How We Account For Rents and Expenditures For Our Landlord Clients

As rental managers it is our solemn charge to keep close track on every cent of income and each expense. All of us work diligently to ensure that every rental property owner has the documentation to know exactly where is money is going to and coming from. To accomplish this task we work with one of the most powerful programs in our profession: Rent Manager.

We always try 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 that we have paid on the property owner's behalf. The monthly statement is also available online. The monthly statement will describe what reserves we are holding on behalf of the rental investor.

There is no additional charge for the reports or the accounting. And, 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 statements into a year-end statement.  In January we send to the rental property owners, and to the IRS, a 1099 stating the income for the rental. Use the 1099 to prepare your taxes or simply hand the 1099 to your tax preparer.