An online rental listing platform is letting real estate agents bet on their future success to take advantage of its service.
Somerville, Massachusetts-based Rental Beast, which has a database of nearly 9 million rental properties not found in multiple listing services, has partnered with advance commission firm eCommission to offer agents the ability to buy a Rental Beast one-year or two-year subscription using future commissions rather than cash or credit. National listing site Homesnap rolled out the service, called Access, with eCommission in June.
Access allows agents to devote up to $1,000 toward participating products and services using a future commission. If an agent earns a commission from a closing and repays their order within 90 days, Access is free. If it takes longer to close, the agent’s balance accrues a charge of 0.03 percent per day, according to an FAQ on eCommission’s website.
“Even if it took you a year to close your next sale, that equates to an APR of just 10.9 percent — which is FAR LESS than the average credit card rate of 24.9%,” the FAQ says.
In a press release, Rental Beast said the partnership will help agents build a sustainable business with rentals.
“In this difficult environment, real estate agents need tools to thrive, including flexible payment options,” said Ishay Grinberg, founder and CEO of Rental Beast, in a statement. “We believe this is especially game-changing for new agents, who can immediately access a tool that can greatly increase their earnings. We’re so excited to make it easier for agents to build Rental Beast into their businesses.”
Access, which eCommission refers to as “the real estate industry’s first buy now, pay later solution,” is available on Rental Beast as of Wednesday.
“Access gives agents the flexibility to invest in their businesses today without having to immediately come out of pocket,” said Sean Whaling, eCommission founder and CEO, in a statement.