A. Leasing and Management Authority: Owner grants to Broker the following authority which Broker may exercise when Broker determines to be in Owner’s best interest:
1. Advertise the Property for lease using methods Broker determines to be most effective;
2. Place a "For Rent" sign on property in accordance with local rules and regulations;
3. Place a lockbox on the property;
4. Submit property as listing with the San Antonio Board of Realtors;
5. Authorize other brokers, their associates, inspectors, appraisers, and contractors to access the property at reasonable times and to disclose security and lock box codes as required;
6. Duplicate keys and security devices as needed, at Owner’s expense, to access the property for showings and repairs in a timely manner;
7. Employ Centralized Showing Service – 210.222.2227 – to assist in arranging all showings;
8. Negotiate and execute leases on owner’s behalf at market rates of not less than 6 months, and no more than 24 months. Owner may request minimum 12 month leases after consultation with Larsen Properties;
9. Negotiate and execute any amendments, extensions, or renewals to any lease for the property on the owner’s behalf;
10. Terminate leases for the property, negotiate lease terminations, and serve notices of termination;
11. Collect and deposit for owner rents, security deposits, and other funds related to the property in a trust account and pay from that account (a) any compensation and reimbursements due Broker under this agreement; and (b) other persons this agreement may authorized to compensate;
12. Account for all security deposits;
13. Collect administrative charges including but not limited to, application fees, returned check fees (NSF), and late charges from tenants in the property of from prospective tenants;
14. Enforce actions to, at Owner’s expense, (a) evict tenants in the property; (b) recover possession of the property; or (c) recover lost rent and damages;
15. Negotiate and make reasonable concessions to tenants;
16. Obtain information from any holder of a note secured by a lien on the property and any insurance company insuring all or part of the property;
17. Hire contractors to repair, maintain, redecorate, or alter the property provided that Broker does not expend more than $200 for any single repair, maintenance item, redecoration, or alteration without owners consent or knowledge;
18. Hire contractors to make emergency repairs to the property without regard to the expense limitations that Broker determines are necessary to protect the property or the health or safety of an ordinary tenant;
19. Contract, at owner’s expense, in either Broker’s or owner’s name, for utilities and maintenance to the property during times that the property is vacant, including but not limited to electricity, gas, water, alarm monitoring, cleaning, pool and spa maintenance, yard maintenance, and other regularly recurring expenses that Broker determines are reasonable to maintain and care for the property.
B. Record Keeping: Broker will:
1. File reports with the Internal Revenue Service related to funds received on behalf of the owner under this agreement – Example – Provide the owner with a 1099 at year end;
2. Remit each month to the owner (a) funds collected by Broker for owner under this agreement, less authorized deductions; and (b) a statement of receipts, disbursements, and charges. Owner may instruct Broker to remit the items to another person or address.
C. Security Deposits
1. During this agreement, Broker is authorized to collect security deposits, and account for them being forwarded to the owner at owner’s request. Larsen Properties can retain deposits in a trust account, or forward all security deposits to owner. All deposits will be accounted for, to include their location, by Broker.
2. After this agreement ends, Broker will deliver to owner or the owner’s designee the status of the security deposit, less any deductions owed to Broker. In addition, Broker will send written notice to the tenant the following: (a) that this agreement has ended (b) the exact dollar amount of the security deposit (c) the contact information for the owner or the owner’s designee and (d) that owner is responsible for accounting and returning the tenant’s security deposit.
3. If Broker complies with this paragraph, owner will waive any liability against Broker from any claim or loss from a tenant for the return of a security deposit. This paragraph survives termination of this agreement.