Closing a transaction involves many parties, including buyers and sellers, Agents, Brokerages, lawyers, escrow and title companies.
The execution of a Real Estate deal includes taking in or tracking monies in trust or escrow until the sale completes. At that time, monies being held are distributed among the Agents as commission earned.
A Brokerage earns income by taking an agreed-upon fee or fees from their Agents’ commission.
Loft is specifically designed to work for Brokerages and their Agents. We provide the platform to create the transaction and track all contractual documents and financial data for the Brokerage and all their Agents.
Taking the Loft course on Real Estate Accounting can help you better understand the nuances of the industry. Our unique, quick course will allow you to learn the lingo and best accounting practices to apply to both Brokerages and Agents. Getting certified as a Real Estate Partner will allow you to expand your accounting and bookkeeping practice to engage this underserved and recession-proof market. Real Estate accounting is specialized, but it’s easy to learn!
One you’ve received and reviewed the course material, you will be asked to take a quiz to ensure you have a good understanding of Real Estate accounting. Six correct answers will land you in our directory of Specialists. Working directly with Loft clients will upgrade you to an Expert.
Take the quiz!
We run weekly webinars for training on the Loft platform. We run you through all the basics and workflow from managing Real Estate commissions in Loft to viewing deal related financials in Xero. Most importantly we show you how Loft and Xero work together to keep your office humming! Register for upcoming sessions or check out previously recorded sessions below.
Fully mobile, use Loft47 to import / enter, review, approve and payout deals anytime from anywhere.
Flat fee that includes hosting, unlimited user accounts for your office admins, unlimited office locations and reporting, as well as free accounts for all your agents.
Online chat support where the average response time is less than 5 minutes, backed up by phone and email support.
Multiple integrations to transaction management solutions to make entering deals lighting fast.
On demand Admin services, for processing transactions as requested
For more information, visit our Pricing page.
Yes, Loft integrates with Dotloop, DocuSign Rooms and SkySlope. This eliminates duplication of data entry.
Yes, Loft assists with the integration during the 1st training meeting.
Xero.com is the cloud accounting software Loft47 is currently integrated with. QuckBooks Online integration will be available Q3 of 2020.
Loft provides franchise reporting for some brands; inquire directly for info on your franchise.
Yes, Loft can be accessed from any device with a browser, including tablets and smartphones!
Let Loft Do it! is an on demand service to have Loft47 staff process your transactions. See more information here: https://www.loft47.com/let-loft-do-it
Absolutely, Agents have direct access to all deals, commission paystubs, performance and production information including self-serve 1099 tax forms. Agents may additionally sign up for their own automated accounting account to run their independent contractor business.
Yes, Loft accommodates complex commission plans, as well as ordering of calculations. Loft auto-calculates, prorates and caps Agent plans which then can roll over on an Agent’s anniversary or calendar year.
Yes, Loft provides a comprehensive team setup structure for production and calculations. Additionally, Loft handles team deductions which aggregate fee totals across team members.
Xero directly integrates with many direct payment providers, such as bill.com, routable.com, waypay.ca, veem.com, plooto.com and more.
Onboarding takes 1-4 weeks, depending on brokerage size and setup includes:
✓Loft Data Import (provided in spreadsheet format)
✓Agent profile detail
✓Deal deduction fee detail
✓Agent assignment of deductions / overrides
✓YTD production by Agent & YTD deductions by Agent
✓Xero data import (provided in spreadsheet format)
✓Agent list & Supplier list
✓Chart of accounts (GL Codes)
✓Chargeable item codes w/ GL assignment
✓Agent A/R balance at ‘go live’
✓Repeating billing set up / orientation
No, both Loft and Xero are month-to-month subscriptions.
Yes, training is provided to our users during setup. Once a customer has been onboarded, Loft provides general app support. We also host monthly Loft training webinars.
We do the heavy lifting when it comes to migrating setup data from Lone Wolf to Loft47. That includes us helping you export set up data from Lone Wolf (I.1.1 / I.1.P.8 / F.6.2 / E.1.3 / I.4.1 / 126.96.36.199 / and a few more, depending on your business use of LW).
Once we have that data, we reconfigure the files and complete the set up of Loft47. Set up also includes all integrations (DL>Loft47>Xero), as well as user training for your brokerage.On or just after the Loft47 go live date, we will get you to export 8.5.p & 8.7.1 to capture each agent's YTD summary information.
Pricing for Loft47 is based on the number of agents in your brokerage. Cost does not increase with the number of admins / users, and also does not increase with the number of offices. The Loft47 fee includes logins for every member of the brokerage, including agents. Agents see only their own deals / production / payroll history etc, including self serve 1099s. Setup fee includes data migration / importing, as well as includes all integrations (SS/DR/DL>Loft47>Xero). Staff training is included in the setup fee. Monthly fees include ongoing support which consists of live chat + live answered 800 number, from 9 - 9 EST. *prices subject to change
To Learn More, visit our Pricing Page.