We are very meticulous with accounting matters.
As rental managers it is our duty to keep close track on every cent of income and each expense. All of us work diligently to ensure that each real estate investor has the documentation to see exactly where is income is going to and coming from. To accomplish this task we employ one of the most powerful programs in our profession: 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 property owner's behalf. The monthly statement is also available electronically. The statement will show what monies we are holding on behalf of the property owner.
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. At the end of the year, we organize the monthly reports into a year-end report. In January we mail the rental 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.
Northern Virginia Rental Management Resources
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Basics
Elementary info regarding rental managment in Northern Virginia.
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Getting Started
Learn more about getting started with property management
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Find A Tenant
List your property to rent to find a great renter in Northern Virginia fast.
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Accounting
How does Nesbitt Realty keep track of income and expenses for real estate investors?
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Cost
A list of fees associated with rental management services in Northern Virginia
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Vetting
How Nesbitt Realty vets tenants for property owners.
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Reserves
What is a contingency reserve account?
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Territory
Where does Nesbitt Realty manage rentals?
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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.
Do you want know more about the local real estate market?
Nesbitt Realty's Guide to Real Estate is a handy tool for everyone who hopes to find out more about Northern Virginia and neighboring areas. The Guide to Real Estate has information regarding what has sold and what is on the market, as well as a few surprising facts that you may not know. In addition, our Guide spotlights some fundamentals of life in Northern Virginia. Of course, all of this is useful for purchasers and sellers, but landlords and renters may also find these resources to be somewhat eye-opening.