As with many aspects of business, it is acceptable to believe there will be a steep learning curve, mistakes made, and lessons learned as you navigate your way through business. The same goes for your trust accounting. We have previously outlined 10 of the most common mistakes made by real estate agents in a previous blog, which you are invited ... read more >>
TIMING IS EVERYTHING Having the right trust accounting software is going to make your life a whole lot easier. If you are having difficulties with your current provider, it is well worth the effort doing some research and making the switch. Like changing banks or insurance providers, changing trust accounting software is probably at the bottom of your ‘things I’m ... read more >>
Sometimes the ‘set and forget’ tactic can be a blessing. Like setting your coffee machine for automatic brew, or your bread maker to auto bake to rise from slumber to the smells of fresh bread and brewing coffee. Bliss right? However, as an agent, this is definitely not one tactic to have in your repertoire when it comes to managing ... read more >>
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 >>
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 >>
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 >>
As Licensee, Property Manager or Trust Accountant in a Real Estate office in NSW you cannot afford to ignore this explanation. The importance in having a delegation of authority. Failure to have the appropriate delegation in writing carries penalties of up to $4,400 for a corporation and $2,200 in any other case. A ‘delegate' is someone who has the authority ... read more >>
