We are very precise about accounting details.
As property managers it is our solemn charge to account for every penny of rent and each expense. Our team work diligently to make sure that each rental property owner has the tools and paperwork to know exactly where is money is going to and coming from. To accomplish this duty we work with one of the most powerful programs 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 rental income as well as any bills which we have paid on the rental property owner's behalf. The monthly statement is also available online. The monthly report will describe what monies we are holding on behalf of the property owner.
There is no additional charge for the reports or the accounting. Furthermore, Nesbitt Realty never pads the price on the repairs, nor do we charge a fee per repair. At the end of the year, we compile the monthly reports into a year-end report. In January we send to the rental investors, and to the IRS, a 1099 stating the income for the property. Use the 1099 to prepare your taxes or simply give the 1099 to your tax preparer.
Northern Virginia Rental Management Resources
-
Basics
Fundamental information regarding rental managment in Northern Virginia.
-
Getting Started
Learn more about getting started with property management
-
Find A Tenant
Market your property to rent to find a reliable renter in Northern Virginia fast.
-
Accounting
How does Nesbitt Realty keep track of income and expenses for landlords?
-
Cost
An overview of fees associated with property management services in Northern Virginia
-
Vetting
How Nesbitt Realty vets renters for property owners.
-
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 know more about the local real estate market?
Nesbitt Realty's Guide to Real Estate is a free resource for everyone who needs to find out more about Northern Virginia and surrounding areas. The Guide to Real Estate includes facts regarding what has sold and what is currently listed, and many shocking facts that you might not know. Furthermore, our Guide has many of the aspects of residing in Northern Virginia. Of course, most of this is useful for purchasers and sellers, but real estate investors and renters will likely also find this data to be quite edifying.