independent contractor) you have the legal right to sell your receivables to whomever you wish. We do need the Designated Broker to acknowledge the sale and instruct the Closing Agent to pay us directly. Because there is no liability to the Broker we have never come across one that has had any concerns with the sale of the commissions. It takes the Broker about two minutes to complete his/her portion of the paperwork and what we have found is that if it is benefiting one of their agents, it is benefiting them too.
Do I need good credit?
No. We don't look at your credit because this is not a loan. We are purchasing your receivable and only care about the quality of the transaction and the likelihood that it will close. We may request you provide us a copy of your credit report but we do not pay attention to your score or payment history, rather your outstanding obligation to be sure you are not currently financially overextended.
Do other Agents use your service?
Yes. Across the country over 50,000 Real Estate professionals have used ours or similar services in the development of their businesses.
How do I get started?
Just click on the "Quick Quote" button below and give us some basic information about your transaction. We'll have a quote back to you in no time at all!
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