Episode description
Bob discusses the concept and importance of the Broker Trust Account for property management companies with Allison Disarro, Senior Vice President of Property Management Banking at Seacoast Commerce Bank. Real estate brokers and property management companies receive and hold funds in their everyday course of business from tenants and property owners for rent payments or property improvements. Property managers must accept, control and account for these "trust funds" within compliance under State of California Bureau of Real Estate standards. The improper handling of trust funds can put the monies at risk and may be cause for the suspension of a Broker's license. As such, it is very important for homeowners considering renting their properties to hire a property manager that has a properly established and documented Broker Trust Account. Allison provides her expert explanation of the importance of the trust account, how these accounts should be set up, and what questions a homeowner can ask of their property manager to make sure their owner funds are properly deposited and protected. This episode is always available for listening, sharing, or download at Property Management Brainstorm. See a complete time-stamped transcript of This Podcast Episode 5.
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