For more detail, read on!


How to Create a Deal

To create a new deal in Loft 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. There are a couple of fields marked with an asterisk* that are required to move forward.

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.

When you're done filling out the new deal form click the Create Deal button and move onto the next step.

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 Continue.

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 about 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.

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 Continue.

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 Continue.

Comments

Congrats! This is the last step. If you have any information that wasn't covered in the previous steps, make sure to comment it here. Some examples are notes on referrals or questions for the office.

To see your new deal click View Summary. Clicking Continue will bring you to the documents page in case you need to rename documents you uploaded.

Did this answer your question?