KING REALTY GROUP, INC.
771 Cesery Blvd.
Jacksonville FL 32211
Phone/fax: 904-720-0095
Email: Rent101@aol.com

Dear home owner,

King Realty Group, Inc. has committed itself to quality service for its clients. The company provides full-time personnel whose specialization and training is in residential property management, including accurate record-keeping and accounting.

The property to be rented is given maximum exposure through an advertising program that includes the local newspaper, military bases, and cooperation with other real estate companies.

The owner of King Realty Group has taken courses in real estate management through the Institute of Real Estate Management and the Florida Real Estate Institute, and is active with local organizations that deal with property management.

King Realty Group, Inc. is a member of the Jacksonville Credit Bureau, the Property Managers' Association of Jacksonville, and the Northeast Florida Apartment Council.

King Realty Group, Inc. provides the following services:

1. Credit and employment checks on prospective tenants.
2. Inventory of the rental property
3. Periodic inside inspections of the rental property
4. Periodic drive-by visits to see that the tenant is maintaining the outside
5. Business cards provided to neighbors, in case they need to report anything unusual
6. Rent proceeds (after expenses) sent to owner, his bank, or mortgage company, as desired
7. Monthly statements provided to owners, with copies of bills that have been paid
8. End-of-year statements provided in January to owner, showing totals of rent, repairs, fees, etc. for the previous year

A summary of the property management operation and our services

TENANT PLACEMENT
At King Realty Group, Inc. we understand the importance of careful tenant placement. Each prospective tenant is required to complete our rental application. We follow through with the credit bureau to insure that the prospective tenant is in good standing with his creditors. Then we confirm other items on the application: we contact previous landlords, and verify employment. An extensive check is done on all prospective tenants.

LEASE
The rental agreement (lease) has been written for the protection of both parties. The first page deals with the length of the rental agreement and the security deposit. The remaining pages specify how the tenant will take care of the property, what to do about repairs, who is entitled to live on the property, and various other items, for the protection of both parties.

The security deposit is a damage deposit. If there is no damage and the tenant fulfills the terms of the rental agreement, the deposit will be returned. The deposit shall be held in a non-interest-bearing account. It cannot be transferred, or returned to either party, without written consent of both parties, while the property is occupied. Prior to disbursement of deposit, a careful inspection of the property will be made when the tenant vacates.

The decision of  whether a pet will be allowed is the decision of the owner. If pets are permitted, a pet fee of $75 - $175 will be collected. This is a fee, and is non-refundable to the tenant. If pets are allowed, approval may depend number, size, weight, breed, or other factors.

UTILITIES
Utilities and services provided by the owner are normally the decision of the owner. It is recommended that the tenant pay all utilities. In an apartment, the water is usually provided by the owner. The owner may want to provide lawn spraying each year to maintain the yard.

INSPECTIONS
According to page 4, item number 16, of the rental agreement, King Realty may make periodic inspections of the property to make sure the tenant is maintaining it properly.

MANAGEMENT AGREEMENT
The management agreement is the contract between King Realty Group, Inc. and the owner. Once it is signed, the property can be marketed.

Management fee options

1. 15% of the monthly rent collected
2. 50% procurement fee (applies to each new tenant) and 10% of the gross monthly rent
3. If the owner wants King Realty to only rent out the house and turn it back to the owner to manage, the fee is 50% of one full month's rent, plus repair and advertising costs
4. If King Realty Group, Inc. handles more than three (3) properties for an owner, the management fees will be adjusted

Repairs are handled through King Realty Group, Inc. Cost of repairs is deducted from the rent collected. If the property is vacant, we use money from the maintenance account in which we keep $175. A maximum of $175 per repair can be done without owner approval. Major repairs over $175 must be approved by the owner. If the owner cannot be reached and the problem is an emergency, repair or appropriate temporary measures will be authorized by the property manager. All calls for maintenance are directed to King Realty Group, Inc. for approval by the property manager.

Any special instructions about the property must be stated on the management agreement in order for the property to be managed according to the owner's specifications.

Questions regarding this agreement can be answered by the property manager.

PLACEMENT OF PROPERTY ON ACTIVE RENTAL MARKET
When the management agreement has been signed, a FOR RENT sign will be placed on the property. The property will be advertised in the weekend paper. The rental property list is distributed to real estate offices throughout the area. The information is also made available to the Navy housing offices.

If you have any questions or would like more information, please call us at (904) 720-0095, or email King Realty at rent101@aol.com.

Sincerely,

William A. Large
BROKER