Tracking who is paying commission - buyer / seller / combo of both

Tracking who is paying commission - buyer / seller / combo of both

With the new rules around  the settlement with NAR.  Tracking who pays Commissions on Sales and Purchase is now something Brokerages are required to do.  



How to track in Loft

Role Setup

When you add in a new Deal people role, this will create another column in the deal's filter download where you can track each role separately.

  1. Head to your Brokerage Menu page
  2. Click the +New button

  1. Name the Role 'Commission Paid by'


In A Deal

  1. Add the Role to the people's page and then create a contact on the fly naming it the appropriate side and percentage, see example below.


Track using the Deal's filter & Download

  1. Head to your Deal's page
  2. Filter by the role you created, in this example Commission paid by is the role.

  1. Click Done to generate the filter request
  2. Click the download button and choose your preferred option

In the download, the column added will have the header named the same as the role you added.







    • Related Articles

    • Tracking your payable deduction

      Introduction: Payable Deductions are often setup 2 different ways; the first is setup to track and clear out your Commission Payable GL account, no taxes are applicable to this fee and you're not wanting to track this fee in your own GL account.  The ...

    • Paying Mentor fees, Third Party payouts, and Agent Savings with Payment Processors

      !!Important: Please read before proceeding. Third-party payments from payment processors CAN NOT BE REVERSED, so please make sure everything is correct before you finalize a payment. Loft47 offers several options for processing payments and ...

    • Paying Out a Deal

      Paying a Deal out to your Agent All internal agents and Brokers MUST BE PAID OUT, even if there's a $0 payout to the agent! The reason for this is because their deductions in the deal are tied to the agent and their payout and will not be posted over ...

    • Reporting Office and Accessible Offices on Agent Profiles

      Loft will report income and expenses to multiple office locations to Xero/QuickBooks Online as well as report to Franchises based on the Reporting Office you set in the Agents profile. Reporting Office Open the Agents profile and scroll down to the ...

    • Add and Track Custom Roles

      Custom Role types help filter and build reports based on these types! Add Custom Role Head to your Brokerage menu Navigate to the ‘Deal People Roles’ Section Click ‘New’ to add a Custom Role Add Custom Role Name Save to update your changes Default ...