How to Setup a Brokerage
For modern real estate brokerages looking to streamline back‑office operations and automate commissions, Loft47 offers a powerful, all‑in‑one platform. Loft47 helps you manage deals, track commissions, and gain financial insights — all while reducing manual work and increasing accuracy.
Here’s how you can set up and manage your brokerage settings to run smoothly on Loft47
Login > Broker > Settings > Fill in as much information as you know, following the descriptions and explanations below.
Brokerage Name: your broker Name
Legal Name: the official name used for tax reporting and legal documents.
Default Office: your primary or main office name
Default Office: your primary or main office name
Tax ID: your brokerage's tax ID
Phone Number: your business telephone number
Fax Number: fax number if any
Commission Type:
Default Deal Sale Status: This sets the default status for any new deal you create or import from SkySlope or Dotloop.
Conditional – The deal has pending conditions, such as inspections, financing, or waivers.
Franchise Deductions: Fees or costs subtracted from a franchisee’s earnings, typically paid to the franchisor or for mandatory expenses.
Excluded Types on Report: Certain categories or data types are left out of the report. For example, you can exclude lease properties or property management from your production report.
Listing Expiring Notification (Days): Set the number of days before a listing expires so agents receive a reminder(notification).
Currency: CAD or USD
Transfer Report Recipients: Automatically email the transfer report daily to selected brokerage members, such as admins or managers.
Tax Reporting Threshold: Enter the minimum dollar amount for 1099 reporting if your state only requires it for agents above a certain earnings level.
Allowed Tax Years: Allows agents to generate their own 1099 or T4A for selected years. Add the current year at the end of each year.
Post and Pay URL: Specify which accounting system to use when closing or paying out a deal. After payout, you’ll land on the transaction page. Choose QuickBooks Online or Xero based on your setup.
Post and Pay URL: Specify which accounting system to use when closing or paying out a deal. After payout, you’ll land on the transaction page. Choose QuickBooks Online or Xero based on your setup.
Default Lead Source: Select Broker if the brokerage provides leads, or Agent if agents generate their own business.
CRA Rep ID (RAC): Identification number for your accountant to submit taxes on your behalf. Applicable only for Canadian brokerages.
Detail Access Selections:
Email Daily Bank Transfers Report: When enabled, Loft automatically emails the transfer report to the people you selected above.
Default to Pay Outside Brokerages: If a deal involves an outside brokerage in deal allocations, your brokerage typically pays that outside brokerage.
Show Referral Lines on Admin Report: Shows all agents, outside brokerages, and referral parties who earn a portion of the commission on a deal.
Scope Listings by Agent: Allows admins to narrow listings by specific agents.
Other Income Transfer: Shows amounts earned by the brokerage or agents above commissions, such as buyer fees or client fees, typically paid directly by the client.
Report Other Income on 1099/T4A: Increase an agent’s 1099/T4A amount if they earn additional income on top of their commission.
Report Mentor Fee Income on 1099/T4A: Enable this if one agent pays another agent a coaching (mentor) fee. The receiving agent’s 1099/T4A income will increase by that amount.
Agents Paid by Brokerage (Pay Payouts): Enable if the brokerage receives all deal funds and pays agents directly. Deselect if agents are paid at the table or via the settlement company; the system will record accounting entries but not handle agent payouts.
Show Tax ID on Admin Report: Select this to include Tax IDs when sending reports to outside brokerages, lawyers, or title/settlement companies.
Allow Agents to Export Deals: When enabled, agents see a download button in the Deals menu. Deselect to hide the button. As shown below:
Allow Agents to Access Commission Pages: Select this to allow the agent to view the Deal > Commission page.
Allow Agents to Access to All Commission Information and Pages: Allows the agent to view the People and Commission pages.
Automatic Income Transfer: For brokerages with multiple bank accounts (e.g., Commission and General Operations), enabling this lets Loft automatically record the income transfer in Xero or QuickBooks. You’ll still need to move the funds physically whether go to the bank or online banking, but the daily transfer report email keeps you informed.
Allow Agents to Edit Profiles: Allows agents to log in, view, and update their profile information, including tax ID, name, email, and phone number, etc.
Post non-payable outside brokerage transactions to accounting: Enable to record accounting entries in Xero or QuickBooks for outside brokerage commissions, even if your brokerage isn’t paying them. This allows tracking total deal commissions including amounts owed to outside brokerages.
Brokerage Logo: Once you upload a file (JPG or PNG, 100×100 pixels), it will appear on your reports.
Sidebar Logo: Once you upload the file (jpg, png), it will appear in the top-left corner of your Loft page.
That’s it! 👍 Your brokerage is all set up—now you’re ready to manage deals, track commissions, and keep everything running smoothly. Happy selling!
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