We are extremely conscientious regarding accounting issues.
As rental property managers it is our duty to reconcile every cent of rent and each expense. All of us work relentlessly to make sure that each landlord has the tools and paperwork to see exactly where is income is going to and coming from. To accomplish this task we employ one of the most powerful programs in our profession: 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 rental income as well as any bills which we have paid on the real estate investor's behalf. The monthly statement is also available online. The monthly report will describe what monies we are holding on behalf of the rental property owner.
There is no additional charge for the reports or the accounting. In addition, Nesbitt Realty never pads the price on the repairs, nor do we charge a fee per repair. At the end of the year, we organize the monthly reports into a year-end statement. In January we send to the landlords, and to the IRS, a 1099 stating the income for the rental. 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
Fundamental information about what rental managment in Northern Virginia.
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Getting Started
Learn more about getting started with property management
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Find A Tenant
List your property to rent to find a reliable renter in Northern Virginia fast.
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Accounting
How does Nesbitt Realty keep track of income and expenses for property owners?
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Cost
An overview of fees associated with rental management in Northern Virginia
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Vetting
How Nesbitt Realty checks the backgrounds of renters 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 understand more about the local real estate market?
Nesbitt Realty's Guide to Real Estate is a free resource for anyone who needs to review important real estate information about Northern Virginia and surrounding areas. The Guide to Real Estate compiles facts regarding what has sold and what is for sale, and many surprising facts that you might not be aware of. Not to mention, our Guide highlights quite a few of the aspects of life in Northern Virginia. Of course, most of this is helpful for buyers and sellers, but real estate investors and renters will also find these tools to be very eye-opening.