For one reason or another you have or are considering switching banks for the management of trust accounting. Perhaps your current bank isn’t living up to expectations so you are looking to start fresh with a new provider. Our simple checklist highlights 8 steps to make the transition to a new bank provider for your trust accounting as seamless as ... read more >>
Stealing from trust accounts is not just a plain bad idea – it’s illegal It would seem logic would prevail that stealing from your trust account would be a bad idea, yes? Unfortunately for some, this is not a clear-cut decision. Earlier this month, as reported by www.news.com.au, a Victorian Real Estate Agent, 43 years old from Huntingdale, was sentenced ... read more >>
There are some things we can turn a blind eye to. Sneaking in a 3pm sweet tooth chocolate break. Taking an extra biscuit from the staff room stash. Knocking off 5 minutes early to catch some of the last rays of sunshine on a Friday afternoon. But there are some things that you simply cannot ignore. Like your responsibilities as a ... read more >>
PUTTING THE TRUST IN TRUST ACCOUNTS Our blog earlier this month introduced an explanation of trust money and those types of transactions that are required to be deposited into a trust account. To recap, the most common examples of trust money that must be deposited into a trust account are: Residential rent Residential bonds Commercial rent Commercial bonds Strata levies ... read more >>
Get The Facts on Your Trust Accounting Responsibilities Trust money is any money you receive from a third party that is required to be held in a trust account on someones behalf. Unlike general business accounts, trust accounts accrue no interest and incur no charges. There are strict guidelines as to how to set up and manage your agency’s trust ... read more >>
Rogues in the Real Estate Training Industry Money can buy a lot of things. One of those things should not be an education. Education comes from hard work, dedication and the pursuit of knowledge. Not by how much money is in your back pocket. Like many other industries, the real estate industry has both good and bad training providers. Unfortunately, ... read more >>
Why face-to-face training is better than online. We are living in an increasingly online society. With the continual advancements in technology, the gradual acceptance of the move towards flexible remote offices and the boom of social media, the online world has morphed into all that we do. Education and training is no different. The number of training and education providers ... read more >>
This week saw the announcement that NSW Fair Trading are conducting a review on the property industry training standards. About time, we say! In particular we would like to see some reform around who is qualified to manage trust accounts and here's why; In a world where scammers try to trick you, it is difficult to trust just anyone. Clients entrust ... read more >>
In the complex world of trust account management, there is nothing worse than the nightmare that is end of month. Often as Licensee or Officer in Charge, you juggle multiple jobs. The trust accounting, the running the business and the staff you hire to manage your clients. As a result, your trust accounts can easily become unbalanced if not managed ... read more >>
This is a hot topic in Real Estate at the moment. Should your agency move the trust accounting software to the cloud or should you remain server based? The answer depends entirely on the individual needs of your agency. There is not one size fits all. It is important to consider some pros and cons of each and decide which ... read more >>
