Here’s what happens when you get “The Protocol”:
We go over workflow and compliance requirements with you during the onboarding process and ensure everyone is on the same page.
The Brokerage notes section in the application will outline our agreed-upon workflow. In those notes, we will confirm how money flows and any rules you have around commissions and deductions. Here is a complete list of items that would make it really fast for us to get up to speed. Please fill out this information as soon as possible.
We require a digital payment system, likely Zum Rails, that allows us to request funds and pay Agents on your behalf. Only with your express permission!
Our team will review the deal documentation (with a little help from AI) and data, manage the requirement checklists and financials for your review and approval as the deal works through its lifecycle.
Our responsibility is to ensure we have accurate financial information, review documents and compliance requirements, and communicate effectively with all deal stakeholders on your Brokerage or team's behalf. Only once the deal is reviewed and approved by a broker of record would we release funds.
Additional services are available to handle bank reconciliations, month-end reporting, and other bookkeeping.
Core deal details (Side / Deal Type / Sub-Type / MLS # / Property Type)
Sale Price & Deposit data on Financial Page
Gross Commission & Selling Offer
Upload deal documents
Including the following details helps to validate data:
Property address
Dates - Contract Date, Proposed Firm Date, Closing Date
People - Buyers, Sellers, Other Side Agent, Legals Representatives etc
Add any information regarding referral fees & additional notes in the comments section
* Our AI document ingestion tool will pull ALL these fields and complete an initial review for signatures.
Reviewing documentation and deal (ensure notifications are turned on)
Loft47 initial deal review includes:
Loft admin Review for completeness
Loft admin reviews documents, assigns them to the correct checklist item and sends communications to Agents on missing information required
Request Review with notes for missing information or questions
Request Funds and records deposits
Request Approval prior to payout
Deposits
Manual Deposits: Client either adds Trust/Escrow deposits to the Loft deal, or uploads an image of the check or other documentation & attaches it to the deal.
Manual Deposits: Either add the deposit of funds to close the deal to the Loft deal, OR upload the image of the check or other documentation & attach to the deal
Digital Deposits: If any deposit has not been added to the deal, Loft administrator will request funds and add the deposit to Loft47 / Xero.
Use the deal summary Comments section or Review comments to add any additional information.
Conveyance (for Canadian clients)
Once we have received the final condition removal confirmation that the deal has gone firm, we will review all conditions & proceed with conveyance.
**We require legal information from the agent prior to sending out Instruction reports including contact email for the acting lawyers wherever possible.
Standard documentation included with the conveyance communication (Deal Summary + email template):
1. Purchase Contract
2. Waiver / Condition Removals
2. Addendums
3. Proof of Deposit
CDA and Other Title/Outside Brokerage/Escrow Communications
Once we have the deal is firm, we will go over all deal financials and proceed with communications as per the deal lifecycle requires.
**We require confirmation from the agent prior to sending out Instruction reports, including contact email for all stakeholders, wherever possible.
Standard documentation included with the custom communication we design in onboarding includes (Deal Summary + email template):
1. Purchase Contract
2. Waiver / Condition Removals
2. Addendums
3. Proof of Deposit
Edits and Adjustments - can and will take place throughout the deal
Any material changes to the contract including price change, commission change, etc. must be given to Loft via either Review Comments or deal summary Comments, changes will be updated and another client review will be requested.
We will re-send communication to lawyer, title or Escrow contacts if material changes occur.
Agent Advances
Add any advance details through comments or review process
Loft admin can generate advance payment to agent through the digital payment provider
Loft will add the agent deduction to the appropriate deal to recover funds on deal payout
Excess funds
Loft47 Admin process Excess fund returns two weeks prior to the close of a deal unless otherwise requested via the Comments or Review function.
Collapsed Deals and Refunds
Notify Loft Admin if a Deal Collapses.
If funds have been received, refunds will be generated by your Loft47 Administrator through the “Release Deposit”.
The status of the deal will be updated to “Collapsed”.
Paying out Deals
Loft47 Administrator will do a final deal review, including a check that all funds have been received.
Approval for Payout will be requested
Broker of record or approved Brokerage designate must Approve for Payout
Approved deal will be closed and Commission will be paid to the agent
Loft will send each agent their Loft paystub
Loft47 Administrator will update comments with any closing notes
Transfers
Appropriate bank transfers will be recorded in the deal by Loft47 Administrator
Designated parties will receive the automated Transfer report email
Payments to Loft47
Loft47 will charge $25 USD per deal.