How We Account For Rents and Expenditures For Our Management Clients

As rental property managers it is our duty to account for every penny of rent and each expense. Our staff work relentlessly to make sure that every landlord has the opportunity to understand exactly where is income is going to and coming from. To accomplish this task we employ one of the most powerful software tools in our profession: 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 states the rent received as well as any expenses which we have paid on the landlord's behalf. The monthly statement is also available electronically. The monthly statement will show what funds we are holding on behalf of the rental property owner.

There is no additional charge for the reports or the accounting. Furthermore, Nesbitt Realty never pads the price on 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 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.