How We Account For Rents and Expenditures For Our Landlord Clients

As rental property managers it is our solemn charge to reconcile every cent of rent and each expense. Our staff work diligently to make sure that each real estate investor has the opportunity to understand exactly where is income is going to and coming from. To accomplish this task we use one of the most powerful programs in our profession: Rent Manager.

We always try 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 which we have paid on the real estate investor's behalf. The monthly statement is also available electronically. The statement will show what reserves we are holding on behalf of the rental investor.

There is no additional charge for the reports or the accounting. And, Nesbitt Realty never pads the price on the repairs, nor do we charge a fee per repair. At the end of the year, we compile 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 give the 1099 to your tax preparer.