How We Account For Rents and Expenditures For Our Rental Owning Clients

As property managers it is our solemn charge to keep close track on every cent of rent and each expense. Our team work relentlessly to ensure that every rental property owner has the documentation to see exactly where is income is going to and coming from. To accomplish this duty we employ 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. 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 expenses that we have paid on the property owner's behalf. The monthly statement is also available electronically. The monthly report will show what funds we are holding on behalf of the real estate investor.

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. Annually, we compile the monthly reports into a year-end statement.  In January we send to the real estate investors, 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.