eCommission - Broker Q & A
March 20th, 2008 by Scott Vertrees
Last week, I wrote about the Commission Advance Program for Brokers/Owners and received quite a bit of feedback.
The management team of eCommission Financial Services created the commission funding industry over a decade ago. Our experience and knowledge, along with a sophisticated approval criteria, can be a great addition to your recruiting and retention efforts. Your Sales Associates will have greater control and predictability over their finances.
Here are some of the questions I received from Broker/Owners:
What are the Broker’s responsibilities?
The Broker must authorize each eCommission application that is made by a Sales Associate. This ensures that you have total control over all of the transactions for your office. If a sale does not close, the Sales Associate is responsible for repayment or replacement with the proceeds of future commissions. The Broker is not responsible for repayment or replacement and does not bear any financial liability.
When can a Sales Associate apply for an eCommission?
When they ahve an accepted purchase contract for a single family, residential home, town home or resale condominium. The closing date must be within 120 days and if financing is a contingency, the buyer(s) must be pre-qualified by a lender. Commercial or vacant land does not qualify.
How much can a Sales Associate need to supply?
The maximum eCommission available is 90% of the Sales Associate’s net earned commission (up to $10,000 per transaction). Should you prefer less than 90% or $10,000 for your office or any individual Sales Associate, you can adjust these amounts at any time.
How does a Sales Associate get started?
By creating their account either online at www.eCommission.com or by calling us toll-free at (877) 882-4368.
What is the accounting process for my office?
eCommission is a simple bookkeeping entry under “miscellaneous adjustments” and does not affect the Sales Associate’s gross commission income on their 1099 form.
