Welcome to the Property Management Mastermind Show with your host, Brad Larsen. Today’s guest is the world-famous Allison DiSarro from Enterprise Bank, formerly known as Seacoast Bank. Listen, as Allison shares her work with property management companies, how each state handles trust account compliance differently, and much more.
Listen as Allison shares her work with property management companies, how each state is different when it comes to trust account compliance and why you need someone who knows what they are doing to set up your trust account. Sometimes, even auditors don’t know if they are set up correctly.
Allison also clears up what is and isn’t insured by the FDIC. The FDIC covers accounts per tax ID number unless you have a true trust account, and then each beneficiary is insured for up to $250,000. If the trust account is not set up correctly, you could run into serious trouble should anything happen to the accounts.
Allison discusses the merger between Seacoast and Enterprise and what Enterprise saw that was appealing in the much smaller Seacoast Bank. Brad and Allison also talk about trends they see in the industry, like remote teams, remote bookkeepers, mergers, and consolidations.
One thing they are both ready for is for conferences to resume. They miss seeing people face to face and the business opportunities that come from having everyone in one place.
**Announcement** The Property Management Mastermind Conference is May 19-21 at the Gaylord Resort in Grapevine, TX
In this episode:
[02:07] Welcome to the show, Allison!
[02:25] Allison shares her background and her work with property management companies.
[04:48] Allison talks about how different each state is with trust account compliance.
[05:58] An auditor doesn’t know if a trust account is set up as a true trust account at the bank.
[06:54] Allison discusses the risks she tries to protect property management companies from.
[09:28] Allison shares what the FDIC covers. Is it per account or per tax ID number?
[11:17] When you have a true trust account set up, each beneficiary’s tax ID number is insured up to 250,000.
[14:18] Allison discusses Seacoast merging into Enterprise, which happened in November 2020.
[16:01] Allison talks about what Enterprise was interested in when they merged with Seacoast.
[18:30] Allison shares why the merge was such a good marriage.
[23:02] What are some trends you see in the industry?
[24:30] Allison talks about the incentives to property management companies in doing business with Enterprise.
[27:13] Allison speaks about why doing business with them is beneficial as opposed to other banks.
[30:02] Brad shares the trend he is seeing around remote team members.
[30:30] Allison talks about remote bookkeepers and how they are becoming more and more prevalent.
[33:11] Allison discusses mergers and consolidations and the trend she sees now.
[36:18] Brad believes that the industry is insulated by its own fragmentation.
[39:39] Allison says that HomeVault came out strong, and each person has a clear path of what they are supposed to do.
[41:52] Brad talks about Covid shutting down the conferences and the conferences that may be able to happen in 2021.
[45:17] Allison believes conferences are needed and have been very missed.
[48:39] Brad cautions any seller out there, let a business broker come in and white label you to get competing offers.
[50:02] Once you sign on the dotted line, the deal still isn’t over; there are always pushbacks.
[53:34] Thank you for being on the show!
Links and Resources:
Property Management Mastermind
Property Management Mastermind Group on Facebook
(619) 988-6708 (Allison DiSarro Enterprise Bank & Trust)
NARPM Southern States Conference
National Apartment Association