Panos, I look forward to receiving details of the resales package that PS is putting together as we are now entering the crucial season


besides, the sooner I sell my apartment the sooner you guys lose this thorn in your side:-)

Mail well received. Will come back asap and try to do me best!

Regards

Panos, any chance you could answer my question put twice before about how you work on re-sales?
Huw

Dear all

As per my previuos info i will come back this week with full instruction for the snagging, management,rent and resales.

Best Regards

Still haven't received anything regarding your Resales package Panos - is there a problem with this? I am holding back from going to other Agents myself at the moment waiting to see what you have to offer us.

Also, still waiting to hear if PS have has any progress on the issue of the Final Completion Certificate, Deeds and finishing the Green area at Avlida. My questions keep getting ignored on this issue. It is quite worrying.

i.PA is going to use for snagging in Falcon court a company registered in the u.k. My contact Is member of the royal institute surveyor registered in the U.K. So you can do your own research once the company will be announced.

I have already seen the snagging reports that they use…They are extremely good and I will be myself personal assisting in Cyprus during the snagging on the 15th of May.

All communal areas will be checked as roofs, gardens, air conditioning etch.

So dear all my mission was to put down a professional project and do a good work as per me last mails posted on the blog.

Management, rental and selling will be also part of the all project.

If you need more details and info you can call me. Please send us an e mail if you want to use our services

Tooked a week more of time as our L&B department is revising the proposal and needs to aprove the contracts.

Hope this help.

Best Regards

Thanks Panos, this snagging service sounds Ideal for Falcon investors.

I will contact you directly about the rental and resales service on offer.

Jo

Dear Client



Sorry for the delay in forwarding the information I promised regarding the LCS service and what it entails, I have been trying to obtain as much information for you as possible.



Once you have read the information that I have provided can you please confirm whether you wish to take the i-PropertyAssets LCS service.



The LCS Service



The Local Source Completion Service includes the following (where applicable):

I-PropertyAssets will source and manage local property management advisers to employ local suppliers and ensure they carry out the highest standard of work possible for the lowest fees.

We negotiate on behalf of a number of clients on each development, allowing us to obtain lower fees than an individual would be able to obtain.

This part of the service ensures that clients can be handed the keys to a completed unit in a suitable state to let or sell - albeit without neither furniture nor minor fittings. Please see the Proxy Landlord section for more details.

I-PropertyAssets will continually monitor the performance of all local suppliers and service providers to ensure they continue to provide our members with the highest possible standards.

Where possible, I-PropertyAssets will endeavour to negotiate discounts for those who take up LCS, using the buying power of all clients.. Using our knowledge of pricing throughout several Eastern European countries and the scale of actual and potential business through I-PropertyAssets we were able to achieve extremely competitive prices for our clients.

I-Property-Assets is in constant contact with all our local partners and suppliers; gathering information on the progress of work, anticipating any problems, resolving them and ensuring that, as best we can, all work is completed on time and within budget.

Any relevant information above and beyond the regular updates I-PropertyAssets is committed to providing will be provided to clients, giving them the peace of mind of constant communication.

I-PropertyAssets Local Completion Service will include sourcing and managing suppliers to carry out the following:
1 Managing the handover protocol process and (if necessary) overseeing the process of negotiation with the constructor (as determined in the relevant property purchase contract)

1 Property and kitchen (where applicable) completion check (in accordance with the client's purchase contract)

2 White goods proposals and quotations from local suppliers along with transport delivery and installation

3 Negotiations with the developer in terms of the construction stages of units

4 Local arrangements so that, where possible, the paperwork can be processed without the client having to be present in the location on each occasion

I-PropertyAssets clients will be entitled to one hour's management work of modification to the proposed fit out, white finish or other services. An example of this would be coordinating a layout adjustment to a unit. Such as adjusting the radiator position to enable a kitchen modification or making the second cloakroom into a utility area so that the washing machine is not positioned in the main bathroom, as is often the case. This would require different plumbing and some additional furniture. The first hour of this coordination would be free, thereafter, further work will be chargeable.

The Local Completion Service ends upon the delivery of the key to your fully rentable (or saleable) unit, at which point you have the option of taking up our Proxy Landlord Service (PLS).

The cost of the service is as follows



Studio - £445 + vat

1 Bed - £495 + vat

2 Bed - £595 + vat

3 Bed - £695 + vat



Other queries you may have



Snagging will be undertaken by a Chartered Surveyor who is a member of RICS, the developer is given a maximum of a month to correct the faults and a report of the snagging is provided in English.



Once the unit has been handed over a receipt of final payment is provided by the developer. After 2-4 years a title is issued by Land Registry, but it is not necessary to wait for these documents to sell the property.



After the handover has taken place the unit will be advertised on the internet, local newspapers and internationally. The apartments are expected to rent to the following types of people British and Russian holiday makers/retirees. Professional people, Cypriots and other nationalities.



The void periods or rent for individual units have not yet been established but the apartments are more likely to rent on short term leases but every effort will be made to obtain long term leases.



The local management costs are 8% of the rent which are payable once the unit is rented + an initial 50 Euro set up fee, there will also be a charge for finding a tenant of 10% of the agreed rent.



Units can be furnished within 2-4 weeks of handover again we are still waiting furniture costs but are expected to be less than standard market prices.



Service Charges are payable by the owner of the apartment and utility bills normally remain in the name of the owner dependant though on the term of the lease.



I will personally visiting Cyprus to view all our Paralimini developments and meet with the developer and Management Company next week to discuss all outstanding issues and discuss the sale process. You can contact me by mail or phone for extra info and so we can have a chat for every single requirment or unit to be sold or rent.



After reading the information if you have any further queries please do not hesitate to contact me.

Best Regards
Panos Tsigaras
0034664297472

Panos,

Having just returned from an inspection visit to one of the earlier PS/ABB developments, I have some comments, and a correction to the information you have supplied.

1. I think the LCS will be good value and will save the investors having to fight with ABB to provide a good standard of finish (as we had to do on previous previous developments) - good luck with that.

2. Please don't quote 2-4 years for the property title!
Last week, an ABB representative told me 6-7 years.

3. Why are you asking 10% of the agreed rental as a finders fee? That is more than your competitors.

4. Will you refund any of the finders fee if the tenant defaults (a very common experience in Cyprus).

5. What is the 50 euros set-up fee for ?
It is certainly better than the very high fee that PS usualy charge, but please justify it !

6. What will you do for the 8% management fee ?

7. Please tell us more about your proposed sales service. You will see that when you ge out there, there is massive oversupply of new build apartments (thanks to companies like PS) - Infrastructure is poor (like no roads or mains sewers), and you currently can't give these flats away. I will be interested to hear your views on this once you have actully been there.