Acquiring a Brokerage that already uses Loft?

Acquiring a Brokerage that already uses Loft?

Here is a list of all the things to consider when merging a brokerage into another.  All of this (except 1 item can be done by the user) However, we can assist you with this migration.  The cost for Loft to assist is $75/hour

Brokerage to Brokerage Transition

Agent Roster

  • Export agent Roster from Brokerage being acquired, change offices in Roster to match the new office(s) of Brokerage

  • Verify agent roster and let Loft know to remove agent emails in old brokerages

  • Devs to remove agent emails from Brokerage being acquired (Only step Loft MUST do)

  • Convert & Import Agent Roster into target Brokerage


Deductions

  • Add any deductions that apply from old brokerage to new one

  • Add applicable deductions to Agent profiles after imported into new Brokerage


Adjustments

Only to be made if you are Grandfathering in any agents with existing Deduction caps you want Respected.
Warning: Making Deduction Adjustments will affect tax reporting, if you report Partially or Fully NET, so you will have to make another set of the same adjustments at the end of the year offsetting the adjustments.

Deduction Adjustments (for any capped deductions )

Calculate agent’s deduction YTD from acquired Brokerage, if Canadian client, taxes need to be broken out  


Deductions that roll over on Anniversary date require 2 sets of data points to be adjusted


  1. Agent anniversary start date to Dec 31 net totals per deduction (taxes separate)

  2. Jan 1 to date Net totals per deduction (taxes separate)


Deductions that roll over on Calendar year require 1 set of data points to be adjusted

  1. Jan 1 to date totals per deduction (taxes separate)


Accounting Integrations

  1. Agent Roster imported into new Brokerage can then be synced over to your Accounting software. Head to your Integrations page> Click the blue Sync button to push those contacts over to your accounting software
  2. Run the Agent’s AR balance report from the acquired Brokerage's accounting software
  3. Enter or import the AR balances into new Accounting software
  4. If applicable, set up Agent Recurring billing

Document Management Integrations

Agents, from Acquired Brokerage, must be added to preferred DM software (Docusign, dotloop, skyslope)

Email Templates/Admin Reports/CDA

  1. Copy and paste any Templates you want to move over to the new Brokerage
  2. Style and Format any Templates as per your Branding 


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