Letting Services Cyprus and UK Based

Should home owners wish to let their property at any time, whether managed or maintained by Medina or not, this can be arranged and managed. If the owner wishes to only have friends and acquaintances, these will be looked after as requested. If the owners wish the property to be marketed for letting then this can be done via the web site, as part of internationletting002al marketing, and/or from the Medina Offices only, as requested as part of the selective marketing programme now known as the Tailored Service. The UK office will also look after all enquiries made in the UK, and will be marketing the Tailored Service nationally in selected locations and with selected organizations. This latter service will help to ensure that if appropriate, only selected people have access to these properties. The merit of this service can be discussed with either the UK or Cyprus offices.

There is a charge for setting up the letting only service, to cover time on inspecting and deciding suitability, drawing up inventories, advising on likely income, and agreeing a price. Medina have done extensive surveys that are updated, on the average rental income for different periods of the year, as well as markers for extra or lesser charges according to the position and state of the property. Many people wishing to let d have an inflated idea of the income from their property to be made from letting, and as a result they get few takers and make less income over the year. Although there are very few long term rental (see TCRRS below), there are a lot of properties to rent short term in the warmer weather, and so prices need to be kept down to ensureletting003 an income.

Although the Letting Service can be engaged without the Management Service, this does mean that the properties and those renting will only be looked after during the period of rental, not outside. This may mean that for many months no one visits the property. It also means that all repairs have to be paid for by the owner, although they are arranged by Medina. Very quick repairs that hinder the smooth running of the let will be done on the spot if possible and without charge, otherwise artisans will have to be called in. Costs of this have to be borne by the owner, either from the float they must deposit with Medina, or is taken out of the rent if the float has dropped below an appropriate level.

In addition all laundry and cleaning has to be paid for, the gardening service only includes a quick clean up before letting, not a ‘spring clean’, and may well have to be charged if any time is spent on the matter.

It is normal for owners to provide sufficient furniture, bedding, crockery, eating utensils, glassware, kitchen utensils and wares, cleaning and gardening equipment, for those renting to live in comfort, and carry out daily chores. This includes heating of some sort in the winter. Medina have basic lists for owners to check off, and for Medina to check when a property is offered to us for letting. We are able and often have brought properties up to specification by pricing and offering to buy the deficient items. As we have agreements with a number of suppliers and discounts, this can prove less expensive. It includes bringing soft furnishings up to date, using our interior design team to source suitable new and second hand (if appropriate with furniture) items.

People wishing to rent will be helped in selecting and making their travel arrangements, with transport and car rental in Cyprus, and will be supported as appropriate from the time of arrival to departure. Cleaning and food purchase services will be available, weekly and end of visit laundry, as well as central office services should they need them. More information is available under Medina Trading.

Medina have arrangements with a number of Turkish Cypriots, who do not wish their properties to be made available through the normal channels due to the costs incurred, to arrange letting. For this reason we probably have more properties than many others. This is known as the Turkish Cypriot Residents Rental Scheme. In essence Medina find the customers, arrange a meeting with the owners, and if owners find the customer suitable then arrange all the paperwork. The costs of this is borne by letting001the owner and customer jointly, in that inventories need to be made up, and legal agreements signed.

The average costs of rental in North Cyprus are shown on the attached table. This is an indication of what one can expect to be able to charge, but also how much it may cost to rent. In the case of properties on the Tailored Service, this chart should help people decide what it is thy would like to rent, so that information can be sent to them on the choices available.