We are very meticulous with money details.
As property managers it is our duty to keep close track on every cent of rent and each expense. All of us work relentlessly to ensure that each rental investor has the opportunity to understand exactly where is income is going to and coming from. To accomplish this duty we employ 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 states the rental income as well as any bills that we have paid on the real estate investor's behalf. The monthly statement is also available online. The statement will describe what reserves we are holding on behalf of the real estate investor.
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 report. In January we mail the real estate investors, and to the IRS, a 1099 stating the income for the rental. Use the 1099 to prepare your taxes or simply hand the 1099 to your tax preparer.
Northern Virginia Rental Management Resources
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 know more about our local real estate market?
Our Guide to Real Estate is a helpful resource for anyone who needs to investigate real estate facts about Northern Virginia and neighboring areas. The Guide to Real Estate includes information about what has sold and what is for sale, and many shocking facts that you may not be aware of. Not to mention, our Guide has many of the aspects of living in Northern Virginia. Certainly, all of this is helpful for buyers and sellers, but real estate investors and tenants will probably also find this data to be somewhat informative.