We are extremely careful with money details.
As rental property managers it is our solemn charge to keep close track on every penny of income and each expense. Our team work hard to make sure that every landlord has the tools and paperwork to understand exactly where is income 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 rent received as well as any expenses that we have paid on the rental investor's behalf. The monthly statement is also available electronically. The statement will show what monies we are holding on behalf of the landlord.
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 reports into a year-end statement. In January we mail the rental property owners, and to the IRS, a 1099 stating the income for the rental property. Use the 1099 to prepare your taxes or simply hand the 1099 to your tax preparer.
Fairfax Property Management Resources
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Basics
Basic info regarding property management in Fairfax.
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Getting Started
Learn more about getting started with rental property management
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Find A Tenant
List your property to rent to find a great tenant in Fairfax fast.
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Accounting
How does Nesbitt Realty keep track of income and expenses for landlords?
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Cost
A list of fees associated with rental management in Fairfax
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Vetting
How Nesbitt Realty vets renters for landlords.
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Reserves
What is a contingency reserve account?
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Territory
Where does Nesbitt Realty manage rental investments?
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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 our local real estate market?
Nesbitt Realty's Guide to Real Estate is a handy tool for everyone who wants to investigate real estate facts about Fairfax and neighboring areas. The Guide to Real Estate compiles facts about what has sold and what is for sale, and many shocking facts that you might not be aware of. Not to mention, our Guide has many of the fundamentals of residing in Fairfax. Certainly, most of this is useful for buyers and sellers, but property owners and tenants will also find this information to be quite useful.