We are especially careful with fiduciary details.
As property managers it is our solemn charge to reconcile every penny of rent and each expense. All of us work relentlessly to make sure that every rental investor has the tools and paperwork to see exactly where is income is going to and coming from. To accomplish this duty we use one of the most powerful software tools in the management business: Rent Manager.
It is our practice to 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 online. 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. Also, Nesbitt Realty never marks up the repairs, nor do we charge a fee per repair. At the end of the year, we organize the monthly reports into a year-end report. In January we send to the rental investors, and to the IRS, a 1099 stating the income for the property. Use the 1099 to prepare your taxes or simply give the 1099 to your tax preparer.
Northern Virginia Rental Management Resources
Basics
Basic info about what property management in Northern Virginia.
Getting Started
Learn more about getting started with property management
Find A Tenant
Market your property to rent to find a dependable tenant in Northern Virginia fast.
Accounting
How does Nesbitt Realty keep track of income and expenses for real estate investors?
Cost
An overview of fees associated with property management services in Northern Virginia
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 anyone who wants to review important real estate information about Northern Virginia and surrounding communities. The Guide to Real Estate compiles information about what has sold and what is for sale, and many surprising facts that you may not be aware of. Also, our Guide has many of the elements of life in Northern Virginia. Of course, most of this is useful for buyers and sellers, but landlords and tenants should also find this data to be quite enlightening.