“The Question of the Month
Because when I wonder, it’s worth… asking!
Through this column of the monthly online magazine of Synergy Real Estate, answers are provided to various questions related to properties and the real estate market in Cyprus.
Our Rental Manager, Andreas Andreou, answers in detail the two questions that were posed to him this month.
First Question:
Where does the role of the real estate agent begin and end in the entire process of renting or buying property?
The role of a real estate agent is, one could say, multifaceted, as it entails many responsibilities and tasks that must be carried out consistently to best serve clients. Below, we will outline some of the key steps followed by a real estate agent/advisor during a transaction involving either buying or renting property:
• Collection and analysis of client needs: Initially, the real estate agent collaborates with each client, discussing, analyzing, and understanding their needs (property size, price, location, pet-friendly or not, etc.). This will help the agent make a more informed selection, ensuring that the properties proposed to the client closely match the criteria they have set.
• If the client is interested in selling property, the discussion will revolve around factors such as the desired price in relation to the actual value that would be reasonable to ask for. It’s worth noting that at Synergy Real Estates, there is a Valuations Department with professionals in the field, registered to RICS, who can advise and guide clients towards a more realistic asking price.
• Property search and presentation: The real estate agent conducts the necessary research to find properties that meet the client’s requirements. They create a “short list” of properties that seem most suitable and present them to the client.
• Scheduled visits/viewings: The professional arranges appointments for property visits according to the client’s interests and provides them with the necessary information while addressing any questions they may have.
• Market analysis and advice: They provide advice on current prices and market trends, informing clients about areas and properties with higher demand.
• Coordination between parties: The real estate agent coordinates activities between the client, the seller or landlord, and other relevant parties. Additionally, if desired and requested by the client, they may recommend professionals for tax and land registry services.
• Legal information provision: The real estate agent informs clients about the legal provisions governing property rental or purchase. In some cases, cooperation with lawyers for the completion of agreed transactions, as well as for more specialized legal support, is necessary.
• Contract negotiation: In the event of reaching an agreement, the real estate agent prepares the contract and coordinates the negotiation of rental or purchase terms, ensuring that the interests of both parties (property owner and buyer/tenant) are taken into account.
• Contract execution/completion: They assist, as needed, in completing the required documents and finalizing procedures for signing the contract.
It is worth noting that the role of the real estate agent usually ends after an agreement has been reached between the parties involved, and the property transfer and payment have been completed.
Second Question:
If disputes arise between the two parties after signing a lease agreement, in what cases can the agent intervene, and when should they seek a solution between themselves, perhaps with legal assistance?
The agent can intervene in disputes that arise after signing a lease agreement in certain cases, depending on its content. Some of these cases include:
• Ambiguous terms in the contract: In cases where there are ambiguous terms or uncertainties that, for whatever reason, were overlooked or disregarded before the agreement was made. The agent can – to the extent permitted by their role – help interpret the terms and intervene in resolving a dispute.
• Obligations of the parties: If there are contradictions or ambiguities regarding the obligations of the tenant and the landlord, the agent can intervene to ensure they are understood and resolved.
• Disagreement regarding damages or repairs: In cases where there are damages to the property or disagreements about who is responsible for the damages and who should repair them, the agent’s opinion, who was involved in completing the agreement, can be sought.
It is emphasized that under no circumstances can the real estate agent/advisor assume the role of a lawyer. If disputes that arise cannot be resolved with their assistance, the parties should seek legal assistance. It is important for them to consider their legal options and pursue a solution that is fair and legally “sound”.
