PARKWAY CORNERS DALLAS, TX
PRI CING & F INAN CI AL AN ALYSI S
PAR K WAY CO R NE R S - DALLAS, T X
Parkway Corners 4485 Trinity Mills Rd, 17617 & 17221 Dallas Parkway Dallas, TX 75287
OFFERING SUMMARY Price Cap Rate Net Operating Income Price PSF Occupancy Year Built
$18,000,000 7.18% $1,293,206 $266.80 98.0% 1995
Gross Leasable Area
67,466 SF
Lot Size
7.05 Acres
F I N A N C I A L A N A LY S I S
2
I N VE S TMENT HI GHLI GHT S
PAR K WAY CO R NE R S - DALLAS, T X
• Stabilized Asset: Parkway Corners is currently 98% occupied with 68% of the existing leases not expiring until July 2023 or later, providing an investor with stable long term cash flow. Additionally, the majority of leases have scheduled rental increases throughout their terms, providing an investor substantial contractual revenue growth throughout the holding period. • E-Commerce Resilient: The tenancy of Parkway Corners consists exclusively of restaurant and service oriented uses, mitigating the risk of e-commerce competition, while also filling the “experiential retail” need expected by consumers today. • Exceptional Location with High Traffic Counts: Located on the Dallas North Tollway at Trinity Mills Rd., Parkway Corners is conveniently located in the heart of one of the heaviest traveled areas of DFW. This segment of the Dallas North Tollway has daily vehicle counts approaching 170,000, with Trinity Mills Rd. having daily vehicle counts exceeding 25,000. • Tremendous Trade Area with High Growth and Income: Over the past decade, the north Dallas area has consistently been ranked as one of the fastest growing areas in the entire country. This is evidenced by the Parkway Corners demographical data – within 1, 3, and 5 miles of Parkway Corners, population growth from 2010 to 2018 has been 70%, 44%, and 28% respectively, and current average household income within 1, 3, and 5 miles is $99K, $94K, and $98K respectively. To summarize, Parkway Corners is located at the center of a highly affluent and fast growing submarket populated by consumers with considerable amounts of discretionary income. • Outstanding Visibility and Accessibility: Parkway Corners possesses unparalleled visibility from the Dallas North Tollway, as well as multiple points of unrestricted signalized access.
PROPERTY DESCRIPTION
3
PRI CING & F INAN CI AL AN ALYSI S
PROJECTED INCOME & EXPENSES
PAR K WAY CO R NE R S - DALLAS, T X
ANNUAL
Base Rent - Occupied Space GROSS POTENTIAL RENT
PSF
$4.77
$1,300,356
$19.27
Insurance
$33,415
$0.50
Total CAM
$64,093
$0.95
$52,971
$0.79
$472,484
$7.00
Management Fee
$51,933
$0.77
Total Expenses
$32,760
$0.49
Real Estate Tax Recoveries
$316,203
$4.69
Total Expense Reimbursements
$465,334
$6.90
$1,765,690
$26.17
$64,093
$0.95
$52,971
$0.79
$33,415
$0.50
Total Real Estate Taxes
$322,005
$4.77
Total Recoverable Expenses
$472,484
$7.00
$1,293,206
$19.17
EFFECTIVE GROSS REVENUE
$322,005
Real Estate Taxes
$0.96
Insurance Recoveries
PSF
$19.27
$64,439
Management Fee Recoveries
ANNUAL
$1,300,356
Expense Reimbursements CAM Recoveries
EXPENSES
3.00%
Operating Expenses Total CAM Management Fee Total Insurance
Net Operating Income Capitalization Rate
3.00%
7.18%
F I N A N C I A L A N A LY S I S
4
PRO PERT Y IMAGERY
PAR K WAY CO R NE R S - DALLAS, T X
F I N A N C I A L A N A LY S I S
5
RE NT RO L L
Tenant
PAR K WAY CO R NE R S - DALLAS, T X
Suite
SQ FT
% of SQFT
Lease Dates
Minimum Rent
Recoveries
Total
Start
End
Annual
Monthly
PSF
Annual
PSF
Revenue
% of Revenue
You Fit Health Club
150
22,522
33.38%
12/14
12/24
$320,939
$26,745
$14.25
$147,616
$6.55
$468,555
26.54%
Vibrant Dental Care
106
1,697
2.52%
11/16
01/27
$38,081
$3,173
$22.44
$11,123
$6.55
$49,203
2.79%
Trinity Vision
118
1,485
2.20%
04/07
03/22
$39,000
$3,250
$26.26
$9,733
$6.55
$48,733
2.76%
Sushi Maku
100
2,307
3.42%
09/14
08/19
$46,140
$3,845
$20.00
$15,121
$6.55
$61,261
3.47%
Simple Sleep Service
116
3,080
4.57%
08/16
12/21
$70,686
$5,891
$22.95
$20,187
$6.55
$90,873
5.15%
Salon Boutique
200
10,500
15.56%
08/00
03/24
$162,750
$13,563
$15.50
$68,820
$6.55
$231,570
13.11%
Paradise Nails
122
1,500
2.22%
02/10
01/20
$25,500
$2,125
$17.00
$9,831
$6.55
$35,331
2.00%
Norma's Cafe
130
4,219
6.25%
06/09
05/24
$92,818
$7,735
$22.00
$27,653
$6.55
$120,471
6.82%
Legacy Texas Bank
400
6,032
8.94%
03/06
08/21
$228,311
$19,026
$37.85
$70,599
$11.70
$298,911
16.93%
JJ Massage
124
1,059
1.57%
09/05
08/20
$22,483
$1,874
$21.23
$6,941
$6.55
$29,424
1.67%
Highland Park Cleaners
212
2,100
3.11%
03/99
08/19
$63,000
$5,250
$30.00
$13,764
$6.55
$76,764
4.35%
BJ's Tailor
120
952
1.41%
01/10
05/20
$23,800
$1,983
$25.00
$6,240
$6.55
$30,040
1.70%
Blueprint Fade Lounge
110
1,762
2.61%
01/18
01/21
$33,478
$2,790
$19.00
$11,549
$6.55
$45,027
2.55%
Taste the World
104
1,720
2.55%
08/18
07/23
$34,400
$2,867
$20.00
$11,273
$6.55
$45,673
2.59%
Available
108
1,322
1.96%
-
-
$0
$0
$0.00
$0
$0.00
$0
0.00%
Regeneration Arcade Resturant and Bar
140
5,209
7.72%
08/18
11/23
$98,971
$8,248
$19.00
$34,884
$6.70
$133,855
7.58%
Total Count/GLA
16
67,466
100%
Totals
$1,300,356
$108,363
$1,765,690
100.00%
Occupied
15
66,144
98.0%
Available
1
1,322
2.0%
$19.66
66,144
100.0%
Total Avg Rent
$465,334
F I N A N C I A L A N A LY S I S
6
E S TI MATED REIMBUR SEMEN T R EVENU E
Tenant
Suite
SQ FT
PAR K WAY CO R NE R S - DALLAS, T X
% of SQFT
CAM
Management Fee
Insurance
Real Estate Taxes
Total Recovery
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
You Fit Health Club
150
22,522
33.38%
$1,783
$0.95
$1,474
$0.79
$930
$0.50
$8,115
$4.32
$12,301
$6.55
Vibrant Dental Care
106
1,697
2.52%
$134
$0.95
$111
$0.79
$70
$0.50
$611
$4.32
$927
$6.55
Trinity Vision
118
1,485
2.20%
$118
$0.95
$97
$0.79
$61
$0.50
$535
$4.32
$811
$6.55
Sushi Maku
100
2,307
3.42%
$183
$0.95
$151
$0.79
$95
$0.50
$831
$4.32
$1,260
$6.55
Simple Sleep Service
116
3,080
4.57%
$244
$0.95
$202
$0.79
$127
$0.50
$1,110
$4.32
$1,682
$6.55
Salon Boutique
200
10,500
15.56%
$831
$0.95
$687
$0.79
$433
$0.50
$3,783
$4.32
$5,735
$6.55
Paradise Nails
122
1,500
2.22%
$119
$0.95
$98
$0.79
$62
$0.50
$540
$4.32
$819
$6.55
Norma's Cafe
130
4,219
6.25%
$334
$0.95
$276
$0.79
$174
$0.50
$1,520
$4.32
$2,304
$6.55
Legacy Texas Bank
400
6,032
8.94%
$549
$1.09
$395
$0.79
$249
$0.50
$4,690
$9.33
$5,883
$11.70
JJ Massage
124
1,059
1.57%
$84
$0.95
$69
$0.79
$44
$0.50
$382
$4.32
$578
$6.55
Highland Park Cleaners
212
2,100
3.11%
$166
$0.95
$137
$0.79
$87
$0.50
$757
$4.32
$1,147
$6.55
BJ's Tailor
120
952
1.41%
$75
$0.95
$62
$0.79
$39
$0.50
$343
$4.32
$520
$6.55
Blueprint Fade Lounge
110
1,762
2.61%
$139
$0.95
$115
$0.79
$73
$0.50
$635
$4.32
$962
$6.55
Taste the World
104
1,720
2.55%
$136
$0.95
$113
$0.79
$71
$0.50
$620
$4.32
$939
$6.55
Available
108
1,322
1.96%
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
$0
$0.00
Regeneration Arcade Resturant and Bar
140
5,209
7.72%
$474
$1.09
$341
$0.79
$215
$0.50
$1,877
$4.32
$2,907
$6.70
67,466
100%
$5,370
TOTALS
$4,328
$2,730
$26,350
$38,778
F I N A N C I A L A N A LY S I S
7
L E A SE PROVIS ION S
Tenant
You Fit Health Club
Suite
150
PAR K WAY CO R NE R S - DALLAS, T X
Base Rental Increases
SQ FT
Renewal Options
User Restrictions & Exclusive Rights
Sales Reporting
Date
PSF
Options
Date
PSF
22,522
1/1/2020
$15.67
2x5
1/1/2025 1/1/2030
$17.24 FMV
Exclusive use as tenant whose principal business activity is a fitness center and physical training facility
Yes
$22.89 $23.35 $23.81 $24.29 $24.78 $25.28 $25.79 $26.31
2x5
2/1/2027 2/1/2032
FMV FMV
Exclusive use to practice general dentistry
Yes
Vibrant Dental Care
106
1,697
12/1/2018 12/1/2019 12/1/2020 12/1/2021 12/1/2022 12/1/2023 12/1/2024 12/1/2025
Trinity Vision
118
1,485
4/1/2019 4/1/2020 4/1/2021
$27.07 $27.88 $28.69
-
-
-
-
No
Sushi Maku
100
2,307
-
-
1x5
9/1/2019
FMV
-
Yes
Simple Sleep Service
116
3,080
1/1/2019 1/1/2020 1/1/2021
$23.41 $23.88 $24.36
1x5
1/1/2022
FMV
Exclusive use for sleep diagnostic services
Yes
Salon Boutique
200
10,500
4/1/2020
$16.25
2x5
4/1/2024 4/1/2029
$21.85 $25.13
Exclusive use as an upscale hair salon
No
Paradise Nails
122
1,500
-
-
-
-
-
Exclusive use as a full service nail salon
Yes
6/1/2019 6/1/2020 6/1/2021 6/1/2022 6/1/2023
$24.20 $24.68 $25.18 $25.68 $26.19
1x5
6/1/2024 6/1/2025 6/1/2026 6/1/2027 6/1/2028
$26.60 $27.13 $27.67 $28.23 $28.79
-
No
Norma's Cafe
130
4,219
Legacy Texas Bank
400
6,032
-
-
1x5
9/1/2021
FMV
-
No
124
1,059
9/1/2018 9/1/2019
$21.23 $21.65
1x5
9/1/2020
FMV
-
Yes
Highland Park Cleaners
212
2,100
-
-
-
-
-
-
Yes
BJ's Tailor
120
952
6/1/2019
$26.00
-
-
-
-
Yes
Blueprint Fade Lounge
110
1,762
2/1/2019 2/1/2020
$19.57 $20.16
2x3
2/1/2021 2/1/2024
$22.00 $25.00
-
Yes
$20.00 $20.60 $21.22 $21.86 $22.52
2x5
8/1/2023 8/1/2028
$24.77 $27.25
-
Yes
JJ Massage
Taste the World
104
1,720
2/1/2019 8/1/2019 8/1/2020 8/1/2021 8/1/2022
Available
108
1,322
-
-
-
-
-
-
-
Regeneration Arcade Resturant and Bar
140
5,209
12/1/2018 12/1/2020 12/1/2021 12/1/2022
$19.00 $20.00 $21.00 $22.00
1x5
12/1/2023
$23.00
-
Yes
TOTAL
67,466
F I N A N C I A L A N A LY S I S
8
TE NA NT INF ORMAT I ON
PAR K WAY CO R NE R S - DALLAS, T X
Tenant
Youfit Health Club
Corporate/Franchise
Corporate
Locations
100+ Locations
Website
www.youfit.com
Line of Business
Youfit Health Clubs is a chain of health clubs that was founded in 2008, Youfit has over 100 locations across 14 states, predominantly in the South and West. Youfit primarily caters to casual gym-goers, and offers personal training with certified personal trainers at all locations and group exercise at select locations. Some locations also have amenities like saunas, tanning, child care and more.
Tenant
Simple Sleep Service
Corporate/Franchise
Corporate
Locations
2 Locations, all in the Dallas-Fort Worth Metroplex
Website
www.simplesleepservices.com
Line of Business
Simple Sleep Snoring and Apnea Center focuses on helping patients deal with sleep apnea, a common disorder that causes interruptions in breathing during sleep. The Simple Sleep Snoring and Apnea Center’s team of doctors will fit you for your Simple Sleep Custom Mouthpiece, an effective, lasting solution for sleep apnea and snoring.
Tenant
LegacyTexas Bank
Corporate/Franchise
Corporate
Locations
5 Locations, all in the Dallas-Fort Worth Metroplex
Website
www.normascafe.com
Line of Business
LegacyTexas Bank is a commercial bank headquartered in Plano, Texas. The bank was found in 1952 in Plano, Texas, as a community bank for the surrounding North Texas area. Since then it has grown to be one of the biggest banks in Texas and the biggest locally in North Texas.
Tenant
Norma’s Cafe
Corporate/Franchise
Corporation
Locations
5 Locations, all in the Dallas-Fort Worth Metroplex
Website
www.normascafe.com
Line of Business
Norma’s Cafe is a Dallas-based chain of restaurants that focus on serving scratch cooking that reminds you of home. Founded in 1956 from a small Texas storefront in the Oak Cliff neighborhood just outside downtown Dallas, Norma’s Cafe has expanded to five locations in the Dallas area, and is best known for its big, country breakfasts.
PROPERTY DESCRIPTION
9
S I T E PL A N
PAR K WAY CO R NE R S - DALLAS, T X
SUITE TENANT 100
Sushi Maku
104
Taste the World
106
Vibrant Dental Care
108
Available
110
Blueprint Fade Lounge
116
Simple Sleep Service
118
Trinity Vision
120
BJ's Tailor
122
Paradise Nails
124
Junhua LLC JJ Massage
130
Norma's Cafe
140
Regeneration Arcade
150
You Fit Health Club
200
Salon Boutique
212
Highland Park Cleaners
400
Legacy Texas Bank
100
150
130
118 120 122 124
116
104 106 108 110
100
212
200
140
400
PROPERTY DESCRIPTION
10
A E R I AL MA P
PAR K WAY CO R NE R S - DALLAS, T X
MITCHELL ELEMENTARY MCKAMY ELEMENTARY
TRINITY MILLS RD
60 V 25 , 2
PD TRINITY CHRISTIAN ACADEMY
5 7, 16 60 D VP
ADDISON AIRPORT
PROPERTY DESCRIPTION
11
LO C AL MA P
PAR K WAY CO R NE R S - DALLAS, T X
Parkway Corners
PROPERTY DESCRIPTION
12
REG IONA L MA P
PAR K WAY CO R NE R S - DALLAS, T X
Parkway Corners
PROPERTY DESCRIPTION
13
M A R KET S U MMARY
PAR K WAY CO R NE R S - DALLAS, T X
Dallas - Fort Worth, TX
OVERVIEW Dallas encompasses half of the Dallas/Fort Worth Metroplex and is the third-largest city in Texas and the ninth-largest city in the United States. Dallas is home to the third-largest concentration of Fortune 500 companies in the country and is the largest economic center of the Dallas/Fort Worth metropolitan area. The Metroplex has strong submarket occupancy rates, is home to more shopping centers per capita and has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. The city is the largest economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area, which had a population of 6,810,913 people as of July 1, 2013. The metropolitan economy is the sixth largest in the United States, with a 2012 real GDP of $420.34 billion. In 2013 the metropolitan area led the nation with the largest year-over-year increase in employment, and advanced to become the fourth-largest employment center in the nation (behind New York City, Los Angeles, and Chicago) with more than three million non-farm jobs. In the
latest rankings released in 2013, Dallas was rated as a “beta plus” world city by the Globalization and World Cities Study Group & Network. Dallas is also ranked 14th in world rankings of GDP by the Organization for Economic Co-operation and Development. The Dallas-Fort Worth Metroplex has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. The city of Dallas has 12 Fortune 500 companies, and the DFW region as a whole has 22. Dallas is the best-ranked city on the Regulatory Climate Index thanks to its efficient local regulations. Entrepreneurs and small businesses can expect a welcoming business environment across all five areas of local regulation. Dallas scores above average across each meaningful measure of an interaction that a business has with a local government agency through procedure, time, and cost. These rankings reflect the city’s continuing efforts to develop programs and initiatives to strengthen the business environment, provide access to capital, and encourage economic growth at the local level.
Q U I C K S TAT S
2 3rd 4th 22
nd
Texas, Fastest Growing Economy in the U.S. (24/7 Wall St.) Fastest Growing Cities in the U.S. (Forbes) Largest Metropolitan Area in the United States Fortune 500 Companies Call DFW Home (Fortune)
10K
Home to over 10,000 corporate headquarters, making it the largest concentration in the U.S.
PROPERTY DESCRIPTION
14
D E M OG RA PHIC STAT I ST I CS
PAR K WAY CO R NE R S - DALLAS, T X
1 Mile
3 Mile
5 Mile
36,315 31,126 18,316 16.67% 69.94% 5,262
217,723 190,664 132,105 14.19% 44.33% 37,213
489,890 437,484 342,662 11.98% 27.67% 101,856
21,328 5,762 189 3,116 38 693 1
131,274 33,922 1,354 18,900 155 5,060 157
314,459 56,494 3,147 52,332 351 10,702 220
16,242 14,127 9,762 14.97% 44.71% 4,293 9,834 $98,864 $63,339
96,453 85,426 64,874 12.91% 31.68% 31,344 54,082 $93,907 $64,251
204,420 183,498 149,294 11.40% 22.91% 80,072 103,427 $97,893 $68,435
2,076 3,352 3,032 1,467 888 584 773 1,954
12,305 20,766 16,699 9,822 6,932 3,992 5,867 9,042
26,225 40,416 33,675 21,708 16,710 10,205 14,227 20,333
Population: 2023 Projection 2018 Estimate 2010 Census Growth 2018-2023 Growth 2010-2018 2018 Population Hispanic Origin
2018 Population by Race: White Black Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other U.S. Armed Forces:
Households: 2023 Projection 2018 Estimate 2010 Census Growth 2018 - 2023 Growth 2010 - 2018 Owner Occupied Renter Occupied 2018 Avg Household Income 2018 Med Household Income
2018 Households by Household Inc: <$25,000 $25,000 - $50,000 $50,000 - $75,000 $75,000 - $100,000 $100,000 - $125,000 $125,000 - $150,000 $150,000 - $200,000 $200,000+
Demographic data © CoStar 2018
PROPERTY DESCRIPTION
15
CONFIDENTIALITY AGREEMENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenantâ&#x20AC;&#x2122;s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.
Commercial Disclaimer STRIVE hereby advises all prospective purchasers of commercial property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a commercial property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. STRIVE expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a commercial property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any commercial property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenants and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenants history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this commercial property.
Information About Brokerage Services
Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client’s questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and • buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party, disclose: ӽӽ that the owner will accept a price less than the written asking price; ӽӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽӽ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement. • Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.
Regulated by the Texas Real Estate Commission
Information available at www.trec.texas.gov IABS 1-0
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