We are especially careful with fiduciary issues.
As rental managers it is our solemn charge to account for every penny of income and each expense. Our team work relentlessly to ensure that every property owner has the tools and paperwork 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.
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 states the rent received as well as any expenses that we have paid on the landlord's behalf. The monthly statement is also available electronically. The monthly statement will show what reserves we are holding on behalf of the real estate investor.
There is no additional charge for the reports or the accounting. In addition, Nesbitt Realty never pads the price on 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 report. In January we mail the real estate investors, 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 Property Management Resources
Find A Tenant
Market your property to rent to find a great tenant in Northern Virginia fast.
Accounting
How does Nesbitt Realty keep track of income and expenses for property owners?
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 need know more about this community?
Nesbitt Realty's Guide to Real Estate is a helpful tool for everyone who needs to review important real estate information about Northern Virginia and neighboring communities. The Guide to Real Estate provides data about what has sold and what is currently listed, as well as some compelling facts that you may not know. And, our Guide highlights many of the assets of life in Northern Virginia. Of course, most of this is useful for buyers and sellers, but property owners and tenants may also find these tools to be quite eye-opening.