We are especially conscientious regarding accounting issues.
As rental managers it is our duty to reconcile every cent of rent and each expense. Our team work relentlessly to ensure that every real estate investor has the tools and paperwork to know exactly where is income is going to and coming from. To accomplish this duty 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. Funds are deposited into an escrow account (not into our operating account). We prepare a monthly statement that shows the rental income as well as any bills that we have paid on the real estate investor's behalf. The monthly statement is also available electronically. The statement will describe what reserves we are holding on behalf of the rental investor.
There is no additional charge for the reports or the accounting. Also, Nesbitt Realty never pads the price on the repairs, nor do we charge a fee per repair. Annually, we organize the monthly statements into a year-end statement. In January we mail the real estate investors, 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
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Basics
Basic info regarding rental managment 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
Market your property to rent to find a great tenant in Northern Virginia fast.
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Accounting
How does Nesbitt Realty keep track of income and expenses for landlords?
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Cost
A breakdown of fees associated with 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 rental property?
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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.
Should you know more about our local real estate market?
Our Guide to Real Estate is a free tool for everyone who hopes to review important real estate information about Northern Virginia and neighboring areas. The Guide to Real Estate has data about what has sold and what is on the market, and a few surprising facts that you may not know. And, our Guide has some aspects of living in Northern Virginia. As might be expected, all of this is interesting for buyers and sellers, but owners and tenants might also find these tools to be very edifying.