FAQ
1. What is a Commission Advance?
Once the sale becomes unconditional, we advance the commission to you so you do not have to wait until settlement to receive your cash. We call this service a Commission Advance.
2. How quickly can my advance get processed?
Your request for an advance can be processed within 4 hours.
3. When can I apply for a Commission Advance?
As soon as the contract of sale becomes unconditional.
4. What type of real estate deals do you advance commissions on?
We advance on residential, commercial and industrial sales, as well as off-the-plan developments.
5. At what stage can I request an advance on my commission?
Any time after the sale becomes unconditional, up until the date of settlement.
6. Where is your service available?
We advance commissions in all States and Territories within Australia.
7. I’m a Sales person! Can you fund me?
Yes, we also advance commissions to individual Agents. If the Real Estate Agency is not registered with us, we will set them up by way of our application process. We also require that your Agency sign our Agreement.
8. Is there a maximum size commission that you advance?
No. We do not set a maximum limit on the amount of commission advanced to Real Estate Agents on qualified deals.
9. Is there a minimum size commission that you advance?
No. We do not set a minimum limit on the amount of commission advanced to Real Estate Agents on qualified deals.
10. Are there any hidden costs?
No. Our pricing is highly competitive with no hidden costs!
11. How much does a Commission Advance cost?
We charge a flat daily discount rate with no hidden fees. To receive a quote of our current rates, please contact us.
12. How do you fund my advance?
We will fund your advance by Electronic Funds Transfer (EFT), or by way of cheque, if required.
13. Can I advance more than one deal at a time?
Yes. We have no maximums on the number of advances outstanding at any time.
14. Are your fees tax deductible?
Many of our customers treat our fee as a tax deduction where the advance is used for business purposes. We suggest you discuss this with your financial and legal advisors. We can at your request provide you an annual commission advance statement showing all fees paid.
15. How much of my commission can you Advance?
We advance up to 100% on unconditional deals.
16. Do you require a minimum size deposit?
We require that the Real Estate Agency or solicitor hold a deposit or deposit bond that is equal to or more than the amount of the commission advanced.
17. What happens if the settlement date is extended?
It is very important that you advise us of any changes to the settlement date as soon as you become aware of the change. The advance continues to incur the same daily fee.
18. What happens if my deal does not settle?
Our Agreement provides for this.
You can either:
19. Is there a locked in contract?
No. There is no locked in contract – you will have the discretion to use our service when and if you need it.
20. Can I repay the advance early?
Yes. Our fees are calculated on a daily basis, so if you decide to repay the advance early, the fees will be adjusted accordingly.
21. Why not just get a bank loan?
Banks impose strict lending guidelines that can lead to some considerable delay in the processing of your loan. Furthermore, the bank often requires property collateral as well as full access to your Agency’s financial statements. Able Factors’ decision to fund your commission depends entirely on the credibility of the documentation provided for each sale.
22. Can I use the facility if I already have an overdraft or business loan?
Yes. You can use our services together with any existing overdraft or business loans.
23. What can we use the money for?
It is up to you how to use the money advanced! Able Factors provides the advance on the basis that the Agency intends to use the money predominantly for business or investment purposes.
24. Who else uses Able Factors Commission Funding?
Real Estate Agencies and sales people all over Australia are using our services. Our clients include major franchises as well and independent agencies. |
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