Homesnap has announced a new payment method that allows real estate agents to pay for Homesnap products using future commissions on their active listings instead of cash or credit card.
Homesnap integrated eCommission’s payment method, Access, to enable agents to access up to $500 of their commissions on any property with at least 90 days remaining in the listing term. Access is powered by eCommission, a company that provides working capital to real estate professionals.
“Now more than ever, it is crucial for real estate agents to maintain their digital presence,” Homesnap CEO John Mazur said. “At Homesnap, we’re supporting agents by giving them the tools they need to not only stay relevant but also to market their listings and be ready for when things return to normal. With Access, agents can leverage the power of their future earned commission today and stay ahead of their competition.”
Agents can pick the listing they would like to use when purchasing any of its offerings, according to Homesnap. They are then redirected to eCommission to confirm transaction details. After completing the application process, eCommission sends payment directly to Homesnap. If the selected listing does not sell within 90 days, agents have the option to replace the transaction and repay using commission proceeds from any future sale.
“We are thrilled to launch Access with Homesnap,” said Sean Whaling, founder and CEO of eCommission. “We understand the stressors brought on by COVID-19, which is why Access gives agents the ultimate flexibility to pay for Homesnap marketing products and additional offerings using future commissions. It’s a revolutionary service that in many ways, is superior to credit cards because no debt is created, funds are transferred instantly, and repayment happens effortlessly once the property closes. Waiving the fee for 90 days should also help agents get their listings sold faster.”
Homesnap announced plans to make Access available for all its offerings, along with plans to release new features and tools throughout 2020. Access is available for free for the first 90 days.