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Property Management: what is it?

Things to consider when looking for a property management company

Are you a new property owner in Greece?

Congratulations!

You are now part of an exciting new landscape in European real estate in one of the most beautiful countries in the Mediterranean.

What now?

After many successful sales and fruitful management relationships, we have a identified a common gap between acquiring a property and benefiting from investment gains. This gap consists of obligations and costs that often catch new owners unaware.

Educating clients about this gap is a big part of what we do. It is usually daunting at first - like a plane landing immediately after take-off. However, we are confident that we can bridge that gap for you, as we do for many current clients.

Let’s take a closer look at what’s needed after you’ve bought the property and before you can enjoy your investment paying off:

Repairs/renovation work

If you are looking to rent your new property, it will probably need a face-lift. Whether this means a simple paint & clean job or more extensive repair (renovation, electrical/plumbing work, casings replacement, etc.), making the space livable and energy-efficient means renting quickly, at a good price and with the added long-term benefit of decreasing your portion of the energy bills.

Utilities

Some of the utility bills burden the owner exclusively, while others are split with the tenant. Heat and water should be switched to your ownership with local providers. If your property is in an apartment building, it is common practice in Greece to divide the utility costs among each property owner through what is known as shared expenses. For more details on these, you can check

this article⁠

(rough stuff is over - onto the bureaucracy...)

Accounting

As a new owner, you’ll now have to file an income and property tax with Greek authorities every year. This can be done by an accountant for a small fee.

Insurance

Did you buy your property to participate in the Greek Golden Visa program? The program offers the most competitive rate in Europe for a residency-by-investment scheme (€250,000)*.

Apart from the investment amount, Golden Visa holders are required to purchase insurance from approved contractors. This can apply towards 1st degree relations as well. Insurance be procured by a certified broker for a small fee (you’ll notice these add up...).

(now, it wouldn’t be bureaucracy without...)

Legal

Are you staying within the country? If not, you may want to grant power of attorney to a trusted representative to conduct and supervise the above actions for you. A lawyer can draft this for [yet another] fee.

If you’re living in the property yourself with or without family, then that’s it! If not, let’s find someone to pay you instead...

Tenant screening

Finding a tenant can take time and it is important to find the right fit. By Greek law, leases can last for a year at minimum and you want to feel at ease about the person who remains in your property for that amount of time.

They should take care of your property, pay rent and bills on time and notify you promptly about any issues that may affect your property.

Any deviation from this could be a breach of your lease agreement, in which case you may have to take legal action (note: the Greek justice system is not known for its response times...).

Maintenance requests

As the property owner, your lease agreement makes you responsible for upkeeping the property to an acceptable, livable standard. Maintenance issues may arise due to unforeseen circumstances (e.g. extreme weather conditions, damage to adjoining properties), improper use, building age, utilities malfunction, etc.

You need to be in a position to triage issues, suggest solutions, evaluate results and then commit to any necessary expenses with the appropriate technician(s).

(phew - that should cover it all!)

That’s quite a lot, isn’t it?

Don’t worry - that’s where we come in!

A property manager takes care of any and/or all of the above for you. Here at

Apollo Home⁠

, we pride ourselves at being an efficient one-stop shop, with many services provided in-house in order to maintain a clearer view of your individual property needs and respond as quickly as possible to any investment requirements.

Our legal, accounting and technical partners have been tried and tested and provide everything we (you) need at competitive rates.

Additionally, we are committed to improving our services by constantly perfecting our bespoke systems and manage your data and investment responsibly and transparently. This includes making it available for you to monitor your ROI in real time - stay tuned!

It IS a lot. And we do it ALL. Get in touch with us to get a quote today.

⁠

* At the time of writing this article (Sept 2022), Greek Prime Minister Kiriakos Mitsotakis has announced increasing the Golden Visa participatory rate to €500,000. The effective timeline is yet to be announced.

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