Property Management in Cyprus

The exotic island of Cyprus is surrounded by the beautiful Mediterranean Sea and boasts of a pleasant and sunny climate. Apart from being a very popular holiday destination, the real estate scenario in Cyprus is also very lucrative. Over the years, there has been a significant rise in the number of international investors. By purchasing a property in Cyprus investors can merge investment with pleasure. The mouth-watering Mediterranean cuisine combined with warm Cyprus sunshine makes Cyprus an ideal place to relocate after retirement. English common law being the basis of Cyprus laws, the rules governing property dealings are straightforward. As per Cyprus law, all property owners, irrespective of their country of citizenship, enjoy same property ownership rights. Foreign investments have led to a tremendous increase in the number of villas and apartments being offered for sale in Cyprus. With the real estate industry booming in Cyprus, property management services is also in huge demand. They offer incredible services from basic cleaning and maintenance services to complete property management, which is required by property owners who do not occupy the property.

Property management services are crucial to property owners who purchase the property merely for the sake of investment and then offer it on lease to tourists or tenants. Contemporary developers and builders are aware of this trend and most of them include property management services in the amenities offered. The services so provided by the developers include daily maintenance and rental services for leasing the property to tenants. Such services relieve the investors of the trauma of managing their properties and chasing tenants and negotiating with them. To enjoy a stress-free investment, investors must first invest some time in locating suitable property management services that can cater to their specific management requirements. The most important criteria for selecting a company is its standing in the real estate market. Though these types of services are relatively new in Cyprus, a few companies have been in this field for quite some time. You can go through the list of clients that the company has served before and ask for references. It is advisable to first evaluate your requirements and decide the extent of services you would like to opt for. For instance, depending on the type of property you have, you can decide whether you require pool maintenance or garden maintenance. The other way round is to ask someone who is already using such services to recommend a property management company. Ask your developer about such services, as they have an up-to-date knowledge of such companies. You can also search online for such services that provide information about the types of services offered in detail. Most reputed property management companies have a virtual presence and accept online bookings.

Since most of these properties are leased out to tourists, it is important to ensure that they get prompt and cordial services from your management companies. Tourists prefer to stay in such accommodations, as the rates offered in high season are much lower than the ones offered by reputed hotels. These properties can be condominiums or cabins and rates are based on a nightly, weekly or even monthly basis. Many investors who wish to hire a property management company actually stay in one of the properties managed by the company to evaluate the quality of the services offered.

Absent investors who own a very small apartment can also benefit form property management services? They can opt for basic housekeeping services to ensure that their property is well taken care off.

Another crucial aspect of property management is the fee charged for their services. Fees will vary according to the type of services offered. It is important for property owners to understand the break up of the charges. When you approach a company, they will inform you about the mode of payment, and whether you would be charged on a monthly basis or a quarterly basis. When an investor enters into a contract with the company, they inform investors about the manner in which they maintain accounts of the expenditure and the frequency of sending expense reports to the investors. Generally, property management companies advertise about the property to generate business from tourists. As their customer, investors have every right to know the medium of advertising that will be used and the fees for the same. Investors should also be aware as to who would actually handle their property. It is always better if the same person manages your property matters all the time.

Typically, property management companies offer a variety of total care packages that are tailored to meet individual requirements. Property owners who wish to rent out their villa or apartment can select from a broad range of services, which are generally supported by a 24-hour customer service. Services offered would either be on a regular basis or on request turn around service for property owners who would like maintenance periodically. The standard services for such people include cleaning all the rooms, kitchen appliances, emptying cupboards and refrigerators, changing towels and bed linen, sweep, dust and polish, and cleaning windows. The company also conducts a check on the property to see if there are any damages. For properties that are going to be vacant for a while, the company ensures that all the electrical appliances are unplugged. Premium services are offered to people who require around-the-clock maintenance for busy rental apartments. These services include regular management, house keeping and 24-hour customer services for the guests, after departure cleaning, regular deposit of rental income to the owner�s bank account, and monthly expenditure statements. To enhance their guest services, they even offer meet and greet services wherein the guests are greeted and brought to the property and are provided with the necessary local information. They also provide excellent advertising services so that owners can reach out to customers around the world.

Many reputed property management companies manage the property with the help of property management software. This software is a computerized program that enables effective management of property as well as accounts. It is important for foreign investors to insure their properties against any potential damage to the property by the property management company or the tenants.