We are extra meticulous with money details.
As rental managers it is our duty to reconcile every cent of rent and each expense. Our staff work diligently to make sure that every landlord has the opportunity to know exactly where is money is going to and coming from. To accomplish this task we use one of the most powerful software tools 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 states the rent received as well as any bills which we have paid on the property owner's behalf. The monthly statement is also available online. The statement will show what reserves we are holding on behalf of the rental property owner.
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. Annually, we compile the monthly statements into a year-end report. In January we send to the real estate 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.
Luray Rental Management Resources
Your investment in real estate is a business like any other. As a landlord, you have expenses, income and with perseverance, you also have the expectation of financial reward.
In the business of real estate investment, nearly all cashflow comes from tenants. And that's the catch: If you have tenants, you will have problems. Even the best of tenants have needs and all properties will require maintenance or management at some point. A property management company takes all the hassle out of rental management.
Should you know more about this area?
Nesbitt Realty's Guide to Real Estate is a handy resource for anyone who needs to review important real estate information about Luray and surrounding areas. The Guide to Real Estate provides data about what has sold and what is for sale, as well as many compelling facts that you may not know. In addition, our Guide features quite a few of the elements of residing in Luray. As a matter of course, most of this is useful for purchasers and sellers, but real estate investors and tenants will probably also find this information to be very eye-opening.