How We Account For Rents and Expenditures For Our Landlord Clients

As rental managers it is our duty to account for every cent of income and each expense. Our staff work hard to make sure that every real estate investor has the tools and paperwork to understand exactly where is income is going to and coming from. To accomplish this duty we use one of the most powerful software tools in the management business: Rent Manager.

We strive 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 rental income as well as any expenses which we have paid on the real estate investor's behalf. The monthly statement is also available electronically. The statement will describe what funds we are holding on behalf of the landlord.

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 compile the monthly statements into a year-end statement.  In January we mail 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.