We are extremely careful with accounting details.
As property managers it is our solemn charge to reconcile every penny of income and each expense. Our staff work hard to make sure that every rental investor has the documentation to see exactly where is money 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 always try to 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 states the rent received as well as any expenses which we have paid on the rental property owner's behalf. The monthly statement is also available electronically. The monthly statement will show what monies we are holding on behalf of the rental property owner.
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 compile the monthly reports into a year-end statement. In January we mail the property owners, and to the IRS, a 1099 stating the income for the rental 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
Fundamental information about what management services in Northern Virginia.
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Getting Started
Learn more about getting started with property management
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Find A Tenant
Market 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 landlords?
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Cost
A list of fees associated with rental management services in Northern Virginia
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Vetting
How Nesbitt Realty vets tenants for our clients.
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Reserves
What is a contingency reserve account?
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Territory
Where does Nesbitt Realty manage rental investments?
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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 need know more about the area?
Our Guide to Real Estate is a handy tool for everyone who needs to find out more about Northern Virginia and nearby communities. The Guide to Real Estate includes information about what has sold and what is currently listed, and some shocking facts that you might not be aware of. In addition, our Guide has many of the aspects of living in Northern Virginia. Yes, most of this is helpful for purchasers and sellers, but real estate investors and renters will likely also find the facts to be very informative.