How to Create a New Deal as an Admin

How to Create a New Deal as an Admin


Navigate the Deal Menu



Click New Deal in the menu on the left. 

Fill out as much as you can, but don't worry if you can't fill out all the fields or have information that doesn't relate to any of the steps. Those fields marked with an asterisk* are required to move forward.

Click the blue link 'Enter the address and/or legal description for this property' to add in your Property's address
For quick data entry look up your address in the 'Address Lookup' field and select from the results dropdown.

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. (jpg, jpeg, gif, png, pdf, doc, docx, txt, md, odt, rtf, csv, xml, ppt, pps, xlsx, xls)

  • 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.

Deal Details


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.

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.


Please note, if your agent is part of a team, the Loft app will automatically assign the deal as a team deal. You can toggle the team deal off by clicking the Team Deal button.


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

Financials

In this step you'll add any information you have on the Sell price of the property or the deposit.

If your brokerage will be holding the deposit, make sure to check We are holding the deposit. Otherwise, you can select the person who will be holding it from the Deposit Held By dropdown (You can choose from anyone that was added in the People step). 


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).

This is how Loft calculates the commission for each side:

  • List side commission = Gross Commission - Selling Commission

  • Sell side commission = Selling Commission


To move onto the next step click Update.

Allocations


Once Commissions have been added, you can further allocate the top line commissions to your Agent or Agents.  To do this, make sure all agents are on the deal in the people’s page and their roles are set to agent. This includes any outside agent’s you may have to pay out on the deal, except you will make sure their role is set to Outside Broker and the appropriate side is selected.

*If the new outside broker is not an existing profile, you can create a new profile from the Adding Deal Access window.

You can add any or all Agents pertaining to the deal in your Allocations page



Deductions

Paystub


Add Deposit/Transfer Funds/Release Deposit


Paying out a deal




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