List Side Closing
Select “Contracts” from the upper navigation drop down menu.
Select the + sign, the universal add button.
Search the MLS data/other Transaction Management System.
If the listing is not in the MLS or other transaction management system, you can manually add the listing.
Once selected, the participating agent’s information will automatically populate.
You will also be able to see if there are any existing contracts.
If you scroll down, you can see that it will know if you are on the List or Buy side, which office will be processing the deal, and which agent. Please verify this information before proceeding. You can elect to override any of these if you need to.
Once you have verified the office and agent information, select the green “Create LIST SIDE Contract” button.
Confirm anticipated close date.
Select List Type (Sale or Rental).
Verify Sale Price.
Select whether the contract is pending or closed. Note: A contract must be marked “closed” to push to Quickbooks or process any payments. Once marked closed, this deal will be reported to your franchise, if you are part of one.
There is also an area for an internal reference number, if your office uses an existing numbering system. Each additional contract will populate the next number in the sequence.
Select “Save and Start Contract.”
The next step will be to input the commission for your internal agent. If the information is in the MLS it will automatically be pulled.
Select “Update.”
Select “Add Side” to add the Co/Op brokerage information. If the information is in the MLS, you can add this information with one click.
If the agent is not found on the sides from the MLS, there is an option below to add an agent (MLS/Non-MLS Agent).
You should now be able to see both the buy and listing agent, as well as their gross commissions in the grid.
Now we can link this contract with the transaction management system. If yours is already linked, skip to Step 25. Select “Edit Header.”
Select “Search Links,” to search the transaction management system.
You can search by MLS # or address.
Select “Link Selected Rooms.”
Select “Update Header.”
You now will be able to one-click deep link in to the task lists/documents/people.
An additional feature of adding the Doc Mgmt Link is located under the “Contacts” tab. You can use your TMS to add any contacts that might not be in the MLS (Buyer/Seller/Title Company).
Select “Add Contact.”
Here you can import your contacts manually or “Import from DTR.”
Select Contacts (Typically, a buyer, a seller, and title)
Select “Import to BrokerEZ”
If you are not holding Escrow on the deal skip to Step 40.
Next, select the “Deposit” tab to enter an escrow payment.
Enter the amount.
Choose the method of payment.
Select the QB Payment Method.
Select the remitter, typically the buyer.
Enter the date the deposit was received.
Enter the check #, and any notes you would like.
Select “Deposit Escrow Funds.”
Now in Broker.Ez, you will find below a section called “Escrow History.” You will now see the deposit in the accounting register in real time. You can also print a ledger card from this window.
Select the “Billing” Tab.
Select “Create Billing Items.”
In the billing area, you have a tab for each person involved in the transaction.
You may select whether the items will be paid out of the commission account or by title. You can accomplish this by entering the payment the agent is receiving in one of the 2 boxes below. You will want to do this for all the tabs.
The agents closing template will automatically apply. You may select additional items not on the template by clicking “Add Items.”
Click “Add New Item.”
Here you will find a list of items that will either add or deduct from the participants payout. Find the item you would like to add and confirm the $ amount. Then click “Submit.”
Once you have finished selecting the items you would like to add and confirmed the projected billing, you can stop and leave this as a pending deal. If you are ready to close the deal, continue to the next step.
Pull up the billing tab of the deal you want to close. Change the deal to “closed” in the header. Ensure the gross commission/agent billing hasn’t changed since the deal was under contract. Then select the green “Push to QuickBooks” button.
A green notification bar will appear to let you know that all bills and invoices were created in QuickBooks.
If you are not holding Escrow on the deal skip to Step 58.
Select the “Disburse” tab.
This opening page will show you a few things. Based on how you’ve set up the deal, it shows you the obligation of title and commission (how much of the commissions will they be covering).
Enter the amount to disburse.
Disburse To: Yourself (send it to your commission account).
Disburse To: Title (apply to closing commissions).
Disburse To: Buyer
If you are issuing a check select “check,” if you are sending to your commission account, select “Journal Entries.”
Enter the disbursement date.
Enter the check number and enter any notes you might need.
Select “Disburse Escrow Funds.”
You now will be able to see the disbursement in the grid near the bottom of the page.
Select the “Payout” tab.
Anything in this window that is yellow is requiring attention. (However, if an Agent still has a credit balance on their account after their office fees have been deducted (Ex: they have prepaid expenses for the year), their bar will remain yellow, indicating their credit is still “Open.”
The first step in processing the payout is to address the inbound funds from the closing. Select the “Receive Payment” link.
Ensure the amount on the check you received matches the amount in the system. If not, something needs to be fixed.
Enter the date.
Select the payment method.
Enter the reference number/check number.
Select the green “Receive Payment” button.
Select the “Refresh QuickBooks Data.”
The payment bar should now be green, indicating you may move on to the next item.
Next, we are going to pay out your agent. Select the “Make Payment” link.
If you already cut a check, you may memorialize that here with the check number. If not, leave the check number blank.
Enter the date.
Select the green “Make Payment in QuickBooks” button.
Select the “Refresh QuickBooks Data.”
The payment bar should now be green, indicating you may move on to the next item.
In the last step, you may utilize the transfer feature.
If you transfer your money at the end of every closing between your commission and operating account, you would select “Transfer To: Broker Checking Bank Operating.”
If you periodically transfer (at the end of the day/week), you can use the “Transfer Tracker” feature. It will take the amount of cash flow that belongs to the office from this particular closing and it will memorialize it, so that you can do a bulk transfer at a later time.
If you have a combined commission and operating account, this feature will be somewhat limited for you, and you would fall under the “No Transfer” selection.
Select “Finalize and Send to Transfer Tracker.”
You should see “Finalized” in the review status.
A direct link to the “Transfer Tracker” will appear on the bottom left of the screen.
A note, we made and received payments through Broker.Ez, however, if you wanted to jump directly into QuickBooks, you can click the “Use QB’ link to deep link into QuickBooks.
Additionally, you can click on any of the contacts, as well as the individual transaction ID.
