We are extra precise about accounting issues.
As property managers it is our solemn charge to keep close track on every penny of income and each expense. All of us work diligently to ensure that every landlord 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 programs in the management business: Rent Manager.
We usually 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 rental income as well as any bills which we have paid on the 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 rental 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 organize the monthly statements into a year-end report. In January we mail the landlords, 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 Property Management Resources
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Basics
Elementary info regarding property management in Northern Virginia.
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Getting Started
Learn more about getting started with rental 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 real estate investors?
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Cost
An overview of fees associated with rental management services in Northern Virginia
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Vetting
How Nesbitt Realty vets renters for property owners.
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Reserves
What is a contingency reserve account?
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Territory
Where does Nesbitt Realty manage rentals?
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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.
Should you know more about the area?
Our Guide to Real Estate is a helpful resource for anyone who wants to investigate real estate facts about Northern Virginia and surrounding areas. The Guide to Real Estate has facts about what has sold and what is on the market, and a few compelling facts that you may not know. In addition, our Guide features quite a few of the fundamentals of residing in Northern Virginia. Of course, all of this is useful for purchasers and sellers, but property owners and tenants may also find this data to be very edifying.