How We Account For Rents and Expenditures For Our Landlord Clients

As property managers it is our duty to account for every cent of rent and each expense. All of us work hard to ensure that each real estate investor has the opportunity to understand exactly where is money is going to and coming from. To accomplish this task we work with 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 shows the rent received as well as any expenses that we have paid on the landlord's behalf. The monthly statement is also available online. The statement will show what monies 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. Annually, we organize 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.