Frequently Asked Questions
Commission Express has been the preferred commission advance company for successful REALTORS® since 1992. Each Franchise is locally owned and operated. Personal service and a fast response coupled with reliability are the hallmarks of our business.
- What is a Business Factor?
Factors serve many industries by providing the working capital management and cash flow necessary to operate, market and grow a business. Your real estate business probably has these same cash flow needs. Instead of borrowing that money as you would from a bank or other lender, however, with a factor you raise the cash by converting one asset -- your account receivable in the form of your earned but unpaid commission -- into another, i.e. cash. Commission Express is a business factor dedicated exclusively to companies and brokers in the real estate industry seeking to better manage their working capital and to generate the cash flow critical to their business's operations and continued growth.
- Why Should I Convert My Commissions to Cash?
You are in business as an Independent Contractor. Your earned but unpaid commissions are your "receivables". And like other businesses, you need to convert your receivables to cash to operate and promote your business today.
- Why COMMISSION EXPRESS®?
Our customers include some of the nation's leading agents and brokers who prefer our local reliable service, an easy application process and quick response. Because we are locally owned and operated, our pricing and procedures better reflect the industry standards and market environment here in Colorado. And we can work with employing brokers to ensure that our service is delivered in a way that supports your real estate company's internal processes and policies.
- What Can I Use The Advance For?
Office fees and supplies, listing expnses and promotional materials, upgrading your website and business marketing image, staying current with educational, licensure and insurance requirements, technology tools and business related transportation expnses -- in short, any expense arising out of the operation, marketing or growth of your business.
- How Does It Work?
After creating an account, you will be emailed a Username and Password that will enable you to log in and apply for a commission advance. Or you can contact us by phone at 720-482-8160 and we can either fax or e-mail the application forms to you. Either way, we will provide you instructions and any other documents that need to be completed to support the application. Upon our review and approval of the application and supporting information, the advance will be provided to you. After settlement occurs, either the Settlement Agent or your Real Estate Company will pay COMMISSION EXPRESS® redeeming the receivable.
- Do You Run Credit Checks?
While we do not usually run credit checks, we do consider the experience and professionalism of the customer.
- When Will I Receive the Funds?
Usually within 2 days after we receive the completed documents (often the same day).
- What Does This Service Cost?
There are no upfront or minimum charges. Your cost is called a discount fee and is paid at the time of closing In Colorado, COMMISSION EXPRESS® discount fees range from 5% to 14% of the receivable with repurchase obligations ranging from 60 days to 120 days. Give us a call and we will be happy to give you an exact quote as to what the fee would be on your particular transaction.
- How Much is My Advance?
Your Advance will be your share of the commission less the fee (Discount) and a 12% reserve (Holdback) that will belong to you after the commission has been collected.
- How Much Will I Receive In Total?
Assuming no Default condition occurs, you will receive your Advance immediately plus your Holdback when the receivable is redeemed.
- What If Settlement is Delayed?
You will be provided with a repurchase date 60 to 120 days from the date of the advance depending on the projected settlement date. So long as the commission is collected or otherwise paid off by that date, there are no additional fees or charges.
- What If Settlement Does Not Occur?
If the deal falls apart prior to the repurchase date, you can provide us with a replacement receivable with a closing date on or before the repurchase date. If the commission has not been collected or otherwise redeemed prior to the repurchase date, then by that date you must re-purchase the receivable by paying us the amount of the original advance plus our discount fee.
- What Do I Do Next?
Create an Account on-line, or if the internet is not convenient for you, call us at 720-482-8160 and the application forms will be forwarded to you by fax or e-mail. Remember - there is NO application fee and NO processing fee.