Get Your Checks On Time: Top Tips for Real Estate Agents
As a real estate agent, you want to get your checks on time. Every real estate agent depends on timely commission checks. It’s not just about being paid; it’s about keeping your business running smoothly. At Keller Williams Arizona Realty, we strive to ensure checks are issued quickly and accurately. However, delays can occur, often due to avoidable mistakes.
There are several common reasons why checks might be late. Let’s review the top three reasons checks are late. We’ll also review the top three things agents can do to ensure timely payment!
Top 3 Reasons Checks Are Late
- Incomplete or Incorrect Transaction Documents Missing or incorrect paperwork is the number one reason for delays preventing an agent to get your checks on time. Brokerages need accurate details to process commissions. When contracts or disclosures are incomplete, the compliance process slows down. Every missing signature, wrong date, or incorrect form needs resolution before a check is issued.
- Delays in Submitting Commission Requests Time-sensitive processes rely on agents submitting commission requests promptly. Submitting late or incomplete requests pushes your payment to the next cycle. Our brokerage operates on a clear policy: if a closing packet is in by 12 PM, checks are ready by 5 PM.
- Errors in Commission Splits or Deductions Misunderstanding commission splits, referral fees, or deductions often causes delays. Errors in calculations mean more back-and-forth to resolve discrepancies. Double-check these details before submitting your paperwork.
Top 3 Actions Agents Can Take to Get Your Checks on Time
- Submit Documents Early and Accurately Don’t wait until the last minute to submit your paperwork. Review all required documents carefully. Ensure signatures, dates, and details match what is necessary according to the purchase contract. Submitting early allows more time to review and address any issues. Be sure to check the estimated settlement statements to 1. Make sure the commission is correct, and 2. Make sure it reads the correct brokerage name. “Keller Williams” is not enough. It needs to be our full brokerage name.
- Follow Brokerage Submission Policies Familiarize yourself with your brokerage’s timeline. At Keller Williams Arizona Realty, the policy is simple: closing packets that are into the brokerage by 12pm means checks can be verified and issued by 5pm. Always aim to meet this deadline and you should get your checks on time. Late submissions create unnecessary delays.
- Communicate Proactively with All Parties Stay in touch with your transaction coordinator and compliance team. Confirm that all documents meet requirements. If you’re splitting commissions, verify details with other agents involved. This prevents last-minute confusion or errors.
Bonus Tips for Streamlining Payments
- Use a Checklist for Transactions Create or use a transaction checklist. This ensures you don’t miss any important steps and will get your checks on time.
- Leverage Technology Use transaction management software to track submissions and deadlines and obtain required signatures. Many platforms flag missing or incorrect documents automatically.
- Build Strong Habits Make a habit of completing and submitting paperwork immediately after key milestones, like contract acceptance.
Why Timely Payments Matter
Timely payments are critical for maintaining financial stability and professional relationships. When agents follow submission policies and avoid common mistakes, brokerages can issue payments efficiently. This keeps everyone focused on serving clients and growing their business, and you can get your checks on time.
At Keller Williams Arizona Realty, we are committed to supporting agents with clear processes and fast turnaround times. By understanding and following best practices, you can ensure your hard-earned commissions are always on time.
Conclusion
Getting your checks on time is a shared responsibility between agents and brokerages. By avoiding common pitfalls and adopting proactive habits, you help streamline the process and minimize delays. Remember: accurate documents, timely submissions, and proactive communication make all the difference.
Let’s work together to keep your payments on track! Still have some questions? Reach out to us anytime!
