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 >>
The idea of an overdrawn trust account is is amusing to some agents. It seems odd that a trust account can become overdrawn given the level of funds sitting in the trust account at any one time. How Does an Overdrawn Trust Account Happen? So just how is it possible you may ask? There are many ways that a trust ... read more >>
Let’s face it - the word ‘daily reconciliation’ can be scary to most Property Managers or Trust Accountants but trust account reconciliation does not need to be the process that everyone dreads. In our Top 10 Trust Accounting Mistakes Made by Real Estate Agents, not reconciling daily was the second biggest mistake that agents made after not backing up daily. ... read more >>
Are you a startup Real Estate office looking for the right bank to open your trust accounts with? Or are you an existing Real Estate office and considering switching banks? This post discusses the considerations that need to be made when selecting the right bank for running the trust account. Our Top 7 Banking Considerations There are many things to consider when selecting ... read more >>
Wouldn’t it be lovely to receive notification from the NSW Fair Trading Office that your Real Estate agency was undergoing an audit? It would give you time to ensure documents were up to date, training completed and trust accounts reconciled! NSW Fair Trading doesn’t give you a heads up as many agencies have found over recent weeks. In recent articles ... read more >>
Are you a property agent looking after general trust accounts? From January 1st, all general trust accounts need a Unique Identifying Number (referred to as UID), which can be obtained from the NSW OneGov Government Licensing Service website. This change under the Property, Stock and Business Agents Regulation 2014 supports NSW Fair Trading officers in monitoring accounts and safeguarding consumer funds. To be ... read more >>
