Letting Agencies
Letting Agencies
Weigh up the pros and cons of using a letting agency to handle your
bookings. The advantage of handing responsibility over to an agency
is that they generally deal with all the practicalities for you – from
the booking enquiries and money transactions to the cleaning and
maintenance of the property.
This is ideal for owners who don’t have the time – or inclination
- to deal directly with customers themselves.
The main drawback of using agencies is that they charge a substantial
commission for their services, so reducing your profits – sometimes
by as much as 25-50%.
Some agencies will provide a fixed income for certain types of
property in high season (e.g a villa with private pool in a
Mediterranean coastal resort in July/August).
Make sure you know exactly what price the agency plans to charge
clients – and what commission they plan to take. Dissatisfied clients
who feel they’ve been overcharged by greedy agents are more likely
to cause problems in your property.
Also check exactly what services the agency provides. Some provide
different levels of service, depending on how much you’re prepared
to pay and on whether you have a local manager handling certain
aspects of your property letting for you.
Ask whether the agency inspects the property before and after each
let and does this include a full inventory inspection? Do they check
tenants into your property and explain how the various major appliances
work? Will they organise running repairs and maintenance and provide
written reports? Are their staff on 24-hour call-out in case of
emergencies?
Make sure you know exactly what you’re getting for your money -
because the cheapest agent isn’t always the best or most reliable.
Talk to fellow property owners in the area to see if they can recommend
a good agency – or if they can advise you which companies to avoid.
Decide whether you want the same agency to look after your property,
swimming pool and garden. Many owners prefer to employ a different pool
maintenance company and/or gardener so there’s someone else keeping an
eye on the place in their absence.
If the agency isn’t doing its job, the gardener might be able to tip
you off…and vice versa!
The Black Art of Buying Property in Cyprus™ ®
The Cyprus Informer™ ® ©
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