For those who invest in housing in Cyprus for renting and intend to permanently live on the island, real estate experts recommend entrusting the management and maintenance of the property to specialized companies. These are companies that will ensure that your interests as a landlord are protected, and that the property is in complete safety and that it is constantly cared for.
The most important task when working with such specialized organizations is the competent conclusion of an agreement with the penalties prescribed in it. Due to this, while abroad, you can not worry about the condition of your property and receive a stable income from its rental.
Why you should not be engaged in management independently?
If you come to Cyprus occasionally and plan to remotely deal with rental issues, then you need to consider that you will have to deal with such moments as: finding tenants, handing over keys, exchanging documents, receiving an apartment after tenants live there. All these issues require a personal presence, and they cannot be resolved at a distance. Therefore, it is necessary that you have a competent representative who, in addition, has experience interacting with tenants and resolving situations that arise in the process of letting and accepting real estate.
Turning to a management company means saving your time and avoiding problems with tenants. To date, this is the most suitable way of managing real estate for investors who live in Russia and rent real estate abroad.
Who is involved in property management abroad?
The care of your property can be entrusted to a real estate agency, developer or management company. We will talk about the principles of work of each of these organizations.
Real estate agencies provide services to manage the customers who purchased the property from them. For example, an investor buys a tenement house and immediately concludes a management agreement with his realtor. Further, all issues relating to rental and maintenance of housing, decide the professionals of a real estate agency. This option is convenient in that the investor receives the whole range of services he needs in one organization: from acquiring an object to subsequent management.
Developers are involved in servicing the facilities they have built (usually apartments in resort complexes), and this option of the manager is ideal for those who purchase housing in new buildings. The conclusion of the management contract with the homeowner occurs simultaneously with the signing of the contract of sale. Investors are also very active in Cyprus, who live in the purchased property once or twice a year, and the rest of the time they rent it out.
If the owner does not plan to rent the property, but needs maintenance services, he can use the help of a specialized management company or a partnership of homeowners.
HOA – this form of self-government, which is created from the owners of real estate. Such an organization deals with administrative matters related to the maintenance, repair and payment of utilities, and the landlord will need to pay the partnership fees, which in Cyprus are, on average, € 50-100 / month.
Management companies are specialized companies that provide consulting services and perform work on the maintenance of real estate. They are looking for contractors and conclude contracts with them, hire staff to perform work and provide all the conditions for the housing to be in good condition. The advantage of such organizations is that they are “sharpened” for maintenance services and provide quality service. But such organizations, as a rule, do not deal with rental issues.
What Real Estate Management Includes
Organizations involved in the maintenance of real estate and management provide the following services:
solve issues related to rent: publish real estate advertisements and find tenants, draw up and conclude leases for premises, and also make sure that rental payments are made on time and in full;
control the costs of housing maintenance: pay utility bills and taxes, arrange insurance for the property and, in the event of an insurance event, record the damage caused, draw up regular reports for the owner on the maintenance costs of the property;
provide cleaning and maintenance of housing: organize cleaning of premises before the entry and after the departure of tenants, as well as cleaning of the adjacent territory and maintenance of the garden;
monitor the implementation of repair and construction works: control the construction period, perform tasks on the design and modernization of real estate;
provide a number of additional services: receiving and forwarding mail, purchasing products before the arrival of tenants or homeowners, etc.
In the management contract, the entire list of services provided and the conditions for their receipt are prescribed. Thanks to the work of the management company, it is possible to solve absolutely all issues related to real estate, being in another country.
Management cost
On average, the cost of a manager’s work is 10–20% of the monthly rent. A standard package of apartment management services consisting of opening a trust account, paying current expenses and paying income to the owner will cost € 50 / month. If additional options are connected (payment and connection of utilities, documentary work with tenants, repairs, insurance), then the total cost of management will be about € 100 / month.
Reliable service and management
Our company provides a wide range of services for the maintenance of real estate and management in Cyprus. We work with trusted contractors and provide quality housing maintenance services, as well as efficient and effective facility management. You can always get from us full information about the state of your property, transparency and reliability are the main principles of our work.
Our employees will take care of all issues related to tenants, and you can, being in another country, not to worry about the condition of the property and your financial benefits from renting out real estate.
We carry out a wide range of housing maintenance work: from cleaning rooms and caring for plumbing, ending with cleaning the house area and caring for your garden.
Our task is to provide maximum comfort and peace of mind for the client, which we successfully cope with thanks to a team of qualified specialists.
