In the world of real estate, we get so busy that we forget some things. If you have an escrow account, you need to RECONCILE every month and the reconciliation form has to be signed and dated by the Broker. If there are any problems, you need to address them that month and rectify or show what you have done. You are allowed to keep $1000 in your escrow account of the Broker’s money in case of insufficient checks, etc. Make sure you document and date everything that has to do with the escrow account. DEPOSITS must be made within 3 business days, excluding week-ends and holidays.
If you do any property management, SECURITY DEPOSITS and any ADVANCED RENTS must be in a separate account. You are allowed to keep up to $5000 in your property management account. It is better if you let the owner handle the security and last month or advance deposits.
DOCUMENT every discussion with any client and if it is via email, print it out. I don’t care what it is unless you are just passing the time of day.
CYA as I said before, ANYTHING that is pertinent to the transaction, have your client or clients put it in writing or email you. Don’t rely on your memory or theirs. It’s amazing how things change when there is a problem.
If you remember these few things, your real estate license is in good hands… ….just like Allstate!
Until Next Monday…