We are especially attentive with accounting issues.
As rental managers it is our duty to keep close track on every cent of income and each expense. All of us work hard to ensure that each rental investor 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. 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 bills which we have paid on the real estate investor's behalf. The monthly statement is also available electronically. The monthly statement will show what funds we are holding on behalf of the 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 compile the monthly statements into a year-end report. In January we mail the rental investors, and to the IRS, a 1099 stating the income for the rental property. Use the 1099 to prepare your taxes or simply give the 1099 to your tax preparer.
Northern Virginia Rental Management Resources
-
Basics
Basic information regarding management services in Northern Virginia.
-
Getting Started
Learn more about getting started with rental property management
-
Find A Tenant
List your property to rent to find a dependable tenant in Northern Virginia fast.
-
Accounting
How does Nesbitt Realty keep track of income and expenses for real estate investors?
-
Cost
An overview of fees associated with property management services in Northern Virginia
-
Vetting
How Nesbitt Realty checks the backgrounds of renters for landlords.
-
Reserves
What is a contingency reserve account?
-
Territory
Where does Nesbitt Realty manage rentals?
-
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 want understand more about the area?
Our Guide to Real Estate is a helpful tool for anyone who hopes to learn more about Northern Virginia and nearby communities. The Guide to Real Estate has information regarding what has sold and what is currently listed, as well as a few shocking facts that you might not be aware of. And, our Guide features some aspects of living in Northern Virginia. Of course, all of this is interesting for buyers and sellers, but real estate investors and tenants may also find these resources to be quite useful.