How We Account For Rents and Expenditures For Our Management Clients

As property managers it is our duty to reconcile every penny of rent and each expense. All of us work hard to ensure that every property owner has the documentation to understand exactly where is money 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. Rents are deposited into an escrow account (not into our operating account). We prepare a monthly statement that shows the rental income as well as any expenses which we have paid on the rental investor's behalf. The monthly statement is also available electronically. The monthly statement will show what reserves we are holding on behalf of the landlord.

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 compile the monthly statements into a year-end statement.  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.