Introduction

Managing your transaction data is an extremely important part of doing your job in real estate. Transaction management features have been built into Lofty to provide you with a location to save important numbers, dates, checklists, etc. to assist during the transaction process. 

The features for transaction management available in Lofty are intended primarily for reporting purposes as well as to provide tasks that can be used to remind you of what needs to happen at each stage of a transaction process.

 

Summary

• Transaction Management Setup
  • Transaction Views
  • Transaction Search Functionality
  • Transaction Types
  • Transaction Pipelines
  • Transaction Custom Fields
  • Custom Roles
• Adding a New Transaction
  • (1) Adding a transaction via the Lead Profile page
  • (2) Adding a transaction via the Transaction Management page
    • (a) Adding manually
    • (b) Adding from an MLS transaction
• Closing a Transaction
• Commission Disbursement Authorization Generation
• Managing a Transaction
  • Transaction Detail Page
    • Accessing a Transaction Detail Page
    • Using a Transaction Detail Page
  • Reporting
• Exporting & Integrations

Transaction Management Setup

Before using Lofty Transaction Management to record transactions, you will want to make sure you have it set up to reflect how you manage your transaction process in the real world. The following information will guide you through what can be configured.

Transaction Views

When you access Lofty Transaction Management you will want to choose the view that best fits your needs. There are two different views:

List View

This view supports columns for all of the different fields that are supported when recording a transaction in Lofty. You can use this view to easily view a transaction as a row with dates that can be sorted, etc. The pipeline is represented by clicking the stage name in the top-middle section. 

Kanban View

With the Kanban view, you have columns/lists that contain a card representing each transaction. You can easily drag/drop a transaction from one column/list to the next to move a transaction down the pipeline. The top of each column/list also contains a total count of the transactions in that stage of the transaction.

Transaction Search Functionality

Transactions can be searched by Transaction Name, Property Address, and Lead Name in our Transaction Management section.

Multiple criteria can also be added for your search needs.

Transaction Types

Navigate to Transaction Management and make note of the "Transaction Types" that are available as categories in Lofty. These are shown right at the top. You cannot add your own transaction type, but you can use the "Other" category as needed. You will want to decide how you plan to use these transaction types because "Transaction Type" is a required field for every transaction you add in Lofty

Transaction Pipelines

Each individual transaction type outlined above (Purchase, Listing, Lease, or Other) will have its own pipeline with individual stages representing where the transaction is at in the process. 

List View:

Kanban View:

The default stages available for each transaction type are as follows:

PURCHASE	LISTING	LEASE	OTHER
Pre-Contract Under Contract Pending Closed Canceled	Pre-Listing Active Listing Under Contract Pending Closed	Active Under Contract Pending Closed	Active In Progress Pending Closed

A few important notes regarding transaction stages:

• The above stages are built-in, but you can rename/remove all of them other than "Closed" and "Cancelled" which are required
• In addition to "Closed" and "Cancelled," you are able to create up to 15 stages in total for each individual transaction type

To edit the transaction stages, click on the gear icon on the far-right side > select "Customize Transaction Stages": 

You can then add new stages, delete/rename the ones you do not want, and drag/drop to reorder.

You can also hide/display "Cancelled Transactions" by checking or unchecking the box found here:

Transaction Custom Fields

There are built-in transaction dates that you can use to trigger checklists, etc. and these are outlined further on in this article. If you want to add your own transaction fields for milestones that might not be supported by default you can do so by navigating to Settings → Field Groups → Transaction Custom Field Management

Note: Enterprise Lofty accounts can add up to 100 custom transaction fields. Team accounts can add up to 70 transaction custom fields. 

The following types of Transaction Custom Fields are available:

1. Date
2. Text
3. Number
   1. Includes the option to add a thousands separator comma to the number
4. Percentage
5. Currency
6. Single-Select
   1. A list where only one option may be selected
7. Multi-Select
   1. A list where multiple options (up to 20 options) may be selected.

To create a new transaction custom field, navigate to Settings > Transactions > Field Groups > Transaction Custom Field Management > Custom Fields > + Add New

Click Confirm to save the custom field. If a transaction custom field needs to be changed, click the edit icon. New options can be added or the current options can be deleted or re-ordered:

When completing this field on a transaction, tick the boxes next to each option that must be selected:

Custom Roles

You can add custom roles by navigating to Settings > Transaction Roles:

The following will be roles created by default that cannot be edited/deleted:

• Buyer
• Buyer's Agent
• Listing Agent
• Renter
• Seller

Additional roles (up to 50, in addition to the built-in defaults) can be added by clicking on the + Add a Role button at the top:

When adding a new role you will assign a name and a type which has four options:

1. Lead/Client - Only leads can be assigned to this role
2. Agent - Only another user on the Lofty account can be assigned to this role
3. Lender - Only a lender-type account can be assigned to this role
4. Vendor/Partner - Only a vendor/partner can be assigned to this role

The order of the roles can be changed in the rightmost column: 

All Vendor / Partner roles (see here) are also added as transaction roles:

To add someone to a role on a transaction detail page, you can do so by clicking on the Add a Contact button. Only one person can be added to each role on a transaction detail page.

To replace someone in an assigned Contacts role, click on the "Edit" icon:

Adding a New Transaction

A transaction saved in Lofty lives within a lead profile. It can be found on the Transaction Management page, but it always has to be associated with a specific lead. Transactions can be added in a variety of ways as outlined below.

(1) Adding a transaction via the Lead Profile page

Navigate to a Lead Profile > Transactions & Docs > and click on the + (plus) icon: 

You will then complete the transaction info:

This includes all of the following:

• Basic Info
  • Transaction Name
  • Transaction Owner
  • Transaction Type
  • Transaction Stage
  • Closed Price
  • Commission Rate
  • GCI
  • Team Revenue
  • Agent Revenue
  • Additional Credits/Debits
• Dates
  • Expected Close Date
  • Appointment Date
  • Agreement Signed Date
  • Offer Date
  • Contract Date
  • Appraisal Date
  • Home Inspection Date
  • Escrow Date
  • Expiration Date
  • Custom Dates. These are the dates that you have configured.
• Property
  • Address
  • Unit
  • Listing Status
  • MLS Listing ID
  • Label
    • Selling
      • Home
      • Investment
      • Lease
      • Listed
      • Sold
    • Buying 
      • High Interest
      • Saved Listing
      • Left Message
      • Requested Showing
      • Finished Showing
      • Under Contract
      • Purchased
  • List Price
  • Property Type
  • Bedrooms
  • Bathrooms
  • Square Feet
  • Lot Size (Sqft)
  • Note

If the person who manages the transaction is different from the person who owns the lead, you can assign them using the Transaction Owner dropdown menu:

 

Once you save the transaction, it will appear on this list for future reference:

(2) Adding a transaction via the Transaction Management page

There are two different ways to add a transaction via the Transaction Management page and both are outlined below.

(a) Adding manually

While on the Transaction Management page, you can click on the + Add button to add a transaction directly from here. You will have to associate it with a specific lead.

The fields available when adding the transaction are the same as outlined above under (1) Adding a transaction via the Lead Profile page. Once the transaction is added, it will be saved directly on the associated lead profile page.

(b) Adding from an MLS transaction

This option is also accessed directly from the Transaction Management page by clicking on the __ unclaimed MLS transactions button. Please note that "unclaimed" just means these transactions have been pulled from the MLS and are now available to associate with a lead in your Lofty database.

*IMPORTANT: These "Unclaimed Transactions" will only appear if you have added your MLS Agent ID. You can learn more about that here: Complete your Lofty Profile and Email Signature.

Once you click on this button, you will see a list of transactions (assuming there are recent transactions that have closed or are getting close to closing) that you can either claim or delete. 

Claiming a transaction simply populates as much information as is available in the fields for a new transaction, or you can match the property to an existing transaction. You will also have to choose the lead who is associated with this transaction. The available fields are the same as outlined above under (1) Adding a transaction via the Lead Profile page. 

Closing a Transaction

To close a transaction, click the Closed/Cancelled stage and select "Closed".

Next, input the sold price, GCI, Commission Splits, and adjustments. The total payment will be calculated. If the GCI will be higher than the close price, such as a Rental transaction, enter the GCI as the total commission to be split or received. 

There are three (3) stages of commission splits:

• Add/Deduct Before Splits:
  • These are additions to or deductions from the total amount, before the commission split.
  • These adjustments affect the amount everyone is able to be paid.
• Splits:
  • This is where the commission splits are entered.
  • If additional agents are receiving a split, they may be added here.
• Add/Deduct After Splits:
  • These are any adjustments that individually apply to the team/brokerage OR a particular agent, from their own share of the commission. 
  • Use the "Paid From" and "Paid To" columns to indicate which side the payment is coming from. 

Lofty CRM allows Vendors, or anyone who is not a member of the Lofty account, to be included in the commission split on a transaction.

When clicking the "Paid To/From" box, the dropdown menu will display some suggestion, which includes the following: 

• The transaction owner's Team
• The party that was Recently searched (displaying a maximum of 6)
• A “Temporary Entity” that can be added to this transaction

If the party who should be included in the Commission split is not a Team member or a Vendor on the account, they may be added:

A summary has been added after each Split, so you can see the commission split results in real-time, as you are closing the transaction.

Commission Disbursement Authorization Generation

To learn more about this feature you can check: Commission Disbursement Authorization (CDA) Generation

 

Managing a Transaction

Transaction Detail Page

Accessing a Transaction Detail Page

The "Transaction Detail Page" for a specific transaction is accessed by clicking on a transaction name either from the Lead Profile:

Or from the Transaction Management page:

 

Using a Transaction Detail Page

The name of the transaction along with the transaction type is displayed in the top-left:

 

You can adjust the transaction owner or click to be taken to the associated lead with the options here:

 

Click on the three dots . . . to access additional options associated with integrations, edit, or delete the transaction:

 

To move a transaction to the appropriate stage of the pipeline, click on the stage where you would like to move it using this section:

 

Under the Checklists tab, you can add individual tasks or apply a checklist template. A transaction checklist can be used to create tasks automatically as a transaction is moved to different stages in the transaction pipeline. To learn more about this feature, please refer to the following: Transaction Management Checklists.

 

The Accounting tab will show you the transaction numbers. This is also where you can add or edit the splits related to the transaction. 

 

The Contacts tab allows you to send the basic lead contact information and simple details from the transaction itself to a vendor/partner saved in your settings. For more information on how to use this feature, see How to Assign a Vendor/Partner to a Transaction.

 

You can upload documents that are intended to be saved with this transaction to the Documents tab. To use a document, you can access it here but will have to download to your computer and then upload it elsewhere as needed.

 

The History tab simply serves as a log for all activity related to the transaction.

 

Once a transaction is tied to a listing, the lead's information will also be listed on the Smart Listing page:

 

Reporting

As mentioned before, one of the primary reasons to add a transaction to Lofty is to have it available for reporting purposes.

 

A summary of all transactions can be located by navigating to Transactions on the main navigation menu. On this page, all the data from each individual transaction is summarized. Users can also add additional transactions directly from this page. Admin users will see all team transactions. Those without admin access will only see transactions associated with their name.

The following can be done on this page:

• "+ Add" to add a new transaction directly from this page
• Filter by transaction type (Purchase, Listings for Sale, Other)
• Filter by transaction stage (Active, Under Contract, Pending, Closed, Cancelled)
• Sort by Volume, GCI, Team Revenue, or Agent Revenue
• Filter by leads associated with a specific user
• Include private leads in reported transactions (this does not apply to team private leads, only your own)
• Select a specific lead source to display
• Define a specific "Closed Date Range"
• Columns exist for the following:
  • Property Address/Transaction Name
  • Lead
  • Agent (Assigned To)
  • Stage
  • Expected Close / Closed Date
  • Home Price
  • GCI
  • Credits/Debits
  • Team Revenue
  • Agent Revenue
  • Appointment Date
  • Agreement Signed Date
  • Offer Date
  • Contract Date
  • Appraisal Date
  • Home Inspection Date
  • Escrow Date
  • Expiration Date
  • Custom Dates. These are the dates that you have configured.
• Column order can be customized. The only column that cannot be reordered is the "Transaction Name" as that will need to stay in the leftmost location. 

 

• Transaction data is also used to calculate volume, GCI, etc. for goals that have been set within the team. For more information on this topic, please see Business Summary (Reporting).

 

Exporting & Integrations

If you have the "Export Transactions" permission enabled, you are able to export transaction data to a csv file. 

Transactions recorded in Lofty can connect to a few other services that are worth noting. Please be aware that just because a connection is available to these services does not mean that a two-way sync is 100% supported for all data. Be sure to review each Help Center article if you are interested in learning more about the integration to better understand what can and cannot be done with each integration. The most robust integration at this point in time exists with Brokermint.

• Brokermint Integration
• SkySlope Integration
• Dotloop Integration

FAQs

Q. Can we export transactions from the Lofty CRM?

A. Yes, but only if you have the Export Transactions permission enabled on your account. Please contact your Lofty account admin if you need this permission.

 

Q. What is the maximum amount of roles that can be added to the default?

A. Up to 50 additional roles.

 

 

Questions?

If you have any questions regarding this topic or any others, please reach out to our Support Team via email at <support@lofty.com>, by phone at 1 (855) 981-7557, or by chat with us through your CRM. 

 

Related terms: transaction management, checklist, transaction tasks, commission