WHEN IT COMES RIGHT DOWN TO IT, THE BROKER IS RESPONSIBLE FOR THE TRUST ACCOUNT! It is amazing to imagine how many brokers run a business with so much money changing hands, agents coming and going, closings, listings YET FAIL TO SPEND 30 MINUTES A MONTH CHECKING OVER THEIR TRUST ACCOUNT.

THE PAY ME LIST!!!
Holding trust money is an immense responsibility and one, if not done properly, can literally force an office to close their doors. It is important each month to track the coming and going of trust funds but ultimately know who owns every dollar in your trust account. Think of it this way, if you were to close your doors today and had to refund all trust monies would you know which buyer and transaction the money belongs to? If the buyers were lined up outside your door would you have enough at the end,? Too much?

Your monthly bank reconciliation should not only show you your banking information, outstanding checks, deposits, but also a list of monies you are holding… THE PAY ME LIST. This list should be for all current pending transactions period.

NOT JUST ABOUT THE MONEY
In many States and Provinces there are a lot of different rules that a broker must follow and also have his agent's follow. You need to know what these guidelines entail. Is your paperwork for the files complete? Are all the agent's licenses active and up to date? Are standards for advertising on business card, flyers, newspapers, being met?

AT THE END OF THE DAY IT'S YOUR COMPANY'S REPUTATION AND VERY LIFE THAT IS IN YOUR HANDS.