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 Living in Cyprus \ Letting 


All you need to know about using letting agents

Despite the fact that short-term letting is illegal in Cyprus, you will find many agents offering a letting service and even a buy-to-let service.

If you’re letting a second home and you don’t have much spare time, you’re better off using an agent, who will take care of everything and save you the time and expense of advertising and finding clients.

Agents usually charge commission of between 10 and 20 per cent of rental income, although some of this can be recouped through higher rents. They can organise a range of services to suit your needs, including cleaning and maintenance, administration and advertising. If you want your property to appear in an agent’s catalogue or website, you must usually contact him the summer before you wish to let it (the deadline for catalogues is usually September).

It’s absolutely essential to employ a reliable and honest (preferably long-established) company. Always ask a management company to substantiate rental income claims and occupancy rates by showing you examples of actual income received from other properties. Ask for the names of satisfied customers and contact them. Other things to ask a letting agent include:

  • When the letting income is paid;
  • What additional charges are made and what they’re for;
  • Whether he provides detailed accounts of income and expenses (ask to see samples);
  • Who he lets to (e.g. what nationalities and whether families, children or singles);
  • How he markets properties (the larger companies market homes via newspapers, magazines, the internet, overseas agents and coloured brochures, and have representatives in a number of countries);
  • Whether you’re expected to contribute towards marketing costs;
  • Whether you’re free to let the property yourself and use it when you wish (many agents don’t permit owners to use a property during July and August).

Management contracts usually run for a year and should include arranging emergency repairs, carrying out routine maintenance of house and garden, including lawn cutting and pool cleaning, arranging cleaning and linen changes between lets, advising guests on the use of equipment if necessary and providing them with information and assistance (24 hours a day in the case of emergencies).

Agents may also provide someone to meet and greet guests, hand over the keys and check that everything is in order. The services provided usually depend on whether a property is a budget apartment or a luxury villa, for example. A letting agent’s representative should also make periodic checks when a property is empty to ensure that it’s secure and everything is in order.

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