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RESIDENTIAL MANAGEMENT AUTHORITY RESIDENTIAL MANAGEMENT AUTHORITY

RESIDENTIAL MANAGEMENT AUTHORITY THIS AGREEMENT made this day of 20 BETWEEN The Owner AND Watson Property Rentals Limited BACKGROUND This Agreement gives the Manager the exclusive right to manage the tenancy premises referred to in the Schedule which shall form part of this agreement until such time when either party should terminate the agreement in compliance with this agreement THE PARTIES AGREE 1 Owner s obligations 1 1 The Owner appoints the Manager to act as their exclusive agent to manage the property referred to in the Schedule 1 2 In consideration of the services to be performed by the Manager the Owner agrees to pay the Manager the commission set out in the Schedule and such other charges specified in this agreement including any charges and or adjustments to the management services changes that may arise from time to time following a review 1 3 The Owner authorises the Manager to recite their name as principal on any tenancy agreement the Manager may prepare and any other relevant document the Manager may sign on behalf of the Owner 1 4 The Owner acknowledges that with this appointment the Manager will act as if the Manager was the landlord and to do all things on the Owner s behalf necessary to manage the property effectively 1 5 The Owner agrees that the information the Owner supplies to the Manager in this agreement and Schedule is correct 2 Authority of Manager 2 1 The Owner authorises and instructs the Manager to do the following A To advertise the property at Watsons expense on the internet and promotional flyers while looking for tenants also to contact various third parties for example The Manawatu Information Centre recruitment agencies companies organisations businesses etc directly that may have potential tenants suitable for our property B To select new tenants for the property as necessity arises by describing and showing the property interviewing the parties running necessary background checks and contacting referees C To arrange tenancies as necessity arises and to sign tenancy agreements on my our behalf This includes accepting and lodging the bond taking rent in advance describing the condition of the property and defining expectations of tenants D To collect where necessary video photographic and written descriptions of the condition of the property and with the exception of fully furnished properties to collate a list of chattels removable items for security reasons E To rent the property to the most appropriate tenant and if that tenancy should come to an end for any reason to rerent the property F To rent the property on a fixed term periodic tenancy basis G To conduct and record property inspections at the commencement of each new tenancy and at regular intervals throughout each tenancy no less than 4 Times a year H To collect a bond from the tenant equivalent to 4 weeks rent and to pay it to the Tenancy Services Division of the Ministry of Housing and after the tenancy to sign the bond refund form and refund to the tenant such sum as the Manager deems fair and reasonable I To collect rental payments as and when they fall due for payment and to take whatever steps are required by the Manager to follow up and compel payments of unpaid rent

J To deduct from rent charges and reimbursements disbursements for moneys expended on behalf of the Owner K To ensure compliance with the terms of the tenancy agreement and the provisions of the Residential Tenancies Act 1986 and including the 2010 amendments by taking whatever steps the Manager deems appropriate In the name of the Owner to write letters to the tenant arrange for the property to be cleansed and or decontaminated to serve Fourteen day notices upon the tenant to file applications to the Tenancy Tribunal to attend mediations to attend hearings of the Tenancy Tribunal and on behalf of the Owners to receive and act on the orders L To conduct a review of the level of market rent regularly M To negotiate with contractors and organise all remedial or maintenance work at the tenancy premises whether that work is occasioned by the tenant or not N To review and if necessary adjust from time to time with no less than 60 days notice the management services charges payable under this Management Authority O I We hereby authorise you to act for me ourselves in matters of mediation or hearing in terms of the Residential Tenancies Act and I We agree to be bound by any agreements reached in mediation and or decisions made the by Residential Tenancies Tribunal 3 Repairs 3 1The Owner authorises the Manager to spend up to 500 00 per calendar month for all repairs and maintenance to the property However the Manager shall not be required to obtain the Owner s consent where a The repairs are urgent and necessary b The failure to complete the repairs might endanger the tenant or any occupant or c The failure to complete the repairs might cause the premises to no longer comply with any code or laws applying to the premises d The failure to complete the repairs may risk damage or exacerbate damage to the premises and e To carry out such remedial work as may be contained in any 14 day to remedy notice issued by the tenant to the manager during the term of this agreement f The Tenancy Tribunal shall make a Works Order and there is a limited time to comply with the Works Order g I We acknowledge that a disbursement fee of 5 will be charged by Watson property for any renovations completed to the property where multiple tradespersons are required If you would like a particular Tradesperson s to attend to your maintenance requirements please list below Note All works orders emailed to tradespersons are cc d to the owner at the same time 4 Accounting and Statements 4 1 The Manager shall account to the Owner for the rental received twice monthly or monthly and all payments made on the Owner s behalf within 3 days of the close of the preceding period 4 2 If the disbursements shall be more than the rents that are collected by the Manager the Owner agrees to pay such excess promptly upon demand 4 3 The Manager is instructed to credit any applicable credit balance direct to the account details as per the Schedule 5 Warranty as to Ownership or Authority as Landlord 5 1 The Owner by signing this Agreement warrants that they are the Owner of the rental premises or are authorised to enter into this management agreement and has or have authority to appoint the Manager 6 Resource Consents and Building Consents 6 1 The Owner warrants that the property has all relevant building and resource consents and complies with all council requirements as to building including town planning requirements health and safety requirements and fencing of swimming pool requirements

7 On the Market For Sale 7 1 The Owner warrants that the rental premises is not on the market for sale with any form of advertising and will not be on the market for a minimum of six months If the property is on the market the Owner warrants that the Owner has given the tenant s the required notice under s 47 of the Residential Tenancies Act 1986 8 Legal limitations under the Residential Tenancies Act 8 1 The Owner understands the potential legal limitations around the term reasonable as used in the Residential Tenancies Act 1986 In particular when relating to the standard of lawns and gardens cleanliness and wear and tear during or upon completion of a tenancy Whilst the Manager will endeavour to ensure standards are kept higher than required by law the Owners accept that ultimately the requirements under the Residential Tenancies Act 1986 supersede any additional clauses or conditions in a tenancy agreement 8 2 The owner authorises the Manager to spend up to 100 00 for addressing small matters that raise or preserve the standard of the property upon completion of a tenancy where deemed necessary 9 Manager s Responsibility and Restriction on Liability 9 1 The Manager shall have the duty to carry out the responsibilities set out in this agreement and shall carry out those duties to the standard of care of a reasonable property manager 9 2 The Manager undertakes to use best endeavours to ensure continuity of rental 9 3 The Manager shall take due care in the performance of their contractual obligations but does not warrant and is not liable for any default by the tenant in the payment of rent or any other charges causing damage to the property or the observance of other terms of the tenancy agreement 10 Property Furnished 10 1 If the property is to be let furnished the Owner agrees to prepare the chattels list and deliver it to the Manager before the letting 11 Grounds and Pool Maintenance 11 1 The Manager shall ensure that any grounds or pool are maintained to a reasonable standard at all times 12 Keys The owner warrants providing the Property Manager with two full sets of keys for each managed property Initial 12 1 If these keys are not provided prior to tenant moving in the manager may have keys cut by a Locksmith supplier and invoice the owner accordingly 13 Landlord Protection Insurance I We accept that the Watson Representative has recommended a specialist Landlord Insurance 13 1 Do you have insurance cover for this property Yes No Initial 14 Methamphetamine Report I We accept that the Watson Representative has recommended that a Methamphetamine Inspection Report be completed on the property at the completion of each tenancy Initial 15 Enforcement of Tribunal Orders 15 1 The Owner agrees that the Manager shall not be liable to enforce any order of the Tenancy Tribunal using the District Court civil enforcement system 16 Indemnity Provisions 16 1 The Owner indemnifies and keeps the Manager and any contractors employed by the Manager protected from all costs claims demands suits legal proceedings or loss how so ever arising in the proper management of the tenancy premises and to reimburse the Manager upon demand for any expenses incurred in the management of the premises 16 2 If in the Manager s sole discretion it may be necessary or proper to reserve or withhold Owners funds to meet obligations which are or may become due including the Manager s compensation then the Manager may do so 17 Assignment 17 1 If the Manager intends to assign to another Manager the Manager s interest in this agreement the Manager shall deliver to the Owner at the Owner s address for service notice in writing naming the intended assignee and the date on which the assignment will be made and the Owner may then by notice expiring on the date of settlement of the assignment or such later date as the Owner shall elect terminate this agreement

18 Termination of this Agreement 18 1 This agreement shall be terminated as follows a By the Owner by the giving of one months notice in writing delivered to the Manager s address for service referred to in this agreement or to any address commonly and usually used for correspondence or email including email to an email address b By the Manager by the giving of one months notice in writing delivered to the Owner at the Owners address for service notice in writing including email to an email address c If the Manager reasonably believes that there is a clear and present risk of harm to the tenant in continuing to live in the rented premises and that risk cannot be immediately abated or removed then the Manager reserves the right to terminate this agreement forthwith by any means of communication available to them 19 Acceptance of Appointment 19 1 The Manager accepts appointment as Manager under the terms of this agreement and agrees to comply with the Code of Practice for Residential Property Managers and Letting Agents published by REINZ Signature of Owner Signature of Owner Signature of Property Manager

SCHEDULE Owner s Details Name Company or Trust Name if applicable Address for service your postal address Email Home Phone Work Ph Mobile Mobile Emergency Contact Property to Manage and Let Address Is the property a House Unit Flat Does it have a sleepout How many bedrooms does it have Does the Property have a garage Apartment YES NO Date when the property will be available to let If we are taking over a sitting tenant please supply the following information Name of Tenant Home number Mobile Number Work Number Rent Payable per week Bold Held Please forward to our office within 5 working days of signing this agreement the original signed tenancy agreement a duly completed and signed change of landlord form available from Tenancy Services a copy of your rent record to date and any spare keys to the property Is the property Furnished Part Furnished Unfurnished If furnished or part furnished please forward to Watson Real Estate Ltd Within 5 working days of signing this agreement a complete inventory of Landlord Chattels Rent Required per week Do you wish Watson Real Estate Ltd to use its discretion in setting the rent level YES NO Maximum number of occupants for the property Do you wish Watson Real Estate Ltd to use its discretion in setting the number of occupants for the Property YES NO

OWNERS BANKING DETAILS OWNERS INSURANCE COMPANY Bank Branch Account Number Account Name Phone Policy Number Payment Frequency Twice Monthly OWNERS SOLICITOR Monthly Rents collected will be paid out to the Owner by Direct Credit on the first working day of each month Phone Pets Are you happy for tenants to keep cats at the Property YES NO Are you happy for tenants to keep a dog at the Property YES NO Do you wish Watson Real Estate Ltd to use its discretion as to whether cats or dogs may be kept at the property YES NO Smoking It is the policy of Watson Real Estate Ltd to discourage smoking within all its managed rental homes However in order not to prejudice the prompt letting of the premises to otherwise ideal tenants we will sign up tenant who undertake in writing not to smoke within the dwelling If you have strong views on this issue please outline them in the section Special Instructions Preferred Tradespeople Watson Real Estate Ltd retains the services of a variety of top quality trade people to carry out any work that may become necessary from time to time to your property during the term of our management Should you wish to specify your own particular tradespeople then we ask that in the section Special Instructions you supply Watson Real Estate Ltd with the following information The name and trade of the tradesman their business and or home address their telephone numbers including after hour s number cell phone fax and email address Only qualified trades people should be nominated NB Watson Real Estate Ltd reserves the right to use tradespersons of its own choosing should your nominated tradesperson be unavailable or cannot complete the required work within a reasonable time Lawns and Gardens Do you want the tenant to look after the lawns YES NO and gardens YES NO If No please nominate the contractor who will be doing this work Please note that it is normal practice for the Landlord to pay for this contractor the extra cost usually being reflected in an increased rent level to the tenant Special Instructions

Schedule of Fees Comprehensive scheme Management commission 9 5 on gross rent collected GST Inspections Under this scheme the Manager will automatically carry out three regular inspections per year at no charge to the Owner Please note that we do not charge for or write a report for a Final inspection which is carries out with the tenant at the termination of a tenancy for bond refund purposes Please nominate the number of additional inspections you wish us to complete Advertising Fee No Charge Transaction Statement Fee No Charge Mediation Attendance Fee No Charge Tribunal Court Attendance Fee No Charge Inventory Preparation Fee No Charge Video Recording Fee No Charge Year to Date Summary For Accountant No Charge Live Streaming Fee No Charge Online Marketing No Charge Online Booking Fee No Charge Rent Reviews No Charge Administration Fee No Charge Travel Fee No Charge For Rent Sign board No Charge Routine Inspections 4 yearly No Charge Exemplary Damages sought by Watson at any mediation tribunal from the tenant 25 of exemplary damages awarded to Landlord be paid to Watson Real Estate Ltd Under this schedule Watson Real Estate will automatically video record the Property at the beginning of each new tenancy

PROPERTY OWNER S HANDBOOK Please keep this document in a safe place for future reference

Welcome to Watson Property Management ltd This Property Owner s Handbook is designed to familiarise you with our administrative process It is our sincere belief that when you as our client understand this process we can better serve your needs All relationships are established by written agreement between you and Watson Property Management or companies acquired by Watson Property Management All terms conditions and provisions outlined in this handbook are subject to change or withdrawal at any time without notice You should look solely to your individual property management agreement for actual services rendered For the most up to date version of this handbook check our web site www watsonproperty co nz The following index outlines the benefits services and what you as our client can expect from Watson Property Management Ltd

Watson Property Management Ltd PART I Why Choose Us Personal relationships experience and know how s updated daily giving exposure to your property 24 hours a day self or you can have us do the work for you and deduct it from your taxes We save you time money and aggravation In dealing with your rental property Our People Make the Difference We believe that the key to our success is in the personal relationships that we have developed with our customers over the years Watson Property Management has assembled one of the most highly talented team of residential property managers in the nation Winning National awards year after year Leasing Your Property Because we average hundreds of prospective tenant calls each week to our office we dispatch our Property Managers who show rental homes 5 days a week They are specially trained in the art of assisting prospective tenants and leasing properties This increase in showing efficiency coupled with specialized training means results for our owners not to mention a tremendous benefit in time and savings to our qualified tenants seeking quality homes We are contactable 7 Days a Week Watson Property Management office is open 5 days per week excluding statutory holidays We realize that owners and tenants often need after hours or weekend contact We also realize that the management of rental properties doesn t stop on Friday at 5 00PM Therefore we have a Property Manager on call 24 hours a day to deal with any emergency that may arise outside normal office hours

Superior Tenant Screening In selecting the right tenants for your rental property we believe that an ounce of prevention is worth 10 000 pounds of cure We want to ensure that our landlords get the calibre of tenant they deserve That s why we utilize a 3 step screening process on each and every applicant We carry out a credit check through TINZ which includes searching Tribunal Files for any Tenant defaults We verify all former landlord references We verify all applicants employment and income Because of our Tenant Screening Process most rent jumping tenants the ones who don t pay rent damage properties and move out in the middle of the night prefer to apply directly to property with owners as Landlords who may not know until it s too late We hope this hasn t happened to you Computerized Accounting At Watson Property we use a purpose built Property Management software package All rents are processed the same day we collect them Our landlords receive a detailed monthly statement on the first working day of each month showing all rental incomes and disbursements We also provide our owners with a financial year end statement to give to their tax accountant Our accounting system also allows us to make recurring monthly payments for our owners such as insurance payments body corporate levies or any other recurring monthly obligations provided adequate funds are available in your account We make property management easy for our customers Serving Palmerston North Since 1996 Watson Property Management has been serving the needs of property owners and residential tenants since 1996 At Watsons property management is our career not a sideline With over 18 years of service we offer our customers stability in the marketplace Constant Communication We believe that the key to our success is in the personal relationships that we have developed with our customers over the past 18 years Working for owners of rental homes and with their tenants requires constant communication At Watsons we believe that communication is the key to the success of any organization One of our team will be available to you 24 7 No Surcharge To Property Owners For Maintenance At Watson Property we assist our owners and tenants by having independent qualified maintenance contractors carry out any maintenance and repairs To avoid a conflict of interest with our owners we do not add a surcharge on any maintenance or repairs as we believe in passing these savings along to our customers

Watson Property Management PART II Frequently Asked Questions 1 How long does it take to lease my property 2 When you find tenants for my property how do you qualify them 3 How quickly does Watson Property process the monthly rents and statements to landlords 4 How often and how are property inspections conducted 5 What if I want to sell my property can Watsons help 6 How are rental payments handled 7 Do you guarantee the tenants that you place in my rental home 8 Are you the cheapest company in town 9 Who handles problems late at night calls 10 Why should I choose Watson Property Management 11 I don t want tenant contact how do you handle this situation 12 I do not want any maintenance invoices paid from rental income can that be arranged with your company 1 How long does it take to lease my property At Watsons our average time to lease your home on the rental market varies depending on seasonable and market conditions however in recent years it has averaged less than 21 days This is because we begin marketing your rental home the moment we know it is available to rent as soon as the current tenants give us their 21 day notice of their intent to move out We are a high profile property management company that receive many prospective tenant calls each week In addition to our large For Rent signs we also immediately place your rental property on our website www watsonproperty co nz realestate co nz which averages approx 4000 hits per month 2 When you find tenants for my rental home how do you qualify them We strive to provide you with the caliber of residents that you want in your rental property This includes In addition to the normal financial qualifications we always try to accommodate the housing needs of our residents to ensure the home they rent is convenient to their work shopping and desired school district This will help to ensure that they will remain longer in your rental property At Watson Property we believe a good tenant is worth waiting for 3 How quickly does Watsons process the monthly rents and statements to property owners We pride ourselves on quick turnaround of your rents and statements The balance of your landlord statement is paid into your bank account on the 1st working day of every month and you will receive a copy of your monthly statement by email on the 1st of the month and the hard copy within the first 2 to 3 days of each month

4 How often and how are property inspections conducted When your tenants move out of the property we carry out a full inspection of the property It is on the basis of this inspection that we determine whether the bond is refundable to the tenant or to be used for any maintenance During the term of a tenancy we carry out inspections of the property as frequently as requested we do however recommend these to be at least four monthly A detailed report is completed at these inspections a copy of which is forwarded to the owner with recommendations of any maintenance that should be carried out for the continued upkeep and to maintain the value of the property We inspect the exterior of our properties curb side on a periodic basis and we also conduct other inspections if we determine that checking the property out is warranted 5 What if I want to sell my property or move back to the property can Watsons help You may sell your property at any time However written notice is required to the tenant of this intention Any fixed term tenancy in place is guaranteed to your tenant This means if a person buys your property and wishes to occupy themselves they must wait until the tenancy has expired unless the tenant agrees otherwise In the case of a periodic tenancy the tenant must receive 42 days notice excluding the day of service and allowing four days for service from the time the sales contract becomes unconditional In the case of you or one of your family members wishing to move in again any fixed term is guaranteed unless the tenant agrees to move out If a periodic tenancy 42 days notice is required as per the above paragraph Please note that the Tenancy Tribunal has ruled that a family Trust or a Company cannot have a family and where ownership by way of these vehicles 90 days notice is required I tis always preferred that the same Company that manages the property sells the property also It is much easier to coordinate access with the tenant between the two departments if you are using the same company Your tenant will also be more comfortable to deal with a company they are already familiar with 6 How are rental collections handled Our collections policies are as follows arrears Tenants are contacted from day one if their rent is not paid on the due date Daily contact until the situation is remedied a tenant is 5 days in arrears we apply to the Tenancy Tribunal for a hearing for the recovery of rent arrears Continual contact with the tenant throughout this process working them towards a payment plan prior to Tribunal is also encouraged t after receiving the Mediation Tribunal application realize you mean business and are happy to negotiate a payment plan rather than going through the eviction process NOTE All of the above items are included at no additional cost to you as a service provided by Watsons While it is doubtful that an eviction will ever be necessary as we endeavor to screen all tenants carefully occasionally financial hardships do arise requiring our prompt collections attention 7 Do you guarantee the tenants that you place in my rental home While all care is taking in selecting a suitable tenant for your property we do not provide a guarantee of rent payments

8 Are you the cheapest company in town No and we are proud of this as we are confident that we provide a high standard of service to all our owners 9 Who handles problems late at night Our property managers take turns being ON CALL to handle late night and weekend calls from our clients Just phone our main line 06 353 1925 and you will be given the phone number of the Property Manager who is available to take any emergency calls Many times we solve problems right over the phone avoiding what might have been an additional maintenance costs 10 Why should I choose Watson Property Management Ltd In a word Experience Our customers know that Our people make the difference We believe that the key to our success is in the personal relationships that we have developed with our customers over the past 18 years We are here to serve you and your tenants At Watsons you are the boss and we will work to earn your trust If you have a residential rental property in Manawatu there is no better choice for your investment and peace of mind than Watson Integrity 11 I don t want tenant contact how does your company handle this situation The Residential Tenancy Act 1986 does not recognize the owner when a property is professionally managed The Property Manager is recognized as the landlord so there is no need for any owner contact with the tenant Watsons discourage any owner tenant contact without the Property Manager being present That doesn t mean you don t have a say as we mentioned previously you are the boss and we will keep you informed regarding any tenancy details 12 I don t want my maintenance invoices paid out of rental income can that be arranged with your company Yes we will forward a copy of the invoice to you and ask that you pay Watson Property within seven working days so we can pay our tradesperson on your behalf and this will not affect your rental income but still show on your monthly invoice for accounting purposes Relax deduct our service from your Taxes The choice is simple you can relax go on holiday etc And hire Watson Property Management to lease and manage your investment property and the cost of our services will be deducted from your taxes OR you can do the work yourself for which your time is not tax deductible Imagine more time for your personal life and less tax Our goal is to save you time money and aggravation in the leasing and management of your investment property

Watson Property Management Ltd Part III Property Owners Expectations What You Can Expect From Watson Property Management Ltd The purpose of this section is to present the benefits our property owners can expect to receive from Watson Property In establishing a personal relationship with our customers it is important that each party understands exactly what is expected of the other Our primary objective is to attain the goals and objectives of our customers and their rental properties We believe that by familiarizing you with our administrative process of how we lease and manage your investment property we can avoid surprises that could occur later on It is important that you realize that we will move forward with our administrative property management process as outlined herein unless you otherwise direct us in writing Therefore it is to your benefit to review and understand the following services that are automatically provided and instigated by Watson Property for the benefit of you and your property The following is an outline of some of these benefits and services that you as our customer can expect us to automatically provide and instigate on your behalf Leasing A You can expect that we will place our large For Rent sign on your property if allowed prior to any known vacancy or immediately if you have just listed your rental home with us B You can expect that we will place your vacant property on our website www watsonproperty co nz and realestate co nz within 48 hours of us becoming aware the property will be available C Trademe advertising is available at an additional cost if you require D You can expect that all rental applicants will be subjected to 1 A credit check and tenant default checks from TINZ 2 A verification of applicant s former landlord s references 3 A verification of the applicant s employment or income E You can expect that we will lease your property at the asking amount of rent as outlined in your management agreement with us or higher You can expect that we will not lease your property at a lower amount without first obtaining your permission F You can expect that once the rental applicant process is approved we will complete and execute the tenancy agreement and give the tenants possession of your investment property H You can expect that we will conduct an initial entry video and written inspection of the property just prior to the commencement of each new tenancy to ensure the property is being well maintained I You can expect to be notified by our company that your property has been leased A copy of the lease agreement is available if requested once all parties have properly executed it and the residents have taken possession

Fixed Tenancies A You can expect that we will attempt to renew the tenants lease at least 21 days prior to the anniversary date of their lease agreement B You can expect that we will renew the tenants lease for another year at the same or at a slightly higher amount of rent with giving a 60 day notice period to the tenant if possible We will not renew the lease at a lower amount without your specific permission to do so C You can expect that we will place a For Rent sign and begin showing the property for lease as outlined in the leasing section above in the event that the current tenants are not renewing their lease D You can expect that we will renew the tenancy agreement or re rent your property to new residents unless we have a written directive from you not to renew the lease or re rent the property Property Inspections You can expect that we will conduct property inspections on your property as outlined in the frequently asked questions item 4 of this handbook usually on a 4 monthly cycle Rent Collections Delinquencies At Watsons we do not tolerate the non payment of rents We are careful to explain this policy to new residents in order to avoid any misunderstandings that might arise later You can expect that we will make every effort to collect rents timely as outlined in the frequently asked questions item 6 of this handbook Rent Processing Accounting At Watsons our property management software is purpose built to enable the prompt and efficient accounting of your rental income and expenses A You can expect to receive a monthly statement showing all income and expenditure of your rental property B You can expect to receive a year end summary statement for your tax purposes showing all of your yearly income and expenditure and categorizing said income and expenditure C You can expect that we will make your insurance payments and or body corporate levy payments if you so direct and provided that adequate funds are available in your landlord trust account You can expect that we will not make these payments if adequate funds are not available in your trust account

Property Maintenance Repairs At Watsons we believe that it is a conflict of interest for us to profit from the misfortunes of others Therefore we do not assess a surcharge or make a profit of any kind from maintenance repairs to our property owners for their properties However rental homes must be properly maintained in order to preserve the value of the property and maintain a positive relationship with the residents There are laws that require landlords to comply with certain basic maintenance and repair items A You can expect that Watson Property will not complete repairs to your property in excess of 500 00 without first obtaining your approval NOTE This excludes repairs deemed by manager as emergency repairs or repairs that are required to be effected to bring your property into compliance with Health and Safety Standards The Property Manager shall proceed with these repairs and bring the property into compliance subject to funds being available in your landlord account In both the above cases your Property Manager will notify you of the amount of the invoice that will appear on your next statement B You can expect that if your property is vacant we will repair items necessary to improve the property s show ability to prospective renters up to the value of 100 00 without contacting you This means a shorter period when the property is vacant Examples would include lawn service carpet or refresh clean if required and touch up painting when necessary In the event that any of these repairs were due to the former tenants tenancy you can expect that we will apply to Tenancy Services for their bond to put your property back into its pre rented condition C You can expect that we may request minor maintenance repair items 500 00 or less as requested by rental applicants to secure a lease to quality residents for your rental property D You can expect that during the tenancy we will institute minor maintenance repairs 500 or less when deemed by us to be necessary for the preservation of your property and or the continuation of the tenancy If the landlord provides the property manager with third party service contracts and warranties then the property manager shall contact said provider for covered repairs otherwise the property manager shall assume that none exist E You can expect that we will only use tradespeople that are properly licensed and insured to handle the type of work being performed on your property F You can receive copies of the invoices of all repairmen vendors and tradesmen employed to affect repairs on your property if you wish G All service improvement requests will be formally recorded and responded to within two working days Communications At Watson Property we believe that communication is the essential element in the success of our company That is the underlying reasons for the creation of this Property Owner s Handbook and our Tenant Information Booklet for all of our tenants In today s business environment no one can assume to know or read the mind of another or be certain of their goals and objectives To this end we at Watson Property have gone to great lengths to be accessible to our residents and property owners We are available by phone e mail and mobile Conclusion Thank you for taking the time to review our Property Owner s Handbook We believe it is time well spent especially for our newer clients We trust that your experience with our company will continue to be a pleasant experience and look forward to working with you and your property in the future Please do not hesitate to contact us directly any time we may be of service

Notes

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