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PROPERTY MANAGEMENT
All Rentals handled for clients must be managed through Parks per TREC Regulations. The
normal rate Parks charge is 10% of all income. Fees paid will be distributed at the agent’s
sales commission split at that time. Parks provides property management on a very limited
basis to selected clients and is not seeking additional properties to manage. An agent
should secure permission from their Principal Broker prior to executing an agreement to
manage property.
Property managers are required to advise Lessor of obligation to disclose knowledge of
presence of lead-based paint and/or lead-based paint hazards if housing was constructed
prior to 1978. The form, “Disclosure of Information on Lead-Based Paint and/or Lead
Based Paint Hazards,” must be completed by the Lessor when rental management
agreement is signed. The disclosure form and pamphlet, “Protect Your Family From Lead
In Your Home,” must be given to the tenant prior to execution or renewal of a lease. Parks
lease forms have been revised to include disclosure in the contract. There is no mandatory
period for a tenant to evaluate rental property.
RENTAL PROPERTY OWNED BY PARKS ASSOCIATES
In compliance with TREC rules, all property managed by agents for clients must conform to
company policy regarding Property Management; however, the privilege of managing your
own property as an owner agents is granted if these guidelines are followed: no Parks sign
may be placed in yard; any advertising or signage must disclose “Owner/Agent” and may
not include any reference to Parks; agent is responsible for notifying tenant in writing that
Parks is not involved and has no liability and providing a copy to the corporate accounting
office. If owner/agent does not wish to conform to these guidelines, then the property
must be handled as any other property managed by Parks.
When a rental management agreement for housing built prior to 1978 is submitted, a
copy of the lead disclosure signed by Lessor must be included. When lease agreement for
housing built prior to 1978 is submitted, a fully executed copy of the lead disclosure must
be attached.