Although that short-term letting is illegal in Cyprus, you may find many estate agents that offer a letting service and even a buy-to-let service.
If you want to let a second home and you do not have much extra time, it would be better for you to use an agent, who will proceed with everything and save you the time and money from advertising and finding clients.
Agents commission is usually between 10 - 20 % of your rental income, part of this amount can be recovered through higher rents. They may provide a range of services to suit your needs, including property management, advertising and administration. If you wish your property to be shown in an agent’s catalogue or website, you should contact him a summer before you wish to let it, as the deadline for catalogues is usually September.
It is very important to employ a reliable, honest and, if possible, long-established company. You should always ask a management company to confirm rental income claims and tenancy rates by demonstrating you examples of actual income received from other properties. Inquire the names of satisfied customers and contact them.
Other things you should ask a letting agent may include:
- When the letting income should be paid;
- What extra charges are made and what they are for;
- Whether they offer detailed accounts of income and expenses;
- Kind of tenants (what nationalities, families or singles, children, animals);
- How are they going to promote properties (the larger companies promote properties for rent via newspapers, internet, magazines, colored brochures and have representatives in a number of countries);
- Whether you are expected to cover costs of marketing;
- Whether you are free to let the property yourself and use it any time you wish (many agents do not allow owners to use their properties during July and August).
Management contracts usually valid for one year and they should comprise emergency repairs, routine maintenance of house and garden, including pool cleaning and lawn cutting, arranging linen cleaning and changes between lets and providing guests with necessary information and assistance (24 hours a day in case of emergency). Agents may also provide a representative to meet guests and check that everything in your property is in order. They also make periodic checks and ensure that everything is fine. The services that are offered by estate agents usually depend on type of a property: whether a property is a budget apartment or a luxury villa.
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