We are very conscientious regarding accounting details.
As rental managers it is our solemn charge to keep close track on every cent of income and each expense. All of us work relentlessly to ensure that each landlord has the tools and paperwork to see exactly where is money is going to and coming from. To accomplish this task we employ 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 shows the rent received as well as any bills which we have paid on the rental property owner's behalf. The monthly statement is also available electronically. The monthly 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. Not to mention, Nesbitt Realty never marks up the repairs, nor do we charge a fee per repair. At the end of the year, 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 Property Management Resources
-
Basics
Fundamental information regarding management services in Northern Virginia.
-
Getting Started
Learn more about getting started with rental property management
-
Find A Tenant
List your property to rent to find a great 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 tenants for our clients.
-
Reserves
What is a contingency reserve account?
-
Territory
Where does Nesbitt Realty manage rental property?
-
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 this area?
Nesbitt Realty's Guide to Real Estate is a free tool for everyone who needs to review important real estate information about Northern Virginia and surrounding communities. The Guide to Real Estate provides data about what has sold and what is for sale, and many interesting facts that you may not know. Also, our Guide highlights some fundamentals of residing in Northern Virginia. Of course, most of this is helpful for buyers and sellers, but real estate investors and renters should also find this information to be quite useful.