Property Management

"I received a call the other day from one of my staff in Cyprus who informed me that an investor's pool was in a terrible state and had clearly not been cleaned for some time. As many readers will know, not cleaning a pool has serious consequences for the mechanism and can lead to a significant financial outlay for repairs. Additionally, when you are paying a fee to a company or individual for a service, then you rightly expect a job to be done properly. Not in this case and the owner is fortunate that my staff member was walking past and we were able to inform him of the problem.

As Warren Buffett says, "price is what you pay, value is what you get."

This type of incident is not confined to Cyprus and happens the world over as some pool maintenance companies increase profits by not cleaning pools between visits........but you ultimately pay the price......twice! Once in the form of the monthly fee and then for the subsequent repairs when it all goes wrong.

It is very important that when you buy property overseas, you investigate the post-sale support in terms of property management and lettings.

I take property management very seriously, as do my staff, and commit to provide the best possible service to our clients. I also use my property management company to service my own private properties which was also a driver to set-up the company in the first place, as I did not have faith in some of the local property management set-ups.

If you have property in Cyprus or any other country you need to keep a close eye on pool maintenance over the winter season or you may be faced with a hefty repairs bill in the Spring."

Nick Says:-

Very good point, however, there is another issue they have missed.

Firstly you must, MUST, deal with a developer that can do maintenance contracts, that is one of the reasons I chose Jewel of Cyprus , they provide these contracts for their properties.

It`s not just that you will need the pool to be cleaned (although it is a good reason), moreover, it`s the building itself that needs looking after!

Think about it, with 40 degrees and strong sunlight, what do you think that will do to a building over a period of time? It`s going to cook it!! Whilst I was over there last year choosing my flat, one of the chaps at Jewel of Cyprus took me to look at an un-managed property to see what happens if you don`t look after your investment. The rendering was falling off, the windows were in bad shape etc etc and this was on a building that was only a few years old!

In the UK we take it for granted that there will be a maintenance contract with all out flats, what you must remember is this, over there they don`t!

So as much as the pool needs to be looked after to attract your precious Clients you also need to protect your investment so it can attract those Clients for years to come.

If there is anything else you would like to know about investing safely in Cyprus please drop me a line nicktadd@mac.com .