We are extremely serious about financial issues.
As property managers it is our duty to account for every penny of income and each expense. All of us work relentlessly to make sure that every landlord has the documentation to know exactly where is money is going to and coming from. To accomplish this duty we use one of the most powerful software tools in our profession: 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 shows the rent received as well as any bills that we have paid on the rental property owner's behalf. The monthly statement is also available online. The monthly statement will show what monies we are holding on behalf of the rental investor.
There is no additional charge for the reports or the accounting. And, Nesbitt Realty never marks up the repairs, nor do we charge a fee per repair. Annually, we organize the monthly reports into a year-end statement. In January we send to the landlords, and to the IRS, a 1099 stating the income for the property. Use the 1099 to prepare your taxes or simply hand the 1099 to your tax preparer.
Northern Virginia Rental Management Resources
-
Basics
Elementary info about what property management 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 reliable tenant in Northern Virginia fast.
-
Accounting
How does Nesbitt Realty keep track of income and expenses for property owners?
-
Cost
An overview of fees associated with rental management services in Northern Virginia
-
Vetting
How Nesbitt Realty checks the backgrounds of renters for our clients.
-
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.
Should you understand more about this local real estate market?
Our Guide to Real Estate is a helpful tool for everyone who wants to learn more about Northern Virginia and nearby areas. The Guide to Real Estate compiles information regarding what has sold and what is on the market, as well as some shocking facts that you might not know. And, our Guide highlights some fundamentals of living in Northern Virginia. Of course, all of this is interesting for purchasers and sellers, but owners and renters might also find these resources to be quite useful.