We are extra conscientious regarding accounting issues.
As rental property managers it is our duty to account for every penny of rent and each expense. Our team work diligently to make sure that each rental property owner has the documentation to understand exactly where is income is going to and coming from. To accomplish this task we employ one of the most powerful software tools 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 rent received as well as any expenses which we have paid on the landlord's behalf. The monthly statement is also available electronically. The monthly statement will describe what funds we are holding on behalf of the real estate investor.
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. Annually, 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 property. Use the 1099 to prepare your taxes or simply give the 1099 to your tax preparer.
Wakefield Property Management Resources
Basics
Elementary information about what property management in Wakefield.
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 Wakefield fast.
Accounting
How does Nesbitt Realty keep track of income and expenses for landlords?
Cost
A breakdown of fees associated with property management services in Wakefield
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 rentals?
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 need know more about the area?
Nesbitt Realty's Guide to Real Estate is a handy resource for everyone who wants to review important real estate information about Wakefield and neighboring areas. The Guide to Real Estate has information regarding what has sold and what is for sale, as well as a couple of interesting facts that you might not know. Also, our Guide highlights some fundamentals of life in Wakefield. Of course, most of this is interesting for purchasers and sellers, but landlords and tenants will probably also find these tools to be quite edifying.