Do you know the difference between contingency reserves and operating funds?
Operating funds are funds that our real estate brokerage uses to pay for our business. Operating funds are our money. Still, escrow funds are different. Escrow funds are monies that Nesbitt Realty is holding on behalf of tenants, landlords, buyers and sellers. Escrow funds are not our money, but they are monies that we are trusted to safeguard. At any given time, Nesbitt Realty has hundreds of thousands of dollars in escrow accounts.
In Condos At Cameron Blvd, the Commonwealth of Virginia requires that all real estate licensees manage escrow funds in a particular manner. Most importantly the Commonwealth requires that escrow funds are properly accounted for at all times. In additional all escrow funds must be kept separate from operating funds. The biggest portion of our escrow funds are tenant security deposits, but also hold deposits for purchasers (and sometimes sellers) as we'll as contingency reserve funds for real estate investors.
Contingency reserve is a special type of escrow.
A contingency reserve account is money that is held in savings to pay for repairs and other incidentals that occur during property management. Although the money is in our escrow account, the money belongs to the landlord. When the property management ends, that money is promptly returned to the real estate investor.
When a repair bill arises we use money in the contingency reserve account to pay that bill. When bills are paid in this manner the account is depleted. When the account is missing funds, at the end of the month when new rents are paid, Nesbitt Realty replenishes the count with money withheld from this rent. As property managers, Nesbitt Realty prepares a statement each month to show if/when money is depleted and how/when money is replenished into the contingency reserve account.
Property owners do not pay us money to set up the contingency reserve account. Instead, Nesbitt Realty withholds money from the first month of rent in order to set up the account.
Condos At Cameron Blvd Property Management Resources
Basics
Elementary information regarding rental managment in Condos At Cameron Blvd.
Getting Started
Learn more about getting started with property management
Find A Tenant
Market your property to rent to find a dependable renter in Condos At Cameron Blvd fast.
Accounting
How does Nesbitt Realty keep track of income and expenses for landlords?
Cost
A breakdown of prices of property management services in Condos At Cameron Blvd
Vetting
How Nesbitt Realty vets renters for property owners.
Reserves
What is a contingency reserve account?
Territory
Where does Nesbitt Realty manage rentals?
Clients
Who uses Nesbitt Realty management services?
Do you want know more about this community?
Nesbitt Realty's Guide to Real Estate is a helpful resource for anyone who needs to investigate real estate facts about Condos At Cameron Blvd and nearby communities. The Guide to Real Estate includes data about what has sold and what is on the market, as well as a couple of interesting facts that you might not know. Also, our Guide has quite a few of the benefits of life in Condos At Cameron Blvd. Definitely, all of this is useful for purchasers and sellers, but property owners and tenants might also find these resources to be somewhat informative.
Landlord Reference
a handy archive for landlords in Condos At Cameron Blvd
- Before you lease out your property in Condos At Cameron Blvd
- Collections and evictions
- Communications with the renter
- During the lease term
- End of tenancy and what happens when a renter breaks the lease
- How does the owner get paid?
- How your rental manager handles the association and your community
- How your property management company handles utilities
- How Nesbitt Realty & Management finds tenants
- Insurance matters for rental investors using our rental management
- How Nesbitt Realty & Management manage keys
- Condos At Cameron Blvd owner responsibilities
- Maintenance, repairs & inspections for your property in Condos At Cameron Blvd
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental investment
- When property owners don't yet know their new address
- Vetting tenants in Condos At Cameron Blvd