How We Account For Rents and Expenditures For Our Management Clients

As rental managers it is our solemn charge to account for every cent of rent and each expense. All of us work relentlessly to ensure that each property owner has the documentation to know exactly where is income is going to and coming from. To accomplish this task we employ 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 rental income as well as any bills which we have paid on the property owner's behalf. The monthly statement is also available online. The monthly statement will describe what funds we are holding on behalf of the landlord.

There is no additional charge for the reports or the accounting. Also, 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 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.