Placing your investment in the hands of a property management company is, for some, quite a daunting and uncertain move. The advantages are, though, very clear.
Here, we review some of our most frequently asked questions, answers that should put your mind at ease while, at the same time, informing your understanding of how effective management, when properly implemented, can transform the value of your investment.
What type of properties do you manage?
Single-family homes, condos, townhomes, multi-unit apartment complexes, office buildings, and commercial strip centers.
Is there only one property manager or are there separate departments?
There are separate departments to take on different responsibilities. We have departments for leasing, maintenance, accounting, and management. All departments work together to diligently and professionally manage each property.
What is your property management fee?
It’s 8% regularly and 7% when you bring in three properties or more.
Do you work directly with the HOA?
The leasing department assists with HOA coordination of compliance between tenants and Triumph.
What part of Las Vegas do you manage?
Within Clark County, including Henderson and North Las Vegas.
How soon can you start managing my property?
As soon as the agreement is signed. We do hassle-free electronic signings.
How long are your leases?
We sign 12-month leases. After the first 12 months, we reassess the property conditions, market value, and tenant’s payment history before renewing.
How much are tenants charged for the security deposit?
One full month’s rent before every lease.
What is your process for handling service requests? How long does it take to make repairs? Do you have existing relationships with local vendors?
Our repairs department sends the relevant vendor to diagnose and resolve the necessary maintenance work – depending on their level of expertise and the work that the repair requires.
Do you schedule routine inspections to ensure everything is functioning? If so, is there a service fee associated with the inspection?
Inspections are individually selected by each owner on their own questionnaire when they sign. Our inspections include quarterly, semi-annual or annual, based on personal preference. Any occupancy inspections selected at the owner’s discretion are $100 per inspection.
What type of reports do I get and how often?
You will receive a monthly management statement that includes income and expenses, we provide annual expense reports and IRS required forms.
What coverage is required on my part?
Per our agreement, all owners must have adequate property, liability, and fire insurance.
Under what terms can we cancel our contract?
You may cancel for no cause with a 30-day notice- it may, however, be necessary to pay any associated cancellation costs- for example, the management fee for the anticipated months specified on the contract.
How much is the application fee?
$100 per applicant, each adult who will be on the lease/living in the property must apply.
How long does it take to process an application?
A complete application should take no more than 3 days to process. Applications that are missing documents (bank statement, ID, earning statements) will not be processed until it’s complete.
What is a Security Deposit? Transmittal?
A security deposit is a charge made at the time of paying for the first month’s rent which is used to cover any cost for repairs; The transmittal is a document that is required to be sent out within 30 days of the move our date that goes over the security deposit refund, any cost of repairs that is being deducted from the amount, and the remaining amount that goes to the tenant, it also has invoices attached to back up any charges due.
Do you inspect the property when I move in and out?
We perform a detailed move-in and move-out inspection where we record the entire premises. Any damages not mentioned during the move-in inspection will be withheld from your security deposit upon moving out.
How soon can I move into the property?
Once the property is ready/clean, your application is approved, the lease is signed, and the first full month of rent plus any applicable prorated rent is paid.
What is included under ‘normal wear and tear’?
Normal wear and tear includes anything that can be damaged by normal usage such as minor marks on the walls, faded paint, toilet flappers, sun-damaged blinds, and carpet being worn out, not damaged.
When is rent due?
On the first of each month. A 5% late fee will be assessed if a payment hasn’t been received before the day of the 5th of the month before 5 pm.
Was your question answered?If not, feel free to call us at