We are very careful with accounting matters.
As rental managers it is our solemn charge to keep close track on every penny of rent and each expense. All of us work diligently to ensure that each rental investor has the documentation to know exactly where is money is going to and coming from. To accomplish this duty we use one of the most powerful software tools in our profession: Rent Manager.
It is our practice to process and deposit rents on the same day they are received. Rents are deposited into an escrow account (not into our operating account). We prepare a monthly statement that states the rent received as well as any bills which we have paid on the rental property owner's behalf. The monthly statement is also available online. The statement will describe what monies we are holding on behalf of the property owner.
There is no additional charge for the reports or the accounting. And, Nesbitt Realty never marks up the repairs, nor do we charge a fee per repair. Annually, we organize the monthly statements into a year-end report. In January we mail the real estate investors, and to the IRS, a 1099 stating the income for the property. Use the 1099 to prepare your taxes or simply give the 1099 to your tax preparer.
Northern Virginia Property Management Resources
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Basics
Elementary information regarding property management in Northern Virginia.
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Getting Started
Learn more about getting started with rental property management
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Find A Tenant
List your property to rent to find a great renter in Northern Virginia fast.
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Accounting
How does Nesbitt Realty keep track of income and expenses for real estate investors?
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Cost
An overview of prices of rental management services in Northern Virginia
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Vetting
How Nesbitt Realty checks the backgrounds of tenants for landlords.
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Reserves
What is a contingency reserve account?
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Territory
Where does Nesbitt Realty manage rentals?
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Clients
Who uses Nesbitt Realty management services?
Your investment in real estate is a business like any other. As a landlord, you have expenses, income and with perseverance, you also have the expectation of financial reward.
In the business of real estate investment, nearly all cashflow comes from tenants. And that's the catch: If you have tenants, you will have problems. Even the best of tenants have needs and all properties will require maintenance or management at some point. A property management company takes all the hassle out of rental management.
Do you want know more about our area?
Our Guide to Real Estate is a handy tool for anyone who needs to investigate real estate facts about Northern Virginia and surrounding communities. The Guide to Real Estate includes information about what has sold and what is currently listed, and a couple of surprising facts that you might not know. In addition, our Guide highlights many of the benefits of life in Northern Virginia. Definitely, all of this is interesting for buyers and sellers, but owners and tenants will also find these resources to be somewhat enlightening.