What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO).
21
Sep 2019
52 Ways to Grow Your Rent Roll
Effective Marketing Strategies for Property Managers to Grow Your Rent Roll Whether you’re a well-established property manager with a large portfolio of clients and properties or you’re just starting out in the industry, it’s important to continuously think about how you can grow your rent roll to increase your monthly income. There are a number of ways that you can be proactive about growing your rent roll, including brand building,
14
Aug 2019
Understanding Your Trust Account
Many property managers are sometimes overwhelmed by the financial aspects of managing a trust, on top of managing their general business finances (if they own one). So let’s break down what a trust account is, trust money vs non-trust money, the purpose of a trust account in real estate and trust accounting best practice. Handling money can be a complicated process for many companies, if you need help you can
08
Aug 2019
7 Habits of Highly Successful Property Managers
What are the habits of highly successful property managers? Are they superhuman multi-tasking machines who don’t sleep? Most definitely not. Are they walking, talking charm-bots? Maybe. Either way, they’ve worked out ways to be more efficient and resourceful than most property managers. They take care of themselves and the people around them, even if they’re in a relationship with real estate, they can still help you upgrade your standard policy
05
Aug 2019
Trust Account Audit
Under the Property Stock and Business Agents Act 2002, licensees’ records in relation to the handling of trust money must be audited. This article explains who is affected, who can perform an audit, and other matters to help what they need to do to meet compliance obligations. Who is required to have their trust accounts audited? The following people must have their trust accounts audited if they received or held trust money during the financial
Be sure to keep these common mistakes top of mind as you develop your trust accounting policies and procedures to minimise the possibility of error – the penalties for which can be as severe as losing your licence! 1. Not reconciling daily One of the most common trust accounting mistakes property managers make is not reconciling frequently. You should make sure your accounts are balanced every day if possible, so
03
Apr 2019
Top 5 Trust Account Audit Tips
To ace your trust account audit, you need to first ask yourself this – do you really understand your trust account? Essentially, a trust account is a special type of bank account “where money is received or held by an agent (including any member of the agency’s staff) on behalf of another person in relation to real estate, business or settlement transaction.” The purpose of a trust account audit is to report on