Tongo Launches Financial Benefits Platform to Empower Real Estate Agents
By Anna Kinney, Chief Product Officer
At BluePrint 2024, Tongo launched its Financial Benefits Platform, designed to help real estate agents achieve financial stability and long-term business growth. This innovative platform aims to address one of the most pressing challenges agents face – managing unpredictable income flow – while offering essential financial tools typically reserved for salaried professionals.
A Tailored Solution for Real Estate Professionals
As real estate agents navigate the uncertainties of commission-based income, it can be difficult to plan for personal expenses, long-term savings, or investment opportunities. Tongo’s new platform gives agents a toolkit that delivers automated budgeting to savings, checking, retirement, and investment accounts. As highlighted in CEO Brandon Wright’s presentation at BluePrint, “Tongo is fixing the inequity between salaried and commissioned workers. With the Financial Benefits Platform, brokers give their agents a secure and easy-to-use toolkit that brings them the same financial benefits typically reserved for salaried professionals. We designed this with brokers for brokers. Instead of telling their agents to save and invest, they are now giving them the tools to do it.”
Additional features of the Financial Benefits Platform will include a tax calculator to help agents set aside money for taxes, partners to help with retirement planning and saving, and access to high-yield savings accounts and SEP IRAs.
One element of the new toolkit is Tongo’s commission line of credit (CLOC), which allows agents to access a portion of their future commissions up to 60 days before a deal closes. This empowers agents with more liquidity, so they can cover daily expenses, make timely investments in their businesses, and capitalize on growth opportunities. With financial flexibility, real estate agents can focus on growing their businesses, knowing they have a reliable safety net in place. As Slice of Real Estate points out, Tongo’s platform “is designed to take the worry out of unpredictable income flows and bring stability to the lives of agents.”
Vision for the Future of Real Estate Professionals
The Financial Benefits Platform is part of Tongo’s broader vision to create a more secure financial future for real estate agents and other commission-based professionals. By providing access to tools that support growth and stability, Tongo seeks to redefine how self-employed professionals can achieve financial health. As Tongo continues to innovate, this launch signifies an important milestone in our pursuit for better financial solutions that meet the needs of commission-based professionals, who will soon comprise 50% of the US workforce.
Learn more about Tongo's Financial Benefits platform and how your real estate brokerage can get started here.