We are very precise about accounting issues.
As rental property managers it is our solemn charge to account for every penny of income and each expense. All of us work diligently to make sure that every rental property owner has the documentation to understand exactly where is money is going to and coming from. To accomplish this task we use 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. 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 that we have paid on the rental property owner's behalf. The monthly statement is also available electronically. The monthly report will show what monies we are holding on behalf of the real estate investor.
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 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 hand the 1099 to your tax preparer.
The_hartford Rental Management Resources
Basics
Fundamental information regarding management services in The_hartford.
Getting Started
Learn more about getting started with rental property management
Find A Tenant
List your property to rent to find a great tenant in The_hartford fast.
Accounting
How does Nesbitt Realty keep track of income and expenses for real estate investors?
Cost
An overview of fees associated with rental management in The_hartford
Vetting
How Nesbitt Realty checks the backgrounds of renters for landlords.
Reserves
What is a contingency reserve account?
Territory
Where does Nesbitt Realty manage rental investments?
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.
Should you understand more about this local real estate market?
Nesbitt Realty's Guide to Real Estate is a helpful tool for everyone who wants to find out more about The_hartford and surrounding communities. The Guide to Real Estate has data regarding what has sold and what is on the market, as well as many compelling facts that you might not know. Not to mention, our Guide highlights some aspects of life in The_hartford. As a matter of course, all of this is helpful for buyers and sellers, but owners and renters might also find these resources to be somewhat useful.