How We Account For Rents and Expenditures For Our Landlord Clients

As rental managers it is our solemn charge to account for every cent of income and each expense. Our team work diligently to make sure that every landlord has the opportunity to understand exactly where is money is going to and coming from. To accomplish this duty 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 rent received as well as any expenses which we have paid on the property owner's behalf. The monthly statement is also available electronically. The monthly statement will describe what reserves we are holding on behalf of the rental property owner.

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 reports into a year-end statement.  In January we send to the landlords, and to the IRS, a 1099 stating the income for the rental property. Use the 1099 to prepare your taxes or simply hand the 1099 to your tax preparer.