Training for real estate agents | Cyprus Mail. | Blog

Training for real estate agents | Cyprus Mail.

The sales force in the real estate industry doesn't seem very eager to educate themselves and become professionals at a high level.

There are currently about 400 registered real estate agents, as well as 270 assistant agents who are authorized to handle sales. Only registered real estate agents and assistant agents are authorized to sell, and property owners and agents must be well-versed in the subject. Most are familiar with the basics, but not all the important details, and buyers and sellers who trust them can run into difficulties during and after the transaction.

There was a recent case where a sales associate leased an apartment for six months, but the agreement was made without''the participation of two witnesses from each party (four witnesses in total), which is required for a lease of less than 12 months, which means that the contract is invalid. In another case, a client was promised by an agent that he could build on a piece of agricultural land. The prospective buyer sought our advice and we told him otherwise. On our advice, he visited the planning department and was told that he would need a "variance" from the zone in order to build, which involves an endless process of dubious success. Others, including developers seeking permanent residency visa deals, claim that permanent residency visa holders are allowed to travel without a visa in''all EU countries. This is not true, after all, visas are required to travel to EU countries.

There are a few simple examples. It's amazing the opinions some agents have and the misinformation they spread. Some agencies have sales staff with no salary who receive 50 percent commission on all sales expenses paid to them. The result is indifference and high turnover, with a constant influx of newbies with little knowledge. Basic knowledge for the sales department is a must, and managers should have a higher level of knowledge. There are many complex issues in the real estate industry.

Sale villa in Protaras 258 082 $

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Sale loft in Esentepe with sea view 248 903 $

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Sale flat in Famagusta with mountain view 71 269 $

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Sale flat in Esentepe with sea view 73 105 $

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Sale townhouse in Lapta with sea view 125 585 $

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For example, regarding VAT at 19 percent, there are cases where it is not''applies. If there is a building on a plot of land, it may only be subject to 10 percent VAT. This depends on the zone in which the property is located and how much floor space the building occupies. Things are also constantly subject to change. If we go back to the issue of residence visas, for example, the parameters change, as do the requirements for obtaining them. Therefore, sales staff must always be up to date with current information. Agents should also make it clear to buyers whether a property has a title or not. When dealing with a complex project with total costs, etc., it is recommended that the sales staff review the project balance sheet and general agreement. Many don't bother with this. These are all important issues that may be neglected by some''agents. Therefore, my office has recently expanded its education program (ALA Academy) to include a series of seminars on real estate issues, including landlord-tenant laws, general expense ratios, building insurance, etc.

The urban real estate market is showing an upward trend and deeds are becoming less stringent, making the need for strict control of the sales process increasingly important.

Antonis Loizou & Associates EPE - real estate appraisers and development project managers, www.aloizou.com.cy, [email protected]

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