William M. Slaughter, P.C.

President / Designated Broker

ABR, CRS, E-Pro, GRI, SRES

Office: 1-877-669-8881

Fax: 623-455-3658

email William M. Slaughter

Laurie Leonard

Vice President Corporate and Property Management

Office: 1-877-669-8881

Direct: 602-315-1113

email Laurie Leonard

 
CLIENTS FIRST REALTY LLC ... PROPERTY MANAGEMENT DEPARTMENT

GENERAL OVERVIEW AND DISCLOSURES OF OWNER MANAGEMENT AGREEMENT
Owner hereby appoints Clients First Realty LLC (PMD) as the representative with full authority to do any and all lawful things necessary for the fulfillment of property management.
Clients First Realty LLC (PMD) agrees to collect all rents as they become due; to render to Owner an agreed upon timely accounting of rents received and expenses paid; and to remit to Owner all income, less any sums paid out.
Clients First Realty LLC (PMD) agrees to collect the rents from the tenant and to disburse funds by ordinary mail or as instructed by the Owner on or before the 30th day of the current month, providing however, that the rent has been received from the tenant. In the event that disbursements and charges shall be in excess of the receipts, the Owner agrees to pay such excess charges within 10 days of request for funds. Failure to do so may result in termination of management contract with a cancellation fee being levied against Owner and turned over to Clients First Realty LLC (PMD) legal representatives for collections of outstanding charges.
Owner authorizes Clients First Realty LLC (PMD) to make or facilitate any/all necessary repairs, alterations, and maintenance to the property with all costs to be paid by Owner. Clients First Realty LLC (PMD) will secure approval in writing for any expenditure that exceeds a maximum cost of $500.00 for any one item except monthly operating charges and/or emergency repairs. If emergency repairs are necessary to prevent damage to the occupants or residence or to prevent issues of health and safety to occupants or residence then Clients First Realty LLC (PMD) is authorized to proceed without the written consent of Owner. Clients First Realty LLC (PMD) does not warranty the work of any contracted vendors and shall not be responsible for any such parties’ acts, defaults or negligence. Upon request of the Owner, Clients First Realty LLC (PMD) will obtain two (2) estimates for repairs that exceed $500.00. Owner agrees to maintain a reserve account held with Clients First Realty LLC (PMD) in the amount of $500.00 for any above stated maintenance/repairs. Should the reserve account become depleted, then the Owner agrees to replenish these funds within 10 days of request by Clients First Realty LLC (PMD).
Clients First Realty LLC (PMD) agrees to advertise for tenants, screen tenants and select tenants of suitable credit worthiness.
Clients First Realty LLC (PMD) will set rents that in the opinion of Clients First Realty LLC (PMD), at the time of the rent negotiations with the tenant, reflect the market conditions of that time and approximate rents of comparable rental properties, unless expressly instructed in writing by the Owner to Clients First Realty LLC (PMD) to the contrary, as to the amount of the initial rent and any subsequent increases as may from time to time be appropriate. Clients First Realty LLC (PMD) agrees to rent and to lease the property; to sign, renew and to cancel rental agreements and leases for the property or any part thereof; to sue and recover for rent and for loss or damage to any part of the property and/or furnishings thereof; and, when expedient, to compromise, settle and release any such legal proceedings or lawsuits. Owner will be given opportunity to review/approve any and all applications for rent and contracts for the property and final approval to any agreements. Clients First Realty LLC (PMD) and Owner are required by federal and state laws to abide by all Fair Housing Laws and requirements.
Owner hereby agrees to hold Clients First Realty LLC (PMD) harmless from, and to defend Clients First Realty LLC (PMD) against, any and all claims, charges, debts, demands and lawsuits. Owner agrees to pay Clients First Realty LLC (PMD) attorney's fees related to Clients First Realty LLC (PMD) management of the herein-described property and any liability for injury on or about the property which may be suffered by any employee, occupant or guest upon the property. Owner agrees to maintain sufficient and prudent all risks property insurance and that Clients First Realty LLC (PMD) shall be an additionally named insured. Owner shall provide a copy of such insurance policy to Clients First Realty LLC (PMD) for Clients First Realty LLC (PMD) records. Owner agrees to hold harmless Clients First Realty LLC (PMD) from any property damage caused by tenant, guests of the tenants/occupants, vandalism or theft at the property during management term.
Owner agrees to compensate Clients First Realty LLC (PMD) as follows. Owner agrees to pay the Clients First Realty LLC (PMD) a monthly management fee of 6% percent of each month’s rent for each occupied property with a minimum fee amount not to be below $79 per month. When the property is vacant, the monthly fee will be the $79 per month minimum as compensation for advertising and regular inspection of the property. Upon leasing of the property to a new tenant, there is a $395 lease commission paid by the Owner to Clients First Realty LLC (PMD) for procuring a tenant and utilizing the MLS to do so. A portion of this commission will be paid to the Broker representing the tenant or if leased by Clients First Realty LLC (PMD), then Clients First Realty LLC (PMD) will retain the full amount as consideration of payment for duties of representing both parties. Lease renewal fee for current tenants will be at a rate of $100.00 (no fee on month to month renewals). To begin management service for a new property, there is a one-time minimum startup fee. Startup fee for multiple properties for the same owner will be $50.00. Renewal of the management contract between Clients First Realty LLC (PMD) and Owner is completed at no charge to Owner. Late fees charged and paid by the tenant will be split between Owner and Clients First Realty LLC (PMD) at a rate of 50% to each party. Any compensation due to Clients First Realty LLC (PMD) may be deducted by Clients First Realty LLC (PMD) from rents or property
income, and Owner further agrees to abide by the conditions set forth by Clients First Realty LLC (PMD) to the tenant on the Owner’s behalf.
This Agreement shall have a start and stop date. This Agreement may also be terminated by mutual agreement of the parties with a 30 day written notice. Exception to this term would be if either party breached contract by not complying with any of the stated terms on the actual landlord agreement contract at which point termination could be completed immediately. Upon termination Owner shall pay to Clients First Realty LLC (PMD) any fees, commissions and expenses due Clients First Realty LLC (PMD) under terms of this Agreement, which are owing to Clients First Realty LLC (PMD). In the event Owner decides to terminate this contract prior to the expiration date, there will be a cancellation fee of $250 accessed the Owner to be paid immediately or withheld from the Owner’s reserve account funds.
Owner authorizes Clients First Realty LLC (PMD) to contact all utility companies and establish services in the Owner’s name with billing to be mailed to Clients First Realty LLC (PMD) for payment from Owner’s reserve account funds. Utilities will be of the Owner’s responsibility during all vacancies to permit showings and health and safety of the home. In the event tenants fail to pay their utility charges as obligated in their leasing contract, Owner understands that some utility companies will assign this outstanding balance to the Owner. This is at no time a financial responsibility or liability of Clients First Realty LLC (PMD). In the event a utility company will not accept Clients First Realty LLC (PMD)’s authorization to operate and begin services on the Owner’s behalf, Owner agrees to work quickly to establish services in cooperation with Clients First Realty LLC (PMD).
Clients First Realty LLC (PMD) will establish and maintain an interest bearing account, which is insured by the FDIC for all deposits of monies collected for the Owner with the authority for Clients First Realty LLC (PMD) to draw thereon for any payments to be made by Clients First Realty LLC (PMD) in discharging of duties, liabilities or obligations arising under the provisions of this agreement and payment of the Clients First Realty LLC (PMD)’s fees. In addition Clients First Realty LLC (PMD) will establish an interest bearing trust account for receipt of tenant’s security deposits. Clients First Realty LLC (PMD) will retain all interests earned from any of the above mentioned trust accounts. Per the Arizona Landlord Tenant Act, all refundable deposits paid by the tenant must be returned to the tenant within 14 business days along with an itemization of any charges incurred that are allowable deductions from the said deposit (A.R.S. 33-1321 A thru G). Any charges to the tenant’s security deposit that are to be refunded to the Owner will be transferred to the Owner’s reserve account. Clients First Realty LLC (PMD) is not liable for any tenant damages to the property, unpaid rent or fees that exceed the amount in deposit. Owner authorizes Clients First Realty LLC (PMD) to utilize any necessary collection agencies or garnishment of wages to recover funds from the tenant with the understanding that any fees charged by before mentioned companies will be at the expense of the Owner.
Owner is responsible and agrees to keep current all mortgage payments, liens against the property, to pay insurance premiums, HOA fees/fines, property taxes, assessments and other charges related to the property as they come due. In the event Owner fails to make any said payments, Clients First Realty LLC (PMD) is authorized to give Owner notice of termination of the Property Management Agreement.
In order for Clients First Realty LLC (PMD) to effectively manage the tenants, it is the Owner’s responsibility to promptly forward any HOA notices or City Notices that are received in relation to the property. Failure to do so may result in challenges with the tenant correcting the items in a timely manner, fines incurred, etc. In the event that the tenant does not reimburse their tenant account for any HOA/City Fines incurred by the tenant/at the responsibility of the tenant, Owner agrees to pay the fines promptly and will collect reimbursement from the tenant’s deposit at the end of term. Clients First Realty LLC (PMD) is held harmless from any financial liability related to these notices/fines.
Clients First Realty LLC (PMD) does strongly suggest the purchase of a home warranty to help alleviate costs of repairs during management term. In the event that the owner does purchase a home warranty, it is the Owner’s responsibility to notify Clients First Realty LLC (PMD) of all necessary contract information so Clients First Realty LLC (PMD) can utilize this service. If no warranty is in place or the home warranty will not cover an item needing attention, then Clients First Realty LLC (PMD) is authorized to contact an outside vendor to service the property. It is the Owner’s responsibility to renew any home warranties and provide needed information to Clients First Realty LLC (PMD) for usage of the policy. Owner is financially responsible for the purchase of the home warranty and any service fees charged by the home warranty for usage of the policy.
This Agreement shall be binding upon and insure to the benefit of the successors and assigns of Clients First Realty LLC (PMD) and the heirs, administrators, successors, and assigns of the Owner. Notwithstanding the preceding sentence, Clients First Realty LLC (PMD) shall not assign its interest under this Agreement except in connection with the sale of all or substantially all of the assets of its business. In the event of such sale, Clients First Realty LLC (PMD) shall be released from all liability under this Agreement upon the express assumption of such liability by its assignee.




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