# Cyprus Estate Agents Law & Registration



## Toxan (Dec 29, 2010)

I was doing some research on the EU Directive for European Union law regarding Estate Agents Registration, as i have heard that Cyprus does not follow the European Union Law on Estate Agent registration, and i came across these websites which might come in handy. 
As with most Cyprus Government websites, the information has to be checked, but it is a useful insight into the laws.

Estate Agents Registration Council Council of real estate agency

Cyprus Real Estate Agents Law http://www.rearboard.com.cy/Binder12.pdf

Cyprus Real Estate Agents Association http://skek-creaa.com/english/index.html

If anybody can help me with the EU Directive, i would appreciate it.


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## Veronica (Apr 5, 2008)

The rules regarding estate agents are changing as the current laws are agaisnt EU directives on fair trading for EU citizens. 
As things stand at the moment you cannot call your self an estate agent unless you you pass an exam in Greek or Turkish but you can be a marketing company.
Marketing companies are NOT permitted to handle the legal side of a sale or handle any money. Everything has to go through a lawyer. To my mind this is how it should be anyway as there are certain companies who are not registered estate agents who take deposits from people and then if the deal falls t hrough they keep the deposit. This to me is not a good practice and should be stopped.
The other difference between a marketing company and an estate agent is that estate agents get paid a 'commission' while a marketing company gets a marketing fee. Really it is the same thing with a different name.


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## Toxan (Dec 29, 2010)

So, if i read this correctly, anybody can set up a marketing business to sell property, either self employed, or a company, with no diplomas, certificates, background checks, experience, registration with an association, and take people round to show them homes. If there is a sale, the marketing business will collect a fee. they must not handle any legal or financial matters.
If there is a complaint regarding the marketing business, where would the the people turn to for help, a lawyer?
I am looking for a business for my girlfriend, so i will continue with my research as this sounds to be an opportunity, just have to find the EU Directive.
Thanx for the info.


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## Veronica (Apr 5, 2008)

Toxan said:


> So, if i read this correctly, anybody can set up a marketing business to sell property, either self employed, or a company, with no diplomas, certificates, background checks, experience, registration with an association, and take people round to show them homes. If there is a sale, the marketing business will collect a fee. they must not handle any legal or financial matters.
> If there is a complaint regarding the marketing business, where would the the people turn to for help, a lawyer?
> I am looking for a business for my girlfriend, so i will continue with my research as this sounds to be an opportunity, just have to find the EU Directive.
> Thanx for the info.


We spent 2 years researching the business over here before starting our business. That was with many years experience of running our own businesses in the UK.
This is certainly not a good time to start in this industry as the enquiries are not what they were and there are a lot of people who worked for large companies and lost their jobs due to the recession that have started up on their own.
Competition is fierce for the relatively small number of clients that are around.


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## Veronica (Apr 5, 2008)

Anyway I thought your girlfriend was your representative for your company here in Cyprus.
I keep getting emails from some woman.


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## Toxan (Dec 29, 2010)

She works for me, and is not my girlfriend. Thanx for the tip though.


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## Toxan (Dec 29, 2010)

Veronica said:


> We spent 2 years researching the business over here before starting our business. That was with many years experience of running our own businesses in the UK.
> This is certainly not a good time to start in this industry as the enquiries are not what they were and there are a lot of people who worked for large companies and lost their jobs due to the recession that have started up on their own.
> Competition is fierce for the relatively small number of clients that are around.


What business do you have in the UK, was it property related?


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## Veronica (Apr 5, 2008)

Toxan said:


> What business do you have in the UK, was it property related?


Would you like to know what I ate for breakfast this morning too?


I dont question you and your business do I?


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## Veronica (Apr 5, 2008)

Actually my husband and I had more than one business, all very customer service related so we know how to look after our clients.


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## Toxan (Dec 29, 2010)

Veronica said:


> Would you like to know what I ate for breakfast this morning too?
> 
> 
> I dont question you and your business do I?


Was just a normal question Veronica, you do not have to be so aggresive!


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## Veronica (Apr 5, 2008)

Toxan said:


> Was just a normal question Veronica, you do not have to be so aggresive!


It was meant to be tongue in cheek


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## Cleo Shahateet (Feb 23, 2009)

Toxan said:


> So, if i read this correctly, anybody can set up a marketing business to sell property, either self employed, or a company, with no diplomas, certificates, background checks, experience, registration with an association, and take people round to show them homes. If there is a sale, the marketing business will collect a fee. they must not handle any legal or financial matters.
> If there is a complaint regarding the marketing business, where would the the people turn to for help, a lawyer?
> I am looking for a business for my girlfriend, so i will continue with my research as this sounds to be an opportunity, just have to find the EU Directive.
> Thanx for the info.


Veronica is right that the property business is very competitive and a lot of people will do anything to sabotage your sales - we have had it happen quite a few times. We got into the property business in 2006 right when the housing market in Cyprus started taking a dive. We had just seen it happen in the US so knew what was to follow in Cyprus. But, for us it was a good time to get our feet wet, start slowly and since so many businesses went bust it worked out well for us. We did have many referrals from my father-in-law who is a Cypriot lawyer, wife speaks Greek and I have many years of owning customer service related businesses and have slowly taught myself how to create, manage and optimize my websites. It was a slow but steady start and required us to work out many different aspects of how it could work out and it has luckily. So, it is not impossible to start in a down market but just be prepared to keep picking yourself up when others kick you down! Hope this is helpful in helping you decide what to do. 

Oh, and yes get yourself a good lawyer (and accountant) to set up the company and advice you on all aspects.


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## Veronica (Apr 5, 2008)

We also started at a bad time and the first year was dire, but we had expected that and had enough funds behind us to see us through until things picked up.
Like Cleo we started slowly and built our business over time using our experience from previous businesses.
We are now in our fifth year and in that time we have seen other similar businesses start and fold. I can only think this is because they did not have enough funds to see them through the tough times and maybe they failed to do their research thoroughly enough.
As Cleo says it is very important to build up good contacts, have a good lawyer and a good accountant who can steer you on the right course.
It isnt an easy business especially as there are some cowboys out there who will do anything for a sale and dont care if they have to sabotage another agents sale to get one. Happily these people are fast getting bad reptuations so hopefully in the end they will suffer as a result of their underhand methods.


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