How We Account For Rents and Expenditures For Our Management Clients

As property managers it is our solemn charge to account for every cent of income and each expense. All of us work hard to ensure that each property owner has the documentation to know exactly where is money is going to and coming from. To accomplish this task we use one of the most powerful programs in the management business: 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 bills that we have paid on the rental property owner's behalf. The monthly statement is also available electronically. The monthly statement will describe what monies we are holding on behalf of the landlord.

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. Annually, we compile the monthly statements into a year-end statement.  In January we send to the property owners, 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.