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.
For how much will my property lease?
That depends on the metrics (location etc.) of your property. What we can say is that we conduct extensive market analysis of each property, helping clients earn the very highest rental value at no extra cost.
What type of properties do you manage?
Triumph manages every type of property – both residential and commercial. Our services are personalised for each client and for the specific needs of their properties. Contact us today to learn more about how we can assist your properties.
What is a Security Deposit Transmittal (SDT)?
An itemized list of the inspection in which was performed notating any documentation of repairs that are needed at the property (if any) that will reflect tenants security deposit as a whole. This is created by comparing the move in condition form and the techs estimate.
What marketing strategies do you adopt?
Our marketing team advertises your property on the very best rental websites – well over 100 websites. We maximize the exposure of your property in a manner where it never gets buried within listings. Effective marketing is essential for rental properties. We also market through standard means – such as newspapers, flyers etc. – a comprehensive marketing approach that delivers an instant impact.
What if the security deposit does not cover all repairs?
With our best efforts, we will try to retrieve what is owed. If not, we will send the tenants account to collections and it will be reflected on their credit history.
What part of Las Vegas do you manage?
Triumph covers the length and breadth of Las Vegas, offering our services wherever they’re needed. If you are concerned that your property might be outside our geographic scope, contact a member of our customer service team today.
What are the income requirements for tenants?
Tenants must earn, at minimum, three times the rent.
Tenants must also have a clean background, employment verification and a positive rental history.
Am I required to have a property manager?
Yes and No. Nevada State law requires that you have a representative in the county or within 60 miles of the rental property. Below is an exerpt of the statute:
NRS 118A.260 Disclosure of names and addresses of managers and owners; emergency telephone number; service of process.
The landlord, or any person....(a) The name..(b) A telephone number at which a responsible person who resides in the county or within 60 miles of where the premises are located may be called in case of emergency.
That also means that an owner can not use a 1-800 number or an answering service for "taking calls". An owner doesn't necessarily have to use a property manager. There are two other options. First, the owner can manage the rental themselves if they meet the above criteria of living in the county or within 60 miles of the rental or they can engage someone as an employee to handle the rental. Of course that gets messy with taxes, deductions, workers compensation, insurance etc.
Here is the full revised statute:
NRS 118A.260 Disclosure of names and addresses of managers and owners; emergency telephone number; service of process.
- The landlord, or any person authorized to enter into a rental agreement on his or her behalf, shall disclose to the tenant in writing at or before the commencement of the tenancy:(a) The name and address of:
(b) A telephone number at which a responsible person who resides in the county or within 60 miles of where the premises are located may be called in case of emergency.
- (1) The persons authorized to manage the premises;
- (2) A person within this State authorized to act for and on behalf of the landlord for the purpose of service of process and receiving notices and demands; and
- (3) The principal or corporate owner.
- The information required to be furnished by this section must be kept current, and this section is enforceable against any successor landlord or manager of the premises.
- A party who enters into a rental agreement on behalf of the landlord and fails to comply with this section is an agent of the landlord for purposes of:(a) Service of process and receiving notices and demands; and
(b) Performing the obligations of the landlord under law and under the rental agreement.
- In any action against a landlord which involves his or her rental property, service of process upon the manager of the property or a person described in paragraph (a) of subsection 1 shall be deemed to be service upon the landlord. The obligations of the landlord devolve upon the persons authorized to enter into a rental agreement on his or her behalf.
- This section does not limit or remove the liability of an undisclosed landlord.
(Added to NRS by 1977, 1335; A 1981, 1185; 2001, 1353; 2003, 817; 2007, 1283)
How can I receive a free quote?
There are two simple ways you can receive a free quote. You can call us direct at (702) 367-2323, or, alternatively, you can fill out our online form. We will get back to you very shortly with your free quote.
In terms of Nevada law requirements, how much are we – as landlords – expected to know?
We recommend to landlords to review the basic Nevada revises statutes, but it is not a must. We always remind landlords of their duties and/or obligations in the event of an exceptional or special case – for example: when it comes to repairs or evictions.
Currently, what is the average vacancy rate for properties managed by Triumph? How long, on average, does it take to occupy properties with a qualified tenant?
Our current vacancy rate is at its lowest, at 5 percent.
Generally, our properties take 20 days to occupy with a qualified tenant.
Do property's need to be in move-in ready condition before you manage it?
No - property's do not need to be rent-ready before we assume management. We are happy to bid the project with vendors to make sure that a reasonable price is given to our owner for approval. Once work is complete, we inspect to ensure that work was done to the requisite standard and the property is in rent-ready condition.
Do you need payment up front for the repairs?
For estimates over $1000, we would need at least 50% up front so our tech can begin the work and then the remaining balance will be due upon completion.
What forms of payment can I use?
The best payment method would be signing onto your owners portal, or you can pay by credit card or mail in a check to 9030 W Sahara Ave. #668 Las Vegas, NV 89117.
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, carpet being worn out (not damaged).
Can I use my own tech?
You are welcome to use your own tech. We would need to know when the repairs are completed for marketing purposes. We also would need the invoice before the 20th of the month so it can allow time for Leasing to complete the SDT.
When can I expect the security deposit to be credited back to me?
After the SDT has been sent to the tenants, it can take up to 30 days to receive the security deposit back.
Do you accept pets?
Yes, but with limitations.
- Maximum of two (2) pets per property
- Maximum 40 lbs fully grown
- Vaccination records required
- Non-vicious breeds only (as described by insurance carriers - including but not limited to: Pit Bulls, German Shepherds, Chows, Rottweilers, Akitas, Dobermans and/or any mixed breed, where the predominant breed is mentioned above)
- No exotic pets allowed (including but not limited to: frogs, spiders, snakes, ferrets and lizards).
- No fish tanks larger than 50 gallons allowed
Do you inspect the property when I move in and when I move out?
We perform a detailed move in and move out inspection and take pictures and video of the entire premises. Any damages not mentioned during the move-in inspection will be withheld from your security deposit upon moving out. It is very important that you review the move-in inspection prior to signing it.
How long does it take to process an application?
A fully completed application should take no more than 3 business days to be processed.
How much is the application fee?
The application fee is $75 per applicant. All individuals 18 yrs. or older that will be living in the property must complete an application.
What am I required to pay at lease signing?
A security deposit equal to at least one month's rent. Payment must be made in the form of cashiers check or money order.
What do I do in an emergency?
The following situations are considered emergencies. You should contact our offices at (407) 578-545 and/or your property manager via cell phone/email as soon as possible.
- NO ELECTRICITY: Please check both the circuit breaker and outlet reset buttons first.
- FIRE: Call 911 and notify the fire department immediately.
- NO HEAT: When the outside temperature is below 45 degrees ONLY.
- NO AIR CONDITIONING: If a health risk exists (as documented by a physician) ONLY.
- HEAVY STRUCTURAL DAMAGE: Roof, foundation, walls, etc.
- PLUMBING: Flooding or stoppage of all drains (tenant is responsible for all stoppages except when they are the result of root growth or fixture breakdown). Water should be turned off at the main line control valve (valve is usually on the side of the home by the garage). Please familiarize yourself with the location of the valve prior to an emergency.
- THEFT: Call 911 and submit a full police report to our office.
When can I move into the property?
Once the application is approved, the lease is signed, the property is ready/clean, and a full month's rent plus any applicable prorated rent has been paid.
When is rent due?
Rent is due on the first of each month. A 10% late fee will be assessed if we have not received your rent by the 3rd day of the month in addition to a $5 per day charge until the rent is paid.
Which property manager would I be working with? Am I assigned one person or is there a team of managers I’ll be working with?
Triumph is a team of 15 associates, each of whom work together to manage your property as efficiently as possible. Each department works with each other to deal with any issues at hand. For example, our repairs department has two personnel and our accounting department has one member of staff each for receivables and payables. So, while you will have one email address and one “go to” person, each department will contact you separately depending on what owner/tenants needs to be addressed.
How often is each property inspected to ensure everything is functioning well?
We perform inspections prior to the tenants taking possession of the property and once upon move-out to ensure the property is returned in the same condition as they took possession. Though on multi-plex apartments, our team recommend bi-monthly visits, or, at the very minimum, one visit per month. Our goal is to perform the necessary duties that you expect. These duties include trash elimination, communicating with tenants – listening to and addressing any complaints – and reporting anything out of the ordinary to you, the owner. Our inspections are performed by a third party and hence there is a fee for the duties mentioned in the previous sentence.
Who completes those drive-bys and/or inspections?
Our inspections are performed by a third party. However, if you have a specific person or vendor in mind, we are more than happy to use their services. Similarly, you can use your own handymen, if required on any maintenance work order.
What is the cost to switch my tenants/leases to your company?
There are no costs for lease switching – no cost annually and no hidden fees. We will work efficiently with your current property manager to make the transition smoothly without the involvement of you as the landlord.
Is there any charge for my current property management to transfer funds to Triumph?
There is no charge for any transfers. There is also no charge for posting notices of these transfers and no charge to collect keys, leases and funds from your property manager.
My contract with the previous property manager terminates mid-month – what will I be billed for the remainder of the month?
We will charge you from the start of the following month. You are not charged for mid-month starts.
My units are such that a professional photographer is not required; they are basic units. If I don’t want to use a professional photographer, what options are available to me?
Our standard professional photography package costs $200 so, while your units may be basic, the photos can represent these units in the most appealing light.
Is the same manager responsible for all areas of property management, or are there separate departments that handle different items? If so, what is the communication like between those departments?
Our office is compartmentalized in different departments – leasing department, repairs, homeowner association, accounting etc. For best results, please e-mail your query to contact@TriumphPM.com and the correct department will reply in the order received.
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.
Are there additional pricing options while the property is rented?
Our pricing structure is transparent with no hidden fees. $500 for advertisement, commission and photo/video footage. Annual $30 postage and copy fee. 8% per month management fee, thereafter.
How do you collect rent from tenants?
Rent is collected in a few different ways, providing options for our tenants to pay both conveniently and on-time:
1. Tenants Can Mail payments to: 9030 W Sahara Ave Ste 668 – Las Vegas, NV 89117
2. Bring payments to our office located at 911 N Buffalo Dr Ste 202 – Las Vegas, NV 89128
3. Pay via E-Checking account or debit/credit card
4. Tenants may retrieve a Payslip and pay at any 7-Eleven store or ACE Cash Express location. Present the slip to the cashier to make rent payment. Once the transaction is processed, the tenant is provided with a receipt as proof of payment.
7) Pay rent with a credit card without fees, via RadPad and Android Pay
Do you conduct regular inspections and, if so, what is the charge?
We conduct two inspections prior to tenants taking possession and perform one inspection upon the tenant(s) vacating. If red flags are present, we conduct an inspection. Red flags include HOA notices, police activity etc.
How often do you send out portfolio information? How do you help landlords grow their existing portfolio?
Each month, we add to your portal an income versus expense sheet – generally on the 15th of every month.
We also send regular emails with our newly listed properties for your consideration.
I learned from your video that HOA bills are not generally paid through you. Are there other bills, such as property taxes, that I need to pay directly?
We remit at no added charge your expenses such as water, sewer, trash, HOA, property tax and insurance.
Some items need to be reimbursed by tenants per lease verbiage. We post those amounts onto the tenant’s ledger to request payment, along with their rent.
Am I required to make my property available to Section 8?
Are you licensed?
Yes I am a licensed Realtor, and our Broker is a licensed Broker, Realtor & Property Manager.
Can tenants reach us after hours?
We operate an after hours emergency hotline. That way tenants have access in case of EMERGENCIES like: fire, flooding, crimes activity or Natural Disasters.
Can you put the money directly into my account?
That’s the way we prefer. If you choose that option your funds will actually reach your bank account faster than the traditional mail method.
Do I get to see the lease or sign it?
You have access to all official documents related to the lease relationship except the tenants’ credit report and application due to the sensitive information provided and privacy issues.
Do you sell real estate too?
We do. If you decide to sell or buy your property. We would be honored to represent you. We have been very successful at making it a smooth, easy, win-win with for our valued owners. We feel having a great rapport with the tenant(s) is key, as well as having over 10 years of experience with Real Estate Sales & Property Management. However, if you were referred to us by your real estate broker, we will contact him/her on your behalf to alert them and help you in any future transactions. It’s ethical and fair. Our motto is “Sell with Success & Buy with Confidence!”
How and when do I get my checks?
We disburse to our clients within 10-15 days from rent receipts. Remember we need to make sure the funds have cleared the bank.
How is rent collection handled?
Tenant has the ability to pay rent online, by mail, in the office, & at any 7/11 stores.
How long of a lease do you sign?
Typically we sign 12 months leases and re-assess the property conditions, market value and tenants’ payment history before offering a renewal. Also, we insert new laws that might benefit you in the new lease. Things change from time to time and you need to be protected.
How much security deposit do you charge the tenant?
One full month’s rent is collected before every lease. Additional Security Deposit is also collected on instances that the tenant is offered the option to mitigate any risk associated to their application background.
How soon can you start managing my property?
We can start the management of your property as soon as the agreement is signed. We use a simple electronic signature format so that it is hassle free, in which can be signed from your smart-phone.
What type of properties do you manage?
Single family residential properties like homes, condominiums and townhomes.
What type of reports do I get and how often?
You will receive a monthly Management statement that includes income and expenses. Also we provide annual expense reports and IRS required forms.
Who holds the tenant security deposit?
We do. Remember the Security Deposit is the tenants money until is time to part ways. Since we manage the property and we are versed with the law requirements, you are better off letting us handle the Security Deposit.
What is your process for handling service requests? How long does it take to make repairs? Do you have existing relationships with local venders? Is this usable for tax write off?
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.
If the cost exceeds the agreement threshold of $300, we will contact you for approval and/or guidance.
Though we have existing relationships with vendors, if you have a preference, we are happy to utilize their services too.
For tax queries, please refer the case to your accountant.
What steps do you take to market the property?
Many property management companies only upload listings on Craigslist or the MLS.
At Triumph, we market every listing on over thirty websites, including paid and unpaid site – for example: Zillow, Realtor.com, Trulia etc.
Is there an eviction warranty?
Other companies provide an eviction warranty which is bogus. That’s because an eviction warranty is not necessary if we, as property managers, qualify a tenant. Even if/when an eviction is necessary, funds are deducted from their deposit and never from the landlord.
If we decide to sell the property, are we obliged to use Triumph to sell the property?
Our agreement stipulates that Triumph has the first right-of-refusal to list your property. We hold a Broker license to list homes and purchase for buyers. Typically, we have investors that are already interested in your home to purchase.
Is it necessary for a landlord to become an Inc.?
It is not necessary to have a corporation. We recommend that you consult your accountant for the most optimum tax strategies.