How We Account For Rents and Expenditures For Our Landlord Clients

As rental property managers it is our solemn charge to keep close track on every cent of income and each expense. Our team work hard to make sure that each real estate investor has the documentation to see exactly where is income is going to and coming from. To accomplish this task we use one of the most powerful programs in our profession: Rent Manager.

We usually 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 bills that we have paid on the rental investor's behalf. The monthly statement is also available online. The statement will describe what reserves we are holding on behalf of the real estate investor.

There is no additional charge for the reports or the accounting. In addition, Nesbitt Realty never pads the price on the repairs, nor do we charge a fee per repair. At the end of the year, we compile 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.