We are very serious about accounting issues.
As rental property managers it is our solemn charge to keep close track on every penny of rent and each expense. Our team work hard to ensure that each rental investor has the opportunity to understand exactly where is income is going to and coming from. To accomplish this task we use one of the most powerful software tools in the management business: Rent Manager.
It is our practice 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 states the rental income as well as any bills that we have paid on the real estate investor's behalf. The monthly statement is also available electronically. The monthly report will show what funds we are holding on behalf of the rental investor.
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 property owners, 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
Basic info about what property management in Northern Virginia.
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Getting Started
Learn more about getting started with property management
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Find A Tenant
Market your property to rent to find a great tenant in Northern Virginia fast.
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Accounting
How does Nesbitt Realty keep track of income and expenses for property owners?
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Cost
A list of fees associated with rental management in Northern Virginia
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Vetting
How Nesbitt Realty checks the backgrounds of tenants for landlords.
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Reserves
What is a contingency reserve account?
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Territory
Where does Nesbitt Realty manage property?
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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 understand more about this local real estate market?
Nesbitt Realty's Guide to Real Estate is a free resource for everyone who wants to review important real estate information about Northern Virginia and nearby areas. The Guide to Real Estate has facts regarding what has sold and what is for sale, and many shocking facts that you might not be aware of. Furthermore, our Guide has some benefits of living in Northern Virginia. Of course, most of this is interesting for buyers and sellers, but rental investors and renters will probably also find this information to be somewhat informative.