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 hard to ensure that every landlord has the documentation to know exactly where is income is going to and coming from. To accomplish this task we use one of the most powerful programs in the management business: Rent Manager.

We usually 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 shows 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 monthly report will describe what monies we are holding on behalf of the property owner.

There is no additional charge for the reports or the accounting. In addition, Nesbitt Realty never marks up the repairs, nor do we charge a fee per repair. At the end of the year, we organize the monthly reports into a year-end statement.  In January we send to the property owners, 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.