Adding Referrals for Non-licensed Third Parties
If a referral is made to a third party that is not a licensed Agent or Brokerage you will be using the "Payable" deduction accessible through the deductions menu.
Most users set this up as a payable type and name it "Third Party Referral". This will distinguish it from the workflow for licensed parties.
Licensed Agents or Brokers need to be added to the people page and given an allocation of the commissions for the transactions. See This article for details.
To add an pay out a third party follow these steps;
Ensure there is a Brokerage template deduction set up for third party referrals
On the deductions page in the deal select "New" and "Third Party Referral"
3. Enter the name of the payee, the dollar or percentage applied and hit save to recalculate the balance payable to the agent.
You can then post the payout to the agent as usual un the payout commissions tab and you will see 2 resulting "Bills Awaiting Payment" in Xero. One for your agent and one for the Payee named in the deduction line.
Related Articles
Adding Referrals to Licensed Agents and Outside Brokerages
To add a referral to a licensed agent/broker they must first be entered as a contact via the people menu as shown below: If the referral is a licensed party (Broker or Agent) they are added as an outside Brokerage profile type. If the referral is to ...Payload: Paying Mentor fees, Third Party payouts, and Agent Savings
!!Important Please read before proceeding: Third party paying from Payload CAN NOT BE REVERSED, so please make sure everything is correct before you finalize a payment. There are different scenarios to consider so please click the on the scenario ...Adding People to a New Deal (not via a Document Management Integration)
When creating a deal manually, via the New Deal option in Loft, you'll need to add additional people to the deal, such as: Sellers/Buyers, Escrow/Lawyers/Title Company, Outside Brokerage and Referrals. Important!! You must have Write access or you ...Other Income - Adding Non Commission Income to Agent and Brokerage Payments
If your agents or brokerage are receiving income that is not classified as commission you can add this additional income to the Other income section on your deal's allocation page Head to your deal's allocations page>navigate to the section called ...Adding People to a Deal
After you've created a deal, you'll want to add people like sellers/buyers, escrow/lawyers and referrals to outside agents. To manage people on the deal and their roles navigate to the people page. Access Levels to the Deal When you add someone to a ...