Tongo was founded to solve problems for self-employed professionals. An agent can create a Tongo account in less than a minute and add pending deals to confirm their available limit. That limit can be accessed as needed by instantly transferring funds to a linked bank account or by swiping the Tongo card. Here are the top three reasons that Tongo is a better option when compared to traditional commission advances and credit cards.
Tongo is the first line of credit built specifically for real estate agents. Tongo enables agents to turn their future income into a line of credit. Limits are based on pending commissions. Multiple commissions can be stacked to build a higher limit.
In the world of real estate, time is of the essence. As a real estate agent or broker, it is crucial to have access to your hard-earned commissions as soon as possible. This is where a commercial real estate commission advance can be a game-changer. In this blog post, we will explore what a commercial real estate commission advance is, how it works, and the benefits and considerations you should keep in mind.
Some people confuse a real estate commission advance with a loan. But, unlike a loan, a commission advance isn’t an agreement to borrow money; instead, it’s an agreement where a real estate agent sells a portion of their commission to a company before the closing date.When a broker or agent wants early access to their pending commissions, they’ll apply for an advance. After evaluating the applicant and the transaction, the advance company will make an offer to advance a portion of the pending commission to the broker or agent.
Often we find that real estate agents and brokers think of Tongo within the framework of a commission advance. While there are some similarities, Tongo is a unique product that was built to stand in a category of its own. With that in mind, we wanted to take a moment to explain just how Tongo is different from a commission advance.
When it comes to commission advance services for real estate professionals, eCommission and Tongo are two prominent options. Both provide essential cash flow solutions but differ in terms of service features, costs, and flexibility. Understanding these differences can help agents and brokers choose the service that best fits their financial needs and business models.
For real estate agents in Florida, commission advances offer a practical solution to the cash flow challenges inherent in the industry. By choosing the right advance company and understanding the process, agents can maintain financial stability and focus on what they do best: selling homes.
Real estate agents, whether independent or part of a larger brokerage, need to keep track of a lot of expenses, from marketing and mileage to open houses and home offices. Fortunately, several expense tracker apps cater specifically to the unique needs of real estate professionals. Here are several expense tracker apps that any real estate agent should consider.
As a real estate agent, you’re probably used to asking your broker for their blessing on any financial changes to your deals. If you want to adjust your commission for a client, you’ll usually have to get your broker to approve the new compensation agreement. If you want to negotiate a different commission split for yourself, only your broker can greenlight that change.