How We Account For Rents and Expenditures For Our Landlord Clients

As property managers it is our duty to keep close track on every penny of rent and each expense. All of us work diligently to make sure that each landlord has the opportunity to see exactly where is money is going to and coming from. To accomplish this duty we use one of the most powerful software tools in our profession: Rent Manager.

We always try 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 states the rent received as well as any bills which we have paid on the property owner's behalf. The monthly statement is also available electronically. The statement will show what funds we are holding on behalf of the rental 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. At the end of the year, we compile the monthly statements into a year-end report.  In January we send to the property owners, and to the IRS, a 1099 stating the income for the rental property. Use the 1099 to prepare your taxes or simply hand the 1099 to your tax preparer.