We are especially conscientious regarding fiduciary details.
As rental property managers it is our solemn charge to reconcile every penny of income and each expense. All of us work diligently to ensure that every landlord has the documentation to see exactly where is income is going to and coming from. To accomplish this task we use one of the most powerful software tools in the management business: Rent Manager.
We usually 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 expenses which we have paid on the landlord's behalf. The monthly statement is also available electronically. The statement will describe what funds we are holding on behalf of the rental property owner.
There is no additional charge for the reports or the accounting. Furthermore, Nesbitt Realty never marks up the repairs, nor do we charge a fee per repair. Annually, we organize the monthly reports into a year-end report. In January we mail the landlords, and to the IRS, a 1099 stating the income for the rental property. Use the 1099 to prepare your taxes or simply hand the 1099 to your tax preparer.
Northern Virginia Rental Management Resources
-
Basics
Fundamental information regarding management services in Northern Virginia.
-
Getting Started
Learn more about getting started with property management
-
Find A Tenant
Market your property to rent to find a great tenant in Northern Virginia fast.
-
Accounting
How does Nesbitt Realty keep track of income and expenses for property owners?
-
Cost
An overview of prices of rental management in Northern Virginia
-
Vetting
How Nesbitt Realty checks the backgrounds of renters for landlords.
-
Reserves
What is a contingency reserve account?
-
Territory
Where does Nesbitt Realty manage property?
-
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.
Should you know more about this local real estate market?
Nesbitt Realty's Guide to Real Estate is a handy resource for everyone who needs to investigate real estate facts about Northern Virginia and surrounding areas. The Guide to Real Estate includes facts about what has sold and what is on the market, and many surprising facts that you might not be aware of. Not to mention, our Guide features quite a few of the elements of life in Northern Virginia. Definitely, all of this is interesting for purchasers and sellers, but real estate investors and tenants may also find this data to be quite enlightening.