Property Management and the “Broker Trust Account”

Thursday, January 11th, 2018

Property Management and the Broker Trust AccountJanuary 11, 2018

 

Where is My Money Deposited?

During the every day course of being in business, Real estate brokers and property management companies accept funds from their tenants and home owner clients. What happens to these funds and where are they deposited?

By California law and regulation under the Bureau of Real Estate, property managers are required to account for these “trust funds” within established and required standards. This includes the immediate deposit of the accepted funds (within 3 days or sooner) into a Broker Trust Account. If the monies are not handled correctly by the property manager, the funds could be at risk and the Broker could be subject to license suspension.

 

Make Sure Your Funds Are Handled Properly!

If you are considering renting your home, it is critical to hire a property management company that places your reserve funds and the tenant’s rent or security deposit funds into a properly established Broker Trust Account. This topic was recently featured on the Property Management Brainstorm podcast with Bob Preston, President/Broker of North County Property Group, discussing the topic with Allison Disarro of Seacoast Commerce Bank. Allison provides an excellent explanation of the nuances, requirements, and importance of the trust account, documents and process required of the broker to set the account up, and what questions should be asked of a property management company to gain assurance that their funds are properly deposited and protected. Listen to the podcast here:

 

Assurance of Proper Accounting

At North County Property Group, we’ve established our Broker Trust Account properly under full compliance and transparency with Bureau of Real Estate regulations. We further follow all accounting principles regarding trust accounting and reporting transactions to our client homeowners. With North County Property Group your funds are safe with us!

Located in Del Mar, California, North County Property Group provides real estate sales & leasing, property management, and vacation rental services in the various communities throughout the greater North County San Diego area (click here to see communities served).

For more information about North County Property Group, visit http://www.ncpropertygroup.com, or contact the company at 445 Marine View Ave, Suite 240, Del Mar, CA 92014, USA; Tel: 858.792.5797; E-mail: info@ncpropertygroup.com to learn how we’re redefining real estate sales and leasing, property management, and vacation rentals in North County San Diego.

Check out our sister vacation rental site at www.ncvacationrentalhomes.com and follow North County Property Group on our BlogFacebookTwitterYouTubeGoogle+Google PlacesLinkedInPinterest and Yelp!

Contact us today: (858) 792-5797      info@ncpropertygroup.com

New CA Landlord Laws Regarding Bed Bugs

Friday, December 22nd, 2017

December 22, 2017

The subject of “bed bugs”  is not pleasant, but it has become a hot topic and area of concern in rental properties all across the USA. For property management companies, like North County Property Group, being on top of new California landlord laws is crucial. At North County Property Group, we track all real estate laws and local ordinances to make sure our client properties stay within compliance.

CA Civil Code §1954.603

A new landlord law has recently been instituted in California know as Civil Code §1954.603. As of July 2017, all landlords are required to attach a Bed Bug Disclosure as an addendum to all new residential leases (view Bed Bug Disclosure Addendum at this link).  Landlords will also be required to provide notice to all existing tenants by January 1, 2018. The notice includes information about bed bug appearance, life cycle and reproduction, bed bug bites, common signs of infestation, and infestation treatment requirements.

Sounds ominous, right? This is a new standard of information and care that landlords are expected to follow, but in reality, bed bug infestations are quite rare. Any and all bed bug pest control matters, however, must be handled with full knowledge of all aspects of information entailed in this EPA website: https://www.epa.gov/bedbugs

Responding to all reports of bed bugs, and working quickly to treat properties suspected of infestation under the prescribed guidelines, is imperative. Having a professional property management company working for you is a great move. North County Property Group can diligently handle all reports to ensure your properties are in compliance!

The full text for these new laws as published by the California legislature can be read here: https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201520160AB551

Located in Del Mar, California, North County Property Group provides real estate sales & leasing, property management, and vacation rental services in the various communities throughout the greater North County San Diego area (click here to see communities served).

For more information about North County Property Group, visit http://www.ncpropertygroup.com, or contact the company at 445 Marine View Ave, Suite 240, Del Mar, CA 92014, USA; Tel: 858.792.5797; E-mail: info@ncpropertygroup.com to learn how we’re redefining real estate sales and leasing, property management, and vacation rentals in North County San Diego.

Check out our sister vacation rental site at www.ncvacationrentalhomes.com and follow North County Property Group on our BlogFacebookTwitterYouTubeGoogle+Google PlacesLinkedInPinterest and Yelp!

Contact us today: (858) 792-5797      info@ncpropertygroup.com

Related articles

Check out our Podcast!

Monday, December 18th, 2017

December 18, 2017

Property Management Brainstorm with Bob Preston

Property Management Brainstorm

North County Property Group is hosting a new podcast show called Property Management Brainstorm. The new podcast series will be fun and informative discussions with professionals in various fields related to property management. Some of the episodes planned include real estate attorneys, insurance professionals, CPAs, as well as city officials who play a role in rental property regulation in in Del Mar, Solana Beach, Encinitas, Carlsbad, and throughout the overall North County San Diego coastal communities. The goal is to pass along pertinent information related to property management, renting your home, and managing it correctly. Bob Preston will be hosting the show on a regular basis and posting new episodes as they are recorded. We would love to hear from you with your feedback! We would also love to hear from you with your ideas and any suggestions for podcast episode topics! We hope you will enjoy the podcast and join in as often as possible to keep current on best practices in property management in San Diego North County!

 

You will find the podcast broadcasts at this link on the NCPG website (http://www.ncpropertygroup.com/podcast/) or in the following online podcast download libraries:

Subscribe via iTunes    Subscribe via Android

Subscribe via Stitcher    Listen on Goggle Play Music

Subscribe on Buzzsprout

Happy Holidays From North County Property Group

Monday, December 18th, 2017

 

December 18, 2017

Happy Holidays from North County Property Group!

 

Seasons Greetings!

From our office to your household, North County Property Group hopes you and your families have a very happy and joyous holiday season! We are grateful to our many customers and tenants who trust us with their keys as their property management company for their rental home needs! If you are seeking a top notch property management company in Del Mar, Solana Beach, Encinitas, Carlsbad, Cardiff, or Carmel Valley, we hope you too will have trust and confidence in allowing us to manage your keys and doors.

Enjoy the season and have a very prosperous new year!

The team at North County Property Group