On Thursday, September 14, PayProp hosted a free webinar on the dos and don’ts of trust accounting.
PayProp's André Holtshausen and Samantha Ferreira teamed up with Peter Lohmann, CEO of RL Property Management, to discuss the essentials of trust accounting for residential property managers, starting with Peter’s Iron Law of Trust Accounting:
“You must always owe your client money; she must never owe you money.”
Drawing on his 15 years of experience managing property, Peter offered easy-to-follow tips on segregating trust accounts, handling security deposits, filing 1099s, and more. He also explained how a dedicated service provider like PayProp is integral to complying with local client money regulations, with examples from André and Samantha.
A brief Q&A session followed.