We are very careful with money matters.
As rental property managers it is our solemn charge to reconcile every cent of income and each expense. All of us work diligently to make sure that each landlord has the tools and paperwork to know exactly where is income is going to and coming from. To accomplish this task we work with one of the most powerful software tools in our profession: Rent Manager.
It is our practice to 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 rental income as well as any expenses which we have paid on the real estate investor's behalf. The monthly statement is also available electronically. The monthly report will describe what reserves 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. At the end of the year, we organize 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 property. Use the 1099 to prepare your taxes or simply give the 1099 to your tax preparer.
Northern Virginia Rental Management Resources
-
Basics
Basic info about what 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 reliable renter in Northern Virginia fast.
-
Accounting
How does Nesbitt Realty keep track of income and expenses for landlords?
-
Cost
A breakdown 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 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.
Do you want know more about this area?
Our Guide to Real Estate is a free tool for everyone who hopes to investigate real estate facts about Northern Virginia and nearby communities. The Guide to Real Estate provides data about what has sold and what is for sale, and some shocking facts that you may not be aware of. In addition, our Guide highlights quite a few of the benefits of life in Northern Virginia. Definitely, all of this is helpful for buyers and sellers, but landlords and renters should also find these tools to be somewhat useful.