real estate agents

Should real estate agents instantly receive commissions?

PHOTO: Real Estate Agents. File

In an Australian first, agents and affiliated agencies won’t have to wait until a property is settled to receive their commission on a sale.

Under a new @realty program, agents will be able to claim commission when a contract goes unconditional, with the company promising a 24-hour turnaround for payment.

@realty CEO James Taylor stated this new format will provide agents with more consistent cash flows and greater security.

“We believe in providing as much support as we possibly can to our network of real estate professionals so that they in turn can provide a positive and professional experience to vendors and buyers,” Mr Taylor said.

Mr Taylor said the current economic climate seeing delays in settlement is putting pressure on agents.

“In the current market, some buyers are seeking longer settlements to give them more time to sell their own property or finalise finance, and that adds to the pressure on agents if they have multiple contracts like this,” Mr Taylor continued.