Cyprus real estate: do I need to hire a property management company?
The Cyprus marketplace is an excellent place to make significant investments. Much better than what one can do in the stock market with invest in stocks. Of course: good advice is a fundamental factor to have the best information on investment opportunities. Having a real estate agent will prevent us from making mistakes that can later be paid dearly.
Perhaps having a single property in Cyprus is easy to manage, and the presence of licensed estate agents is not necessary. But with a wide range of properties, it is best to go to a property management company.
For now, you should know that property management companies are the intermediaries par excellence between the owner and the tenants. The most important has offices in Nicosia, Paphos, Limassol, and Larnaca, with a wide variety of services focused on the real estate industry.
The essential thing is to go to those with proven experience of the estate in Cyprus. This experience is necessary to save money and time. The real estate market offers many opportunities, but they can be costly if we make the wrong decisions.
Licensed real estate managers are responsible for the purchase and resale properties. And not only that, they know each town in a particular way and the peculiarities of its inhabitants, which allows future tenants to be chosen in a better way. Once they have been identified, they follow a series of protocols that would enable them to be evaluated. This implies gathering personal information and carrying out all the verifications that reveal the background of future residents.
Finally, they are in charge of drawing up the rental contract with all the considerations of each case, based on reliable information. It must be taken into account that many of these contracts are long-term, so it will be necessary to consider the updating of prices, amortization of movable property, and other issues.
For now, it is good to contemplate some tips to help us know if it is necessary to hire a property management company.
1. You own too many properties: if you have more than three properties for sale or rent, it is best to identify a manager of our properties in the property market.
2. Distance problems: many times, an excellent investment is made in a property, but the investor is far from where the purchased house is located. In this case, it is also best to have a property manager. Imagine that an accident may occur or any situation that requires immediate attention. In this case, we suggest a high-quality service that can solve any problem.
3. Lack of time: lack of time is reason enough to decide to hire an administrator. If the work takes us a large part of the hours of the day, it is best to organize our real estate administration with a professional. So we have only one property.
4. You'd rather not: Many homeowners prefer to avoid management. It even happens with those who have luxurious properties. Cyprus investment world has many cases of investors buying a property and then fully delegating their administration to an estate agent.
5. You want to live quietly: many prefer to get rid of a problem and have time to do other things. Perhaps earning a little less money to manage our property allows us to have more free time to practice our favorite sport or spend time with the family.
How to find the ideal property manager
Finding it is pretty straightforward. It can be obtained from the reference of other property investors, from reviews in newspapers, and in magazines and websites.
Hiring a property manager is a lot like hiring any professional service—many web search engines show the best property administrators. And also with the best reputation in each city. They even have the evaluation of users, something fundamental for the times. An important fact: there are specialized property managers with a focus on certain types of properties.
In most cases, property managers charge their fees based on a percentage of the first month's rent. With that percentage, they cover the costs of administration, leasing, and advertising, certificates, background checks, and others. Then, it charges a monthly fee ranging from 6 to 10% of the gross rent. There are also cases where a flat fee is charged every month.
For now, it is always good to take prudent time and think. And when in doubt, consult with a friend who will surely help us make a better decision.