We are extremely conscientious regarding money issues.
As rental property managers it is our duty to reconcile every cent of rent and each expense. Our staff work relentlessly to make sure that every property owner has the opportunity to know exactly where is income is going to and coming from. To accomplish this task we use one of the most powerful programs 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 which we have paid on the rental property owner's behalf. The monthly statement is also available online. The monthly report will describe what funds we are holding on behalf of the property owner.
There is no additional charge for the reports or the accounting. And, 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 statements into a year-end report. In January we send to the rental property owners, 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.
Fairfax County Property Management Resources
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 know more about this local real estate market?
Our Guide to Real Estate is a handy tool for everyone who needs to investigate real estate facts about Fairfax County and nearby areas. The Guide to Real Estate compiles data regarding what has sold and what is on the market, and some interesting facts that you may not know. Not to mention, our Guide highlights quite a few of the fundamentals of living in Fairfax County. Naturally, most of this is interesting for purchasers and sellers, but rental investors and renters should also find these resources to be very edifying.