We are very attentive with accounting issues.
As property managers it is our duty to keep close track on every cent of rent and each expense. Our team work relentlessly to ensure that every real estate investor has the documentation to understand exactly where is income is going to and coming from. To accomplish this duty we employ one of the most powerful programs 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 shows the rental income as well as any expenses which we have paid on the rental property owner's behalf. The monthly statement is also available online. The monthly report will describe what reserves we are holding on behalf of the property owner.
There is no additional charge for the reports or the accounting. Not to mention, Nesbitt Realty never marks up the repairs, nor do we charge a fee per repair. Annually, we compile the monthly reports into a year-end statement. In January we send to 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 Rental Management Resources
Basics
Basic info about what property management in Northern Virginia.
Getting Started
Learn more about getting started with rental property management
Find A Tenant
Market your property to rent to find a dependable tenant in Northern Virginia fast.
Accounting
How does Nesbitt Realty keep track of income and expenses for landlords?
Cost
A list of prices of rental management in Northern Virginia
Vetting
How Nesbitt Realty vets tenants for our clients.
Reserves
What is a contingency reserve account?
Territory
Where does Nesbitt Realty manage rentals?
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 understand more about this area?
Our Guide to Real Estate is a helpful tool for anyone who wants to find out more about Northern Virginia and nearby communities. The Guide to Real Estate compiles facts about what has sold and what is currently listed, and many shocking facts that you might not know. Not to mention, our Guide has some elements of life in Northern Virginia. Of course, most of this is helpful for purchasers and sellers, but owners and renters might also find this data to be very useful.