We are very conscientious regarding accounting matters.
As rental managers it is our duty to account for every cent of rent and each expense. Our team work hard to ensure that each real estate investor has the tools and paperwork to see exactly where is income 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. Rents 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 expenses which we have paid on the rental investor's behalf. The monthly statement is also available online. 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. Also, Nesbitt Realty never marks up the repairs, nor do we charge a fee per repair. At the end of the year, we compile the monthly statements into a year-end report. In January we send to the property owners, and to the IRS, a 1099 stating the income for the rental. Use the 1099 to prepare your taxes or simply hand the 1099 to your tax preparer.
Northern Virginia Property Management Resources
Basics
Elementary information about what management services in Northern Virginia.
Getting Started
Learn more about getting started with property management
Find A Tenant
List your property to rent to find a reliable tenant in Northern Virginia fast.
Accounting
How does Nesbitt Realty keep track of income and expenses for landlords?
Cost
A list of fees associated with property management services in Northern Virginia
Vetting
How Nesbitt Realty vets tenants for landlords.
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 our area?
Our Guide to Real Estate is a free resource for everyone who needs to learn more about Northern Virginia and surrounding areas. The Guide to Real Estate includes information regarding what has sold and what is for sale, and a couple of shocking facts that you might not be aware of. Also, our Guide features quite a few of the elements of life in Northern Virginia. Yes, most of this is useful for purchasers and sellers, but real estate investors and renters might also find this data to be very useful.