We are very attentive with financial details.
As rental managers it is our solemn charge to reconcile every penny of income and each expense. All of us work relentlessly to ensure that each property owner has the documentation to know exactly where is income is going to and coming from. To accomplish this task we use one of the most powerful software tools 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 rent received as well as any expenses that we have paid on the real estate investor's behalf. The monthly statement is also available online. The 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. In addition, 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 statement. In January we mail the landlords, and to the IRS, a 1099 stating the income for the rental. Use the 1099 to prepare your taxes or simply give the 1099 to your tax preparer.
Northern Virginia Property Management Resources
Basics
Basic info regarding management services in Northern Virginia.
Getting Started
Learn more about getting started with rental property management
Find A Tenant
Market your property to rent to find a great renter 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 property management services in Northern Virginia
Vetting
How Nesbitt Realty checks the backgrounds of renters for property owners.
Reserves
What is a contingency reserve account?
Territory
Where does Nesbitt Realty manage 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 our area?
Nesbitt Realty's Guide to Real Estate is a handy resource for anyone who needs to find out more about Northern Virginia and nearby areas. The Guide to Real Estate provides data about what has sold and what is on the market, as well as some shocking facts that you might not know. In addition, our Guide spotlights some assets of residing in Northern Virginia. Of course, all of this is helpful for buyers and sellers, but real estate investors and tenants will probably also find this information to be quite useful.