Property Management

Services – Cyprus Property Management

Providing property management has become increasingly more important now than ever before especially with the booming real estate industry in Cyprus. Great emphasis is to be placed on the property management to give your property the competitive edge.

You purchased property in Cyprus for investment and as an income generating asset? YES we hear you say. Have you maintained it though efficiently especially if you expect to maximize returns on this investment?

Read on about property management and our full services in Cyprus.

Overview of Cyprus property management services

If you’ve engaged the services of a property management company please note that their function is not merely to collect the rent and pay outgoings but to look after the property, attend to maintenance and repair, supervision of staff and negotiations with prospective tenants.

You will come across numerous companies offering property management services in Cyprus. How good or bad they are you will only find out once you have employed them to manage your property. Unfortunately this is the case all over the world and Cyprus is no exception.

Whether you engage a management company in Cyprus or elsewhere in the world and you start having problems with the management company you will no doubt discover that contrary to what you may have been led to believe, the management company is seldom responsible to you for anything. Make sure therefore that you get in writing for what the property management company is responsible for and what they are supposed to do and not do for you. Discuss and reach agreement on the following matters and insist on you getting this in writing:

  • Communication to you- the property management company is obliged and must tell you what is happening in the management of your property AND regularly.
  • Due diligence- the property management company promises and undertakes to do its very best when managing your property. The company must exercise that amount of diligence which a reasonable and prudent man would exercise under the circumstances. By managing your property the management company is after all expert in this field. Or are they?
  • Rendering of accounts- insist that you get an account regularly and not every 4 or 6 months. We insist on monthly and very often every two weeks. Why should you wait for 6 months? Do not accept this under any circumstances from any property management company.
  • Termination of the agreement- agree precisely on the duration of the agreement and on the basis upon which you can terminate your agreement with the property management company.
  • Maintenance and repairs- normally it is standard that the management company handles the maintenance and repairs. In attending to maintenance and repairs the company should use reasonable care.
  • Cancellation of tenancy- if tenants don’t pay you must be notified immediately and not 6 months later. This applies more to long term rentals than to holiday lets. But even in the case of holiday lets tenants should not be allowed into the property if they have not paid unless agreed to the contrary with you.

LPN Cyprus property management services

Property management is about YOU. We specialize in meeting and exceeding your unique property management requirements. We value our customer relationships and as a result, these relationships tend to last a very long time. Our commitment to excellence and professional service coupled with responsiveness and adaptation to market trends ensures that we provide the highest calibre of property services to our clients.

We are a full-service property management company providing a turn-key management in Cyprus. We manage properties across Cyprus, ranging from holiday apartments to holiday villas. Our diverse background enables us to meet a multitude of needs in Cyprus.

Our main purpose is to provide our clients with an excellent level of service, the majority of which are foreign investors who have decided to own property in Cyprus. We appreciate the seriousness of looking after your property in Cyprus, and realize the full implications that this entails.

Our services range from administrative, financial management, contract procurement in addition to maintenance. We have both on and off site property management as well as financial only management services. We will provide property owners improved cash flow and increase property values through exceptional services. We will develop goals together with our clients and not alone. Our services are tailored to meet our clients’ needs and with each and every client develop minimum standards expected of us.

Above all we maintain a professional approach to property management, as is the case with all our business, which embraces integrity, commitment loyalty, trust and mutual respect. This applies across the entire company and all our staff are fully committed to demonstrating these qualities when dealing with all our clients without exception.

We firmly believe and stand for full customer satisfaction and exceeding customer expectations. You can rest assured that you are in good hands and that your investment in Cyprus is kept in great condition. Furthermore we can make your Cyprus property work for you and pay back its investment. We are proud of what we do, and if you wish to become one of our happy clients please contact us.

Advertising your rental property in Cyprus

Advertising your rental property in Cyprus in the first step to finding a good tenant. At LPN we have extensive experience in advertising rental properties. In addition to advertising in the Cyprus newspapers and on the internet we have the huge advantage of being associated with a U.K. based consortium that refers clients to us. Often we have a waiting list of prospective tenants for properties in Cyprus.

As part of our advertising strategy we market through various media services to obtain maximum exposure and to this end we have:

  • An aggressive marketing program.
  • Ads on major search engines, online classifieds, off-site marketing, special promotions and events, direct mail and more.

Whilst vacancy is unavoidable we do everything possible to keep an above average occupancy rate. Our advertising is the key to our success. Not forgetting our own website which is one of the first site potential tenants turn to when looking for properties in Cyprus. In a nutshell we use all the latest technology and means to rent your property.

Let us manage your rental property in Cyprus. Advertising is just one of the many things that we do to make your ownership experience as profitable as possible. Contact us today.

Administrative and Financial

We will administer all the financial operations of your Cyprus property and account for all the details. We will:

  • Collect the rent and all other income on your behalf.
  • On your instructions pay your mortgage instalment, taxes, insurance, utilities, and any other regular expenses in Cyprus.

Our Cyprus property management service includes:

  • Sophisticated accounting system designed specifically and exclusively to handle the unique needs of property management.
  • Comprehensive financial reporting. You will find those statements to be concise and all inclusive.
  • Provide year-end statements of all income and expenses.
  • Conduct on-site routine exterior inspections and interior inspections on request.

We can tailor our Cyprus property management system to fit your needs.

LPN will maintain updated accounts which you and you alone, can view from our website. This happens with each property we manage in Cyprus. YES YOU CAN, and in your own time. Your account will outline all rental income, expenses and accounting functions concerning the property in Cyprus. At your request we will send you a hard copy as and when needed.

Cyprus property Rental values

For these owners who have not established proper and competitive retail values, we will be happy to consult with you to establish a fair market rental value for your property in Cyprus. This service is provided to all members at no charge.

Coordinating and scheduling maintenance and repairs

Our prompt response to any problems that may arise keeps tenants happy and encourages them to inform us of these problems in a timely manner. We use proven, reliable workmen who perform repairs quickly, and at reasonable prices.

Secure Key Holding

If you subscribe for our property management package, we will hold you two sets of keys to your property free of charge. We provide a key handover and call-out services which will be charged for unless you have subscribed for a package which includes this service. The key holding service will make us your Cyprus point of contact for you and for your clients in case of emergency or for any contractors should they need access to your property. Keys will only be handed over on your instruction and authority in advance.

Cyprus Property Inspections

For Cyprus property owners that do not live in Cyprus or spend time away from their property in Cyprus this is a must. Our staff will visit your property once a fortnight and:

  • We will examine your property for any damage.
  • We will open to air your property, flush toilets and run taps.
  • We will ensure that the property is clean and tidy, and test appliances.
  • If any problems arise we will assess this and report to you immediately.
  • We will collect any mail received in Cyprus and forward it to you.

You will be able to view our report on your personal page on our website as and when this takes place.

Arrival and Departure inventory check

It is common in Cyprus and recommended to use this service before and after guests occupy the property. When renting out your property it is important and we will carry out an inventory check with your guests both when they move-in and move-out. We will report back to you if there are any discrepancies. Three copies of the inventory lists are made, one for you, one for your guests and one will be retained with us.

Build Watch

If you contemplate building or have purchased a property off plan in Cyprus we will keep you advised of the progress. We will e-mail you progress photographs taken at stages of the build at agreed intervals. The norm would be once a month up to 15 images.

Payment to owners

We will pay you immediately on receipt or when the cheque is cleared if payment is made by cheque. This is much faster than most competitors and we will personally deposit money directly into your bank account if you have one in Cyprus.

LPN Cyprus property management packages

Our experienced property management team can provide you with a wide range of services. We have prepared the following packages listed below alternatively the range of services can be tailored to meet your very individual requests. On the other hand you can just choose part of the services that you require. Please feel free to e-mail us for further details.

A. Basic Package – Advertising only

This package includes

  • Review and inspection of the home and property in Cyprus.
  • Advising you of any deficiencies.
  • Determining the appropriate rental rate range.
  • Advising you of any capital expenses that will improve rental income or reduce maintenance expenses.
  • Advertising the property.

B. Standard Package – Advertising only

This package includes the basic package plus:

  • Bookings on your Cyprus property and updating the availability calendar.
  • Collection of rental.
  • Online reports and financial activity.
  • Direct deposit of all moneys to your bank in Cyprus.
  • After departure clean.
  • Mid-week clean is optional and can be arranged at an additional charge.

C. Basic Package – Property Management

This package includes:

  • Key holding
  • Spring clean
  • Property inspections

D. Standard Package – Property Management

This package includes:

  • Review and inspections of the property in Cyprus
  • Advising you of any deficiencies
  • Determining the appropriate rental rate range
  • Advising you of any capital expenses that will improve rental income or reduce maintenance expenses
  • Advertising the property
  • Key holding
  • Spring clean
  • Property inspection
  • Inspecting the property after severe weather to check for damage or leaks and arranging for any cleaning if required.

E. Deluxe Package – Property Management

Review and inspections of the property in Cyprus

  • Advising you of any deficiencies
  • Determining the appropriate rental rate range
  • Advising you of any capital expenses that will improve rental income or reduce maintenance expenses
  • Advertising the property
  • Bookings on your Cyprus property and updating the availability calendar
  • Collection of rental
  • Online reports and financial activity
  • Paying utility bills
  • Direct deposit of all moneys to your bank in Cyprus
  • Regular security inspections
  • Inspecting the property after severe weather to check for damage or leaks and arranging for any cleaning if required.
  • Key holding
  • Spring clean
  • Property inspections
  • Coordinating and scheduling maintenance and repairs

Whatever package or service you choose with us, you will receive a continued professional service knowing that your property is well cared for. Remember that as a member you will always be able to log on and see the status of your Cyprus property.

The choice is yours

The services we offer are available to property owners on an “as needed” basis. The choice of what you would like to include in your service package is up to you. We would be pleased to provide a quote on selected services, based upon your individual needs.

Whatever your requirements are, we are ready to meet your needs. Please don’t hesitate to contact us today to get started, or for more information.

Why choose LPN Cyprus property management service

We deliver what we promise: Simple as that.

Our primary goals are:

Increase your cash flow: We are resolved on obtaining the maximum rental for your home that market conditions will bear, thereby maximizing your income. We also strive to reduce the cost of repairs and maintenance using our extensive network of contractors.

Optimize rental income: With this and the high occupancy rates we achieve we can boast that often we have created more net income for our clients than if they managed their property themselves.

Reduce the vacancy period: We are committed to executing a marketing plan to rent your property as quickly as possible, thereby reducing the period that your property remains vacant and not generating income.

Protect your investment: We thoroughly manage your property in a discreet, professional and competent manner and as if it was our own.

Attend to the work for you: We attend to everything so you can relax knowing that your Cyprus property is in safe hands.

The LPN Cyprus property management advantage

  • More personalized attention
  • An unprecedented level of personal involvement
  • Personally accompany prospects to your property
  • Assist tenants to ensure a smooth move in
  • We are there for you and your tenants 24hrs a day
  • Property advertised to a targeted market and for maximum exposure
  • Tenants are qualified through interviews and references
  • Attention to detail
  • No surprises
  • We verify and/or determine your property’s fair market value and prepare a management budget analysis so you know exactly what to expect for the coming year
  • Immediate contact with the tenant if payment is delayed.

You will receive your personal account on a monthly basis.

  • Professional follow-up
  • Examine all repair work and approve invoices
  • Thorough move-in, move-out inspections
  • Compliance with Cyprus Law
  • Customized services

Decided you want to sell or rent? Look no further than LPN. Contact us to find out more.