Do you know the difference between contingency reserves and operating funds?
Operating funds are monies that our real estate brokerage uses to pay for our business. Operating funds are our money. Conversely, 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 Falls Church Falls Church Addresses Outside The City Of Falls Church, 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 buyers (and sometimes sellers) as we'll as contingency reserve funds for landlord clients.
Contingency reserve is a special type of escrow.
A contingency reserve account is money that is held in savings to pay for maintenance and other incidentals that occur during rental management. Although the money is in our escrow account, the money belongs to the landlord. If 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.
Falls Church Falls Church Addresses Outside The City Of Falls Church Property Management Resources
Basics
Fundamental info regarding rental managment in Falls Church Falls Church Addresses Outside The City Of Falls Church.
Getting Started
Learn more about getting started with property management
Find A Tenant
List your property to rent to find a dependable tenant in Falls Church Falls Church Addresses Outside The City Of Falls Church fast.
Accounting
How does Nesbitt Realty keep track of income and expenses for landlords?
Cost
An overview of prices of rental management in Falls Church Falls Church Addresses Outside The City Of Falls Church
Vetting
How Nesbitt Realty checks the backgrounds of renters for landlords.
Reserves
What is a contingency reserve account?
Territory
Where does Nesbitt Realty manage rentals?
Clients
Who uses Nesbitt Realty management services?
Do you need understand more about our area?
Our Guide to Real Estate is a free resource for everyone who hopes to review important real estate information about Falls Church Falls Church Addresses Outside The City Of Falls Church and surrounding communities. The Guide to Real Estate provides data about what has sold and what is for sale, and a couple of shocking facts that you might not be aware of. In addition, our Guide has many of the aspects of living in Falls Church Falls Church Addresses Outside The City Of Falls Church. As a matter of course, most of this is helpful for buyers and sellers, but real estate investors and renters will also find the facts to be very useful.
Landlord Reference
a useful archive for rental investors in Falls Church Falls Church Addresses Outside The City Of Falls Church
- Before you lease out your property in Falls Church Falls Church Addresses Outside The City Of Falls Church
- Collections and evictions
- Communications with the tenant
- During the lease term
- End of tenancy and what happens when a tenant breaks the lease
- How does the property owner get paid?
- How your property manager handles the association and your community
- How your management company handles utilities
- How Nesbitt Realty finds tenants
- Insurance matters for owners using our rental management
- How Nesbitt Realty & Management manage keys
- Falls Church Falls Church Addresses Outside The City Of Falls Church rental investor responsibilities
- Maintenance, repairs & inspections for your property in Falls Church Falls Church Addresses Outside The City Of Falls Church
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental property
- When property owners don't yet know their new address
- Vetting tenants in Falls Church Falls Church Addresses Outside The City Of Falls Church