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@eomangels-blog
Cyber theft is happening more frequently in Real Estate and is fast becoming number one on the list for insurance claims. You cannot afford to miss our latest blog on the reality of cyber theft, particularly for your trust accounting records #realestate #cybercrime #trustaccounting #propertymanagement #ransomeware #security #technology #cybertheft #realestatesoftware #cloudbased #hackers Head to our website: www.endofmonthangels.com.au/blog (at End of Month Angels)
How sure are you that your trust account database is being backed up correctly? Don't find out the hard way. Head over to our blog for the latest article on successful software backups #realestate #propertymanagement #realestatesoftware #backup #datasecurity #cloudbased #serverbased #endofmonthangels #avoidthetears #outsourcing #trustaccounting #trustaccounts (at End of Month Angels)
~HOT TIP TUESDAY~ Over on our blog today. How to survive #EOFY in #realestate without #losingyourmind http://owl.li/nGeF301epJa #propertymanagement #trustaccounting #compliance #bestpractice #trustaccounts #endoffinancialyear #propertymanagersworstnightmare #software #outsourcing #endofmonth #endofmonthangels #hottiptuesday (at End of Month Angels)
New training room gets some office rules, although the complaint this morning was that we haven't had enough cake 🍰🎂😜 #Rozelle #endofmonthangels #officerules #coffeeandcake #realestate #trainingroom #team #outsourcing #trustaccounting #trustaccounts #propertymanagement (at End of Month Angels)
Rental Bonds Online has been rolled out in NSW, Victoria & South Australia to assist with making the bond process more transparent for tenants. What are your thoughts of this new system and will it really stop dodgy agents from misappropriating bond money? #realestate #propertymanagement #bondsonline #compliance #trustmoney #trustaccounting #trustaccounts #rentalbonds #misappropriation #theft #dodgyagent #RBO #bondmoney http://owl.li/Z6PB300WYrh (at End of Month Angels)
How clean is your Trust Account database? Is it a complete mess or is it perfect? Read the 9 reasons why you should keep your software clean in our latest blog: http://owl.li/Hym23004eN0 #accounting #bestpractice #cloudbased #compliance #endofmonth #endofmonthangels #legislation #outsourcing #propersupervision #propertymanagement #realestate #realestatesoftware #reconciliation #software #technology #trustaccountant #trustaccounting #trustmoney (at Rozelle, New South Wales, Australia)
Bond theft is unfortunately more common than not in the Real Estate industry. Read the contribution made about this topic from our Director, Jane Morgan via Residential Property Manager #realestate #propertymanagement #trustaccounting #bondtheft #legislation #compliance #dodgyagent #trustmoney #realestaterookie #misappropriation #endofmonthangels http://owl.li/4nbvJ6 (at Rozelle, New South Wales, Australia)
What are the 11 avoidable mistakes that agents make when it comes to trust accounting? Find out in our latest blog. Number 2 is happening more than you think and number 4 happens the most http://owl.li/4n69EO #accountingfailures #bestpractice #compliance #endofmonthangels #legislation #outsourcing #propersupervision #propertymanagement #realestate #realestatesoftware #reconciliation #trustaccounting #trustaccounts #trustmoney (at Rozelle, New South Wales, Australia)
You know you use a calculator too much when this happens #realestate #firstworldaccountingproblems #endofmonthangels #propertymanagement #trustaccounting #accountantswillunderstand #trustaccounts (at Marrickville, New South Wales)
Timing is everything when it comes to switching trust accounting software. If you're considering making a switch, read our latest blog for everything you need to know to make the transition a smooth one http://owl.li/4mSudC #realestate #software #trustaccounting #trustaccounts #propertymanagement #compliance #legislation #trustaccountingsoftware #realestatesoftware #datamigration #cloudbased #serverbased #cloudtechnology #endofmonthangels #trustaccountexperts #outsourcing (at Marrickville, New South Wales)
Meet Pouchette, our Director of First Impressions and mother of Pepe our Happiness Manager. If you attend one of our in house CPD training sessions you will most likely be greeted by her at the front door. Our students in last weeks session were pleasantly surprised when she joined in on the training session, she even contributed to the discussion on underquoting 😊 #realestate #trustaccounting #propertymanagement #cpdtraining #trustaccounts #compliance #directoroffirstimpressions #poodlelove #endofmonthangels (at Marrickville, New South Wales)
Pepe our office dog making the most of his long weekend and enjoying some hard earned rest. He wants to wish everyone a Happy Easter 🐰🐣 #endofmonthangels #trustaccounting #realestate #pepethewonderdog #ifonlyheknewtrustaccounting #happinessmanager #cowboy (at Kiama Blow Hole)
Want to know how to switch banks for your trust accounting? Read our 8 steps to switching banks and staying sane #realestate #trustaccounting #trustaccount #propertymanagement #whichbank http://owl.li/ZNq9R
The boss was lucky enough to see Madonna last night in concert #madonna #sydney #rebelhearttour #rebelheart #trustaccountantsdayoff (at Allphones Arena)
I think our trust accounting students will agree, there's no better feeling #trustaccounting #realestate #realestatesoftware #reconciled #propertymanagement #accountantswillunderstand
Real Estate Agents Who Play Monopoly With Trust Money
Stealing from trust accounts is not just a plain bad idea – it’s illegal
It would seem logic would prevail that stealing from your trust account would be a bad idea, yes? Unfortunately for some, this is not a clear-cut decision.
Earlier this month, as reported by www.news.com.au, a Victorian Real Estate Agent, 43 years old from Huntingdale, was sentenced to 40 months jail for misappropriating over $1.9 million dollars worth of clients’ cold hard cash. Yes, you read that right - $1.9 million.
Firstly, how any agent could fathom they could get away with this type of extreme financial scandal is unthinkable. Do they think that no one will notice these missing millions? That questions won’t be asked and figures requested to be verified at audit time? It’s not a case of ‘mum I lost my canteen money’ – this is millions and millions of other people’s money.
The agent has since pleaded guilty to the skimming of the funds, which he admitted were used to run his own real estate business. Nothing like keeping it in the family…
It is stories like this that threaten the trust that consumers have with real estate agents and the handling of trust accounts which is why we believe that trust accounting should be it's own separate qualification, just like you need a qualification to practice law or accounting.
It is critical that the industry is well-regulated and stringent audits taken place to ensure that future rogue agents such as the one in this case are farmed out. Unfortunately there have been some cases of agents are obtaining licenses unlawfully which is also tarnishing the industry.
The majority of agents do the right thing and follow their legal responsibilities when it comes to trust accounting, but it just takes one bad apple to turn the whole bunch sour.
The reality is if you do take funds from your trust account without proper authority, you are committing a crime and will be caught out. It is definitely not worth the risk to both your career and your livelihood, unless a good stint in jail is on your agenda.
So don’t try and play monopoly with the law – trust money is not your money – let’s leave it where it belongs.
What are your thoughts on how the industry is regulated when it comes to trust money? How could it be better regulated and what are some of the steps and measures you take in your office to prevent fraud? We'd love to hear your feedback & comments.