I am a real estate broker in the SF Bay area and interested in starting a property management offering. I am interested to learn how others in CA are handing the tenant security deposits, rental payments and owner reserve funds. I have tried to open a RE Broker Trust Account at several banks and am being told each tenant and owner need a separate bank account due to IRS reporting rules. CA BRE suggested using a Broker Trust account, but I have not found a bank that will support this. Any, all suggestions appreciated.
@Bob Lowry , if you're a California Association of Realtors member, they have a great document titled Banks Offering Broker Trust Accounts. That document/chart will provide you with all the banks in California that say they are offering broker trust accounts. I would suggest that you try a business bank for the broker trust account.