How We Account For Rents and Expenditures For Our Landlord Clients

As property managers it is our solemn charge to account for every cent of rent and each expense. All of us work diligently to make sure that each landlord has the opportunity to understand exactly where is income 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 strive 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 shows the rental income as well as any expenses which we have paid on the real estate investor's behalf. The monthly statement is also available online. The monthly report will describe what reserves we are holding on behalf of the rental property owner.

There is no additional charge for the reports or the accounting. In addition, Nesbitt Realty never pads the price on the repairs, nor do we charge a fee per repair. Annually, we organize the monthly reports into a year-end statement.  In January we send to the landlords, and to the IRS, a 1099 stating the income for the rental property. Use the 1099 to prepare your taxes or simply give the 1099 to your tax preparer.