How We Account For Rents and Expenditures For Our Landlord Clients

As property managers it is our duty to reconcile every cent of rent and each expense. All of us work relentlessly to make sure that every rental investor has the documentation to understand exactly where is money is going to and coming from. To accomplish this duty 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 shows the rent received as well as any bills which we have paid on the property owner's behalf. The monthly statement is also available electronically. The monthly report will show what reserves we are holding on behalf of the property owner.

There is no additional charge for the reports or the accounting. Furthermore, 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 report.  In January we mail the rental investors, and to the IRS, a 1099 stating the income for the rental. Use the 1099 to prepare your taxes or simply give the 1099 to your tax preparer.