Verify the RICS/RERA licence before signing anything
In Cyprus, property management and agency work requires a licence from the Real Estate Agents Registration Council (RERA), a statutory body under the Ministry of Interior. The RERA register is searchable at realestate.gov.cy — cross-check the company's name AND the individual agent's name before engaging. Unlicensed operators have no legal accountability, no professional indemnity insurance, and no recourse process. This is the single most important check.
Understand what 'property management' covers — it varies widely
Cyprus property management contracts range from basic rent collection only (5–7% of monthly rent) to full-service management including maintenance coordination, tenant finding, utility management, annual property inspections, and tax filing assistance (10–15% of monthly rent). Get a written scope of services before signing. Common exclusions: major repairs above a threshold (typically €200–€500), legal disputes, and owner insurance. Verify these in writing.
Non-resident owners: factor in the VAT and withholding tax implications
If you are a non-resident owner renting your Cyprus property, you have Cyprus rental income that must be declared locally. A good property manager will either handle this or work alongside your accountant. Ask specifically: 'Do you provide monthly rental statements and an annual summary for my tax filing?' Managers who cannot produce clear documentation create audit risk for you.
Inspect the property in person or via a trusted local agent before any management agreement
Property management companies are incentivised to sign management agreements quickly. Before signing, inspect the property's current condition, confirm the title deed status (a clean deed is required for legal rental), and check whether there are any outstanding community fees (koinos logos arrears). Inheriting undisclosed arrears from the previous owner is a common hidden cost.