Property Management Brainstorm

Real estate brokers and property managers receive what are known as “trust funds” in the normal course of doing business. These are typically deposits and payments received and held on behalf of others, thereby creating a fiduciary responsibility to the funds owners. In our business as property managers, we must handle and account for these funds according to established legal and accounting standards within the rules and regulatory requirements of our individual states. Not being in compliance could have significant financial and legal consequences for our property management businesses.  On this episode of Property Management Brainstorm, Bob Preston discusses accounting and bookkeeping for property management trust accounts with Taylor Hou,  Chief Happiness Officer at APM Help. Bob and Taylor discuss the importance of keeping  the books clean, what auditors would see as red flags, and how to spot irregularities and discrepancies in your property management accounting reports.Topics Covered[2:20] Taylor tell