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.

Maintenance and Repair Requests:

Tenants are required to pay a “repair deductible” (when not exempt by statute) at a cost of $100. The deductible is paid by the tenant for each and every repair after the initial two weeks of their lease. This assists the owner in keeping the maintenance & repair costs at a minimum. Only licensed contractors are called to make repairs on major air conditioning, heating, electrical and plumbing repairs. Property owners are notified of any repair that exceeds $500, except in cases of emergency, when we must stop any damage quickly.

Negotiating Renewal Leases:

Renewal leases are negotiated with the owner’s best interest in mind. Renewal rates are set based on market conditions, quality of the tenant, type and marketability of the property, and time of year. Our best tenants are offered renewal rates at just below the market rate proving to the tenants that we would like to keep them “on board” and also proving that it would be in their best interest to renew. Handling lease negotiations in this manner has allowed us to maintain a higher than normal market occupancy rate!

Collecting Rents & Security Deposits:

All rents are paid by the tenant to Precision Realty & Management, LLC by the 3rd of every month. Any expenses are deducted 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). Tenants are required to pay a security deposit equal to one month’s rent in most cases. These 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:

Computer generated reports are emailed on or before the 15th of the current month! These monthly reports show all transactions associated with your property for the current reporting period. Rental proceeds are deposited into your bank account by ACH (electronic transfer). End of the year reports are sent to all owners for tax purposes. Consult with your tax accountant to obtain information on tax advantages of owning investment property.

Additional 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)