Creating a New deal as an Agent

Creating a New deal as an Agent

To create a new deal in Loft click New Deal in the menu on the left. Make sure to fill in all of the required fields (marked with *) and complete all of the steps below! 

Fill out as much as you can, but don't worry if you don't fill all the fields or you have information that doesn't relate to any of the steps. You'll be able to let your Administrator know of any outstanding information or questions/concerns at the end in theComments step.

Create a new Deal > Details >Property Details > Dates > Financials > People > Commissions > Comments > You're done!

Create a new Deal


A few things to keep in mind:

  • The Side can be List, Sell or Double end and if left empty will default to List.

  • The Deal Type will default to Standard. Other options are Project or New Construction, Property Management, Referral, and Lease.

  • The Property Type can be Residential or Commercial. It will default to Residential.

  • Make sure to attach at least one document to the deal.

  • An MLS number is required to create a deal. However, if your deal is an offer, exclusive or the deal type isn't standard the MLS can be omitted.

  • Click the link Enter the address and/or legal description for this property to fill in the address information. Click Save to move forward.

Your Deal Page has now been generated and you can move onto the next steps → Detail's Section.

Dates

Make sure to add as many important dates to your deal as possible! 

  • Accepted Offer Date: Date the offer was accepted. 

  • Firm Date: Date that all details are firm. Date generally coincides with Close Date. 

  • Close Date:  Date the ownership of the property is transferred from the seller to the buyer.

  • Adjustment Date: Date parties agree to make adjustments to costs they need to share. Usually the same day or day after the Close Date. 

  • Possession Date: Date the keys are handed over.

To move onto the next step click Save.

People

For this step you'll want to add all of the people related to the deal. Click the Add button (marked with a red arrow in the screenshot below) and select a role. Role options are Sellers, Buyers, Agents, Lawyers, Title companies, Escrow, Outside Brokerages and Development companies. If the person doesn't match any of those roles, select Other Profile.

Keep in mind that Loft will automatically add an Unknown Brokerage to the opposite side of the deal (does not apply for Double end deals). Click the pencil icon on the right to add information on the other brokerage.


For more information on managing people check out Adding People to a Deal.


To move onto the next step click Continue.

Financials

In this step you'll add any information you have on the Sell price of the property or the deposit. Head back to your Details' section>Financials.  Click the dropdown to expand the section.


Add your deposit amount, if your brokerage will be holding the deposit, make sure to check 'Deposit held by us'. Otherwise, you can search for the the contact who will be holding it from the Deposit Held By dropdown.

To move onto the next step click Update.

Commissions

Next you'll be adding any information you have on commissions, bonuses and flat fees. The gross commissions are all of the commission for the deal (including list and sell sides).  Loft uses the following below to structure commissions.

  • List side of the commission page = Gross Commission

  • Right side of the commission page = Sell Side Commission


To calculate a Listing commission, Loft uses the formula: Gross Commissions - Sell Side commissions= Listing Commissions. So if you don't know the Sell side commissions, Just add the Listing Commissions to the Left side section of the commission page. *Important, if you are sent instructions outlining both side's commission, remember to change your 'Listing Commission to Gross Commission' so to follow our formula and yield the correct breakdown.  We have this formula in the Commission breakdown Section as to always remind you of this!



Click Update to finish.  

Bonus Areas

Comment Section

You can communicate with your Administrator by heading to the Deal's home page and add comments in the Comment box


Requirements' Section

If your administrator has set up deal requirements, you can also attach your documents to the required requirement here, like so.
- Click the requirement link (all links in Loft are blue) This opens up the requirement


- Click the dropdown button, choose the corresponding document


- Click Close


Once all documents are attached to the requirement, you can move the task's status to finished


Pending and Closed Paystubs

Head to the Paystub Section of the deal, here you can view your pending paystub (if the deal is not closed) or your Final paystub (if closed)

Your paystub will allow you to see your Commissions, Deductions, any applicable taxes, and if pending your Projected YTD, if closed, your YTD totals!

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