While self-managing the day-to-day running of your residential complex may strike you as the ideal way to save money, a great deal of stress and time-consuming admin also come with the territory. In fact, numerous newly formed and even long-established committees have embarked on the self-managed route only to realise later that it is something best left to the professionals.
Furthermore, due to the complicated and multifaceted nature of such schemes, there is always a financial impact in “unravelling” mistakes and transferring to a reputable management company later. Therefore, any short-term savings are often lost when striving to put things right later on. It is also an unfortunate fact of life that many of the disputes among neighbours arise out of misunderstandings around how their complexes are being managed.
The positive view of complex self-management
There may be a strong argument that someone living full-time on a complex, who is also a member of the committee is in the ideal situation to oversee all aspects of its management. However, human nature being fickle as it is, even if such an individual was forthcoming, there is always going to be at least some risk of self-interest or even an unfounded suspicion of it. Unfortunately, experience in complex committees and management schemes have revealed that such relationships provide the ideal platform for disputes and distrust.
Considering the value of your time
As anyone involved in any cost-related activity will substantiate, time does equate to money, but that is only a part of the story. Whether you live in Cyprus full-time, rent your property out or use it as a holiday home, the chances are that you would want to make the best use of your most valuable asset; time.
Managing the finances and day-to-day running of a residential complex is no mean feat. From dealing with a plethora of suppliers and utility companies to the practical challenges of cleaning and maintaining the communal areas, they all take up a great deal of time. If you operate a property management business, these tasks will simply be the staple of any working day and such companies have both the time and resources to do them efficiently.
The burdens of responsibility
Apart from the obvious demands of time upon those who choose to embark upon the path of complex self-management, any individuals involved should carefully consider the huge burden of responsibility they will also be taking on. Such individuals (whether solely or individually) will be charged with ensuring that power and water stay connected to the communal areas and where applicable, swimming pools are also kept clean and safe.
Putting your trust in the professionals
A professional complex management team will already be dealing with all of the Cypriot utility suppliers daily. They will also have their own in-house teams of experienced cleaners and swimming pool technicians available to ensure that your complex’s communal areas are maintained to the highest of standards. More importantly, they will be familiar with all aspects of complex management from forming a committee and organising your AGM to providing detailed accounts and managing finances, including the collection of communal fees.
Lee property services is such a company and we can provide your complex with the benefit of our extensive experience in all aspects of Cyprus communal management. Call us now on (00357 23831194) or visit us online at https://www.lee-ps.com/ then sit back relax and leave your complex management to us.