How We Account For Rents and Expenditures For Our Rental Owning Clients

As property managers it is our duty to account for every cent of income and each expense. All of us work hard to ensure that every rental investor has the opportunity to see exactly where is income 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 always try 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 states the rent received as well as any expenses that we have paid on the landlord's behalf. The monthly statement is also available electronically. The monthly report will describe what funds 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. Annually, we compile the monthly reports 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 give the 1099 to your tax preparer.