In Cyprus the concept of good Property Management practices has yet to enter the mainstream. Most property owners are under the impression there is nothing to be gained by investing in a property before it is eventually sold – they believe they will still receive the same offers, both in terms of amount and speed. Most likely, they hold this view because the local real estate market, while a significant sector of the economy, still adhered to old-fashioned ideas. Property Management abroad is considered to be a necessary practice that maximises property value and increases performance, which explains why there are so many companies exclusively working in this particular area.
In Cyprus with banking institutions and real estate Asset Management companies adding several properties into the market, competition has intensified, and it has become increasingly important for properties to stand out.
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. Real Estate Developers and Agents are aware of this trend and most of them include property management services in the amenities offered.
Services Provided
The services so provided by the developers include daily maintenance and rental services for leasing the property to tenants. Such services relieve the investors from the headage to manage 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.
Since most of these properties are leased out to tourists, it is important to ensure that they get prompt and cordial services from 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 rates are based on a nightly, weekly or even monthly basis.
