Lease Agreement

Precision Realty & Management, LLC performs a five-point background check on each applicant which includes a Credit Check, Employment & Income Verifications, Rental References, and Nationwide Criminal History reports on all occupants 18 years old or older. This is one of our many leasing services that help ensure a satisfactory client/tenant experience.

Maintenance and Repair Requests:

We require our tenants to pay a “repair deductible” (when not exempt by statute) at a cost of $100. The tenant is required to pay them for each and every repair following the initial two weeks of their lease. This assists the

owner in keeping the maintenance & repair costs at a minimum. Furthermore, we only call licensed contractors to make repairs on major air conditioning, heating, electrical, and plumbing repairs.

Additionally, we notify property owners of any repair that exceeds $500, except in cases of emergency, when we must stop any damage quickly. This leasing service is pivotal in maintaining a good environment for all parties involved.

Negotiating Renewal Leases:

At Precision Realty & Management, we negotiate renewal leases with the owner’s best interest in mind. We set renewal rates based on market conditions, quality of the tenant, type and marketability of the property, and time of year. Here, we offer our best tenants renewal rates at just below the market rate proving to the tenants that we would like to keep them “on board” while also proving that it would be in their best interest to renew. Handling lease negotiations in this manner allows us to maintain a higher than normal market occupancy rate.

Collecting Rents & Security Deposits:

Our goal is to maintain consistency within our leasing services. Tenants pay all rents to Precision Realty & Management, LLC by the 3rd of every month. We deduct any expenses and the remaining proceeds are sent to the owner via ACH by the 15th of the current month! The owner keeps a $500 reserve fund for expenses in the trust account (May vary depending on property/properties & requirements). Furthermore, we require tenants to pay a security deposit equal to one month’s rent in most cases. Also, tenant deposits are kept in the trust account so that any tenant deposit refund can be sent in a timely manner at the end of their lease.

By Texas law, a security deposit itemization and any applicable security deposit refund must be made within 30 days after the move-out date. Tenants who have not paid their rent by the 3rd of the month are sent a notice to vacate. Although evictions are rare, Precision Realty & Management will arrange for the tenant to be removed when necessary using the eviction courts system usually within 45 days.

Monthly Management Reports:

We email computer generated reports on or before the 15th of the current month. These monthly reports show all transactions associated with an owner’s property for the current reporting period. Additionally, we deposit rental proceeds into your bank account by ACH (electronic transfer).

At the end of the year, we send end of the year reports to all owners for tax purposes. Consult with your tax accountant to obtain information on tax advantages of owning investment property.

Additional Leasing Services Available:
  • – Total Renovations
  • – Expatriate Home Management
  • – Vacation Home Management
  • – Acquisition & Sale of Investment Properties
  • – Resale Homes & New Home Sales
  • – Insured Repairs/Claims
  • – Evictions
  • – Property Tax Protests (by an outside service)