An accountant by training, Larry Weltman serves as a Commission Advance Specialist, providing commission advances at affordable prices to Canadian real estate agents and brokers. Larry is also the founder of Weltman Consulting, a firm that specializes in strategic planning, administration management consulting, and marketing consulting for Canadian real estate professionals.
Where did the idea for Commission Advances come from?
The idea came from my family. My mother was in real estate for many years. Coming from an accounting background, we were looking for ways to help realtors. From there, our service of providing commission advances to realtors, and the concept behind it, grew.
What is your typical day, and how do you make it productive?
Because we handle a large volume of customers, a typical day involves processing commission advance transactions for our customers, as well as opening new accounts. This also involves working with the needs of our customers and putting their needs first.
One of the ways to make our time productive is to have a strong system. Working with a unique, state-of-the-art technology system allows us to service a large volume of transactions effortlessly. That means, in turn, our team can spend more time speaking to our customers and working to solve their needs and concerns.
How do you bring ideas to life?
We’re in a market that is constantly changing. One concept that doesn’t change is that realtors need commission advances. But we have to always be innovative as to how we can best service them. Staying directly connected to our customers and making a point to continually understand the changes in our customers’ needs and the changes in their markets, allows us to remain innovative.
What’s one trend that excites you?
Technology and the ability to adapt that technology to our market.
What is one habit that helps you be productive?
Never leaving something for tomorrow that can be done today.
What advice would you give your younger self?
Be patient.
Tell us something you believe almost nobody agrees with you on?
Direct communication is better than email.
What is the one thing you repeatedly do and recommend everyone else do?
You have to constantly be planning and understanding your business markets. You also have to continually understand your strengths and weaknesses and capitalize and work on them.
What is one strategy that has helped you grow your business or advance in your career?
CUSTOMER SERVICE! Understanding what your customers really need. Sweet talking your customers is not necessary, if you understand their needs. As a Commission Advance Specialist, I constantly need to re-engineer the service based on what our customers need. My clients do need funds for cash flow, that is a basic need and that is where it starts. But this also requires an understanding of why they need money and what types of deals they need money for, and making sure that when you’re doing your business, you’re understanding their business.
What is one failure in your career, how did you overcome it, and what lessons did you take away from it?
Too quick to embrace new technologies, rather than first understanding how it will help service our customer base.
What is one business idea you’re willing to give away to our readers?
In today’s digital age a lot of consumers and businesses are susceptible to cyber security. Finding a way to overcome this at both a consumer and business level without interrupting the way they operate would have high market potential.
What is one piece of software that helps you be productive? How do you use it?
Any proprietary software that runs your operations efficiently.
Do you have a favorite book or podcast you’ve gotten a ton of value from and why?
Any book that motivates you.
What is your favorite quote?
Don’t leave something for tomorrow that can be done today.
Key learnings
- As always, remember the golden rule: don’t leave something to tomorrow that can be done today.
- Embrace new technology, but first have a clear understanding of how it will help deliver service to your clients and their needs.
- Innovation isn’t simply relegated to tech. Innovation also means understanding how your markets are changing and proactively adapting to those changes.