Well, All Property Management, LLC was audited by the Washington Real Estate Commission yesterday – and it wasn’t awful at all! I knew an audit was bound to happen sooner or later, but hadn’t expected it this soon (I just got my broker’s license in December 2006).
Just hearing the word “audit” sent a shock wave of adrenaline into my system when I got the call to head into the office because the auditor was on-site (it’s summer, and I was at home with my seven year old daughter) . Of course, to say I tend to worry a wee bit too much about things would be an understatement. That’s why I’m not a lawyer anymore.
Happily, our auditor was great (thanks Robert) – very friendly, not scary at all. And also genuinely interested in helping us with any questions/concerns we might have. Of course the audit was pretty quick considering we don’t actually do property management — so we don’t have to deal with trust accounts, or maintaining copies of lease agreements, or providing monthly or annual reports.
Along those lines, I’ve actually found that most real estate commissions and their representatives really do seem to be interested in helping people comply with the law. On the whole, I’ve always found them to be very helpful when I’ve had questions about property management regulations.