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. But even so, 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 Homes Sale 2, 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 property owners.
Contingency reserve is a special type of escrow.
A contingency reserve account is money that is held in escrow to pay for maintenance and other incidentals that occur during property management. Although the money is in our escrow account, the money belongs to the property owner. When the property management ends, that money is promptly returned to the landlord.
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.
Landlords 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 Homes Sale 2 Property Management Resources
Basics
Fundamental info regarding rental managment in Falls Church Homes Sale 2.
Getting Started
Learn more about getting started with property management
Find A Tenant
Market your property to rent to find a great tenant in Falls Church Homes Sale 2 fast.
Accounting
How does Nesbitt Realty keep track of income and expenses for property owners?
Cost
A list of prices of rental management in Falls Church Homes Sale 2
Vetting
How Nesbitt Realty checks the backgrounds of tenants 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 this local real estate market?
Our Guide to Real Estate is a helpful tool for everyone who hopes to review important real estate information about Falls Church Homes Sale 2 and nearby areas. The Guide to Real Estate has facts regarding what has sold and what is on the market, as well as many shocking facts that you may not know. And, our Guide highlights many of the fundamentals of living in Falls Church Homes Sale 2. Yes, most of this is helpful for buyers and sellers, but landlords and tenants will probably also find this data to be very useful.
Landlord Reference
a free source for landlords in Falls Church Homes Sale 2
- Before you rent out your rental in Falls Church Homes Sale 2
- Collections and evictions
- Communications with the renter
- During the lease term
- End of lease term and what happens when a renter 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 & Management finds tenants
- Insurance matters for property owners using our rental management
- How Nesbitt Realty & Management manage keys
- Falls Church Homes Sale 2 property owner responsibilities
- Maintenance, repairs & inspections for your property in Falls Church Homes Sale 2
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your property
- When landlords don't yet know their new address
- Vetting tenants in Falls Church Homes Sale 2