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Fee Auditing

With the downturn of the Real Estate market we look for ways to tighten the purse strings and cut costs with some agents looking at software and staff options.

But have we considered fees we should be receiving?

While all our fees have been set up in our trust system at point of receiving the Management Agency Agreement, are they ever checked again? What should we be checking for?

As we are moving away from paper/hardcopy files to soft files this is an opportune time while scanning in MAAs to check the fee set up in your trust account software.

Where to start? Pull out or open a Managing Agency Agreement?

Work your way down checking that the fees are correct in your trust account system.

GST

Ensure you know if the fees included on the MAA are GST inclusive or exclusive and if it is shown as GST inclusive or exclusive in your trust system.

Fees

Check all fees listed on the MAA are entered correctly in your trust account system. If there are some missing check if they need to be entered somewhere or just in the notes for when they are charged.

Automation

Is there a way to automate any of the fees you are currently charging manually? Can you set up recurring invoices or is there a new field for they fee that wasn’t there when the management was entered.

What to do if the fees are incorrect

This will need to be a decision made with your licensee and managing director. Should you back charge the fee or notify the owner of the incorrect charge from this month and amend.

Be sure to include any changes of fees on your forecasted budget for the financial year.

If you would like any more information on what to check and where to check for missing fees, feel free to call Real+ on 02 8355 4999.

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Janine Kennedy

Phone: 02 8355 4999 Mobile: 0401 743 011 Email: janine@realplus.com.au

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