Tenant Locator Agreement
This Referral Agreement is made between TM5 Properties, LP d/b/a TM5 Rental Locators and the owner or agent of the property.
1.This leasing agreement represents the intention of TM5 Properties, LP d/b/a TM5 Rental Locators (“TM5”) leasing services to locate tenants for the Owner/Agent’s properties. TM5 acts only as a referral source and does not represent the owner, agent, community or tenant and is an Independent Contractor. The Owner/Agent authorizes TM5 to provide referrals to Owner/Agent and the specified rental property/properties.
2.Tenant Referral: A tenant is referred to the Owner/Agent when they have been in contact with TM5 and given information by TM5 relating to the Owner/Agent's Properties. “Referral contact” and information is defined as contact by phone, email, fax, mail and/or meeting with prospective tenant in person. Tenant referrals are also defined as resultant of marketing efforts on the part of TM5 by website, signage, print, online advertisements or any other efforts by TM5.
3.Rates: When TM5 makes a referral of a prospective tenant which then proceeds to enter a lease agreement with the Owner/Agent for their properties or other properties that belong to Owner/Agent where a lease between Owner/Agent and tenant was entered as a result of TM5’s tenant finder referral services, Owner/Agent agrees to pay TM5 Properties, to the extent allowed by law, a placement/referral fee 30 days after receiving executed lease/security deposit. Commission rates are as follows:
Before March 1:
- 50% of the first full non-discounted month’s rent for properties leasing for $2,500 and above, regardless of whether tenant occupies as scheduled.
- 75% of the first full non-discounted month’s rent for properties leasing for $1,500 to $2,499, regardless of whether tenant occupies as scheduled.
- 100% of the first full non-discounted month’s rent for properties leasing for less than $1,500, regardless of whether tenant occupies as scheduled.
Commission rates are as follows after March 1:
- 100% of the first full non-discounted month’s rent, regardless of whether tenant occupies as scheduled.
4.MLS: TM5 will list vacant properties on the Brazos County Multiple Listing Service (“MLS”) immediately. This allows all Realtors in our MLS network to market and show the property to their clients. Properties pre-leasing for the fall of the upcoming school year will be added to the MLS by March 1st, if it has not already been leased.
5.Hold Harmless: TM5 and Owner/Agent both understand that this Leasing Referral Agreement applies to TM5 tenant finder referral services in which ultimately the Owner/Agent has the right to determine acceptability or denial of referred tenant. Absent instructions to the contrary, TM5 will automatically approve potential tenants who have submitted a lease guaranty in which the guarantor possesses a credit score of 700 or higher. If it is lower than 700, we will send it to the Owner/Agent for approval. It is the responsibility of the Owner/Agent to qualify or approve and/or decline potential tenants referred by TM5. It is agreed and understood that TM5 and its representatives will be held harmless for any damages that may result from the acceptance or rejection of potential tenants referred by TM5.
6.Termination: This leasing referral agreement will take effect on ___________and be active in force until _________. In the event, that a tenant referred by TM5 had contact with the Owner/Agent's properties before the notice of cancellation and entered a lease agreement with the Owner/Agent, the referral fee will still be due.
7.Confidentiality Agreement: The Owner/Agent agrees to not disclose or discuss the tenant finder referral fee to potential tenants. Owner/Agent understands that the locator referral services are free to prospective tenants and agrees to not charge the tenant any amount or portion of the referral fee.
8.Once TM5 has received all completed applications, lease guaranties (if applicable), and any other documentation to consider, the Owner/Agent agrees not to consider any other applications obtained after that date until he/she has either accepted or rejected the proposed tenants. TM5 has 3 days to provide an executed lease to Owner/Agent after approval of applicants. Owner/Agent agrees to act in good faith to all parties involved in this agreement.
9.Any changes to this Tenant Finder Leasing Referral Agreement must be in writing and signed by both parties.
10.TM5 abides by state and federal fair housing laws.
11.Both parties understand and acknowledge that this is not an exclusive listing to lease or sell. If we agree upon MLS listing, it will become an exclusive agreement.
12.If requested by Owner/Agent, TM5 shall show property, accept application fees, run background checks, collect deposits and obtain signatures on lease on behalf of the Owner/Agent
13. Late Fees: Invoice is due within 30 days of receiving an executed lease/security deposit. Late fees will accrue if not paid within those 30 days. Refer to leasing invoice for appropriate late fees.
14.Renewals: In the event a Tenant referred by TM5 renews their Lease with Owner/Agent, TM5 will be entitled to a renewal fee of 25% of the first full non-discounted month’s rent of the renewal period. The amount will be due within 7 days after the renewal lease agreement begins. A late fee of 15% of the total amount due will incur for fees not received by 14 days after the start date of the renewal period. A returned check fee of $25.00 will be charged to Owner/Agent. Please note, this service is optional and owner/agent may opt out.
Please note, in order to have TM5 lease your properties, Owner/Agent needs to electronically sign a copy of this TLA (sent to you by Leasing Agent).
If you agree to the terms of this agreement and would like to list your property with TM5 Rental Locators please Click Here.