Whether you’re renting out your precious apartment or have bought a buy-to-let house as an investment, it’s still your precious palace and you’ll want it to be looked after properly, not just by a good property manager, but an excellent one. You’ve probably spent a vast sum of money on your property, put a lot of love into it, and expect your tenants to treat it in the same way you would. This is why you need to find a reputable property manager who will care for your home and keep an eye on tenants to make sure they don’t misbehave.
Most websites use the words ‘dedicated’ and ‘quality service’ but these are just empty words as anyone can write them on a website. So how do you find a property manager you can really trust? Considering these points when looking for a property manager in Paphos will help ensure you find the best:
1. Meet Face to Face if Possible – when you meet your property manager do you feel at ease with them? Do they reassure you that they will take care of your property and are they professional? First impressions count for a lot and you must be comfortable with the person who is going to manage your home. Are they efficient? Do they return your calls and emails promptly? Are they dressed appropriately? Are they clean? What kind of car are they driving, is it clean and well maintained? How experienced are they, how many years have they been in the business? What kind of education and background do they have? How many properties do they manage? Do they own their own properties? Are they knowledgeable about the property market in Paphos? Do they have staff and an office or do they keep costs low for the owners? Do they try to do all the jobs themselves or do they contract out to specialists who are more expert at the jobs? If they get defensive or behave like they don’t have time to answer your questions then they are not interested in getting your business and they are too busy to look after your property.
2. Tenants – ask the PM how they find and select tenants. A good one will have a meticulous application system and a network of licensed agents that they work with. They should check references, meet the potential tenants in person, help to select the best one for you, and follow up any issues immediately. They should take care of the transfer of the utilities and liaise with the agent to make sure that the contracts are signed and the tenant is properly settled in. A good PM is responsible for keeping your tenant happy as a happy tenant will stay longer and that means more money in your pocket, less vacancies and less risk on new tenants. Some of our tenants have been in property 5+ years!
3. Finance – Accounting practices should be efficient and operations established as much of property management is keeping track of incoming rent and outgoing expenditures on repairs. A good PM should charge VAT and be registered with the social insurance. If they follow taxation rules its more likely that they will be ethical in dealings with you. Its a good idea to check if your PM intends to make commission on repairs and problems as this causes a conflict of interest which you will feel in your pocket in the long run. If the cleaner or handyman is offering you PM services….run a mile! Make sure your PM specialises in property management and they are not an agent or else they will only care about the commission from placing a tenant.
4. Availability – it’s essential that a property manager has a team in place that is on call 24/7 to deal with any emergencies that may arise. An excellent property manager will have at least 5-10 specialists that they can call at any time to deal with any specific problems. Do they know how to use a smartphone? Nowadays technology makes the best PMs stand out. We are in instant video communication with owners so all problems are immediately reported and decisions on remedial actions are make on the spot.
5. Clarity – expect a good property manager to prepare a contractual agreement in writing regarding the management of your property that will be agreed and signed by both parties. Clauses should cover best practices regarding payment of utility bills, inventories, inspections, renewals, maintenance and cleaning.
6. Reputation – Ask to see testimonials from both landlords and tenants. Does the PM actively advertise their company? If a property management company ranks highly on a Google search and has a clear marketing strategy then they are serious about expanding their business. A great PM has an awesome reputation as they pay handymen on time and are well respected by the whole community. That mean that when they call someone to help, they come fast.
7. Character – What makes an excellent property manager stand out from the rest? To provide A* service they must be polite, have high emotional intelligence and be able to anticipate clients needs. They should be efficient and react quickly to solve any problems. You need to trust that they are good decision makers as if they can’t get hold of you they will need to decide on your behalf. Someone who is down the pub most afternoons is probably not a safe bet! They should be well educated in Finance, Economics, Cyprus Property Law, Development, Customer Service, Taxation (we have invested heavily in certificates and qualifications). They should be very patient to deal with complaints and problems and be calm in a crisis. They should be able to make solid decisions in an emergency. Diplomacy is very important for a PM to keep both tenants and landlords happy. They also have to be quite strong incase they need to deal with a problem tenant and evict them on your behalf. As with most jobs a great sense of humour helps destress tense situations so make sure the PM you choose has a good one!!
We offer peace of mind for less than €1 per day which is great value for a stress free investment. We take care of all the details so you can just relax and watch your property blossom and the rent grow in your account. Contact us today to find out how we can help your property reach its maximum potential!!
Melissa M. Lowndes (BSc, MSc HONS)
Meli Property Services
‘Expert Paphos Property Management’
www.MeliPropertyServices.com
Mobile: +357 96 434 515
Skype: melipropertyservices
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