Who the Heck is this Commission Advance Company?
You get lots of offers in the mail - from vendors that say they will help you with your real estate business. You get emails, postcards, phone calls - some of them you've heard of, some of them you know. But most of them are companies you have never had contact with - and they aren't local either. Who are these companies?
The same is true for commission advance companies - who are these folks who say they will pay your commission in advance of closing in exchange for a cut of the deal? Well, here are a few simple steps to try to identify these companies:
1) Look them up at your state's Secretary of State website - they should be registered to do business in your state. Your state's Department of Revenue (or similarly named taxing authority) should also have a listing for the company. They might be doing business as a brand name - but you can ask the company for their corporate name so you can research them a bit.
2) Call your local realtor association - any local real estate services company worth their salt will be an affiliate of the realtor association. More than likely, they have indicated on their website that they are a member of the local realtor association - it's a proud affiliation! Your local association probably has a list of affiliates on their website, but if the company is active in the association, the executive director of the association should know them as well.
3) Look at the company's website. Now anyone can put up a website - but that website should say where they are located. It should talk about their linkages to the community. And if they aren't in your community, then what do they know about your business? Real Estate is local after all!
I can say a few things about Commission Express of Western Washington (my company):
A) We are local - with our office in Seattle, WA, serving all of Western Washington. So we know and understand the local market. How many other commission advance companies can say that?
B) We are affiliate members of the Washington Association of Realtors - through King County and Pierce County. We are active members in each association - just call them up and ask about us! Or take a look at their affiliate list:
Seattle King County Association - Affiliate List
Tacoma Pierce County Association - Affiliate List
C) Our corporate name is MSG FACTORS LLC and we are a registered domestic corporation in the state of WA. We do so because we believe in obeying state laws and paying our fair share in taxes. Here's our registration:
Secretary of State website - Corporation Search
If those other commission advance companies can't say this about themselves - well how can you trust them with your hard earned income?
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