How Nesbitt Realty pays rental owners in Fairfax
Nesbitt Realty collects all funds from the renter. All funds must be received and all checks must clear prior to move-in. We will not give the renter any keys unless the lease is signed and funds have cleared.
Rent is due on the first of the month, but a lease can start on any day of the month and we will calculate prorations to make sure that you receive each day of rent that is owed to you. Nesbitt Realty calculates the daily rate by dividing your annual rent by 365.
Many condominium units have a move-in fee that must be paid prior to move-in. Additionally some communities have rules about when a resident may move in. Please remind us of any special rules or fees with the association so that we can ensure that the tenant pays these in a timely fashion.
How does the landlord get paid?
Rent is due on the first of the month. Most renters pay on or around that date. We process rents as quickly as possible. Each month we account for many rent checks for many renters so we need take care that the renter's payment is applied properly to the right account. At that time we also need to check to see if there are any outstanding bills to be paid on your behalf.
Bills that you might owe include
- Commissions --- On the first month of your lease there might be commissions to pay for the cost of acquiring a renter
Escrows --- When your account is established, we will withhold a portion of your money in a contingency reserve account. Later, we will use this money to pay for emergency and ordinary maintenance, so that account may need to be replenished from time to time.
- Property Management Fees --- Money rarely flows from you to us. Money normally flows from the tenant to us to you.
- Loan Repayment --- If you have a repair that exceeds the amount you have in escrow, we will need to loan you money. This doesn't happen very often and we'll always give you a heads-up so you can pre-pay if you like.
You'll receive a management statement to explain what money went where. If you have questions about that statement, call your account representative. At the end of the year we will compile those statements to produce a 1099 at the end of the year.
For many of our rental ownerss we deposit money directly into their bank accounts. This is the fastest way to receive payment. For this to happen, please give us a copy of a voided check. If you prefer to have checks mailed to you, let us know.
Each month, we prepare and send a detailed cash flow statement. We pride ourselves in the rapidity with which we process payments and prepare reports. In Fairfax, you can usually expect to get paid on about the 7th of every month.
a free archive for property owners in Fairfax
- Before you put a renter in your property in Fairfax
- Collections and evictions
- Communications with the tenant
- During the lease term
- End of tenancy and what happens when a renter breaks the lease
- How does the property owner get paid?
- How your rental manager handles the association and your community
- How your management company handles utilities
- How Nesbitt Realty finds renters
- Insurance matters for property owners using our property management
- How Nesbitt Realty & Management manage keys
- Fairfax owner responsibilities
- Maintenance, repairs & inspections for your property in Fairfax
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental investment
- When landlords don't yet know their new address
- Vetting tenants in Fairfax