Objectives of Property Management

Managing a property should have the goals and objectives. There are two types of organizational objectives which are the short time objective and the long term objective. The short time objectives is considered to be within one year and the long term objectives is more than one year.

The short term objective is also called as operational objectives as it will continue to be daily operation. Property management activities which are daily are such as garbage disposal, housekeeping or gardening. The manpower who been appointed to carry out the work such as repairing pipes should be someone who have the skills and knowledge. The manpower should be the qualified person. Besides, the management structure should have been organised and always updated. Necessary information for example contract or service needs to check to ensure that the service is always available for the owner or need to be terminated. Property information such as taxes needs to be paid and financial information such as rental payment should be recorded. The daily monitoring on work of the employee is required to make sure the performance measurement is good and have the quality. All the things that have been mentioned above are under the short time objective.

The long term objective is also called as strategic management. It is more on the policy making and interpretation. It is also about programmed formulation, implementation and activation. The owner seeks for the outcomes. For example, the mission of a hotel owner is to upgrade a 3 star hotel to 5 star hotels in 5 years time. Hence, the property manager will ensure and monitors all the essential works to make sure the mission will be achieved within the time.

The organizational objective is applicable for the life of the organization. It is included in the strategic plan, long term of five year plan and tactical plan. The organization should have the annual objectives. The short term objective in the operational plans should have the specific time horizon.

Fundamental Questions to Ask Pertaining to a Surprise Intellectual Property Invoice

Make sure you ask basic inquiries any time that you receive a letter requesting money via a questionable source relating to a trademark application.

Through asking most of these queries, you could guard your business from being ripped off. For those who are not sure with regards to whether or not the mail you get with regard to your trademark application comes from a certified government organization, you really should consult with an authority in a timely manner prior to going forward.

The usual inquiries you should always ask prior to giving an answer to an unexpected correspondence are what’s the letter for, who is this statement or invoice received from, the actual reason why I’m receiving this specific letter, along with precisely where may my response go back to. By just understanding the details to many of these considerations, you can steer clear of the dilemma of paying currency to somebody, only to discover that you’ve been totally ripped off.

While deciding with certainty if a TM application request for money may perhaps happen to be another scam, a starting question is: What exactly is the communication pertaining to? In what way does the text or facts offered within the document inform you what it is designed for plus precisely what service plan is being offered? Checking out a few solicitation mailing, it is clear that the only place that the service will probably be defined is inside the fine print, which is where the statement claims you really consent to listing or maybe subscribing to a service that’s not truly required. In case a service is normally valuable, then that solicitation must have a clear point pertaining to it’s value to you in the leading content material. Why bury important information in the fine print, if the service is actually worthwhile. Ask, what exactly is the system being sold? What is it regarding? Exactly who really ought to utilize it? Might it be necessary? Assuming these kinds of basic questions are generally not clarified, then the service doubtless features minimal, if no, benefit.

Before delivering funds to a company by responding to an unwanted correspondence, everyone should first question who is the responsible company. You don’t really want to wind up getting deceived in transferring dollars to a con-artist. Who is the particular request coming from? When an individual requests your dollars, you should know them. Make it a rule of thumb to never deliver dollars to some enterprise and / or nonprofit except for when your firm has sought that company in the first place. This specific basic rule protects consumers from being duped by fake solicitations together with stress. Should an entity investigates a solicitation from an entity and really does not fully understand who these folks really are, then do more study. Your company could uncover a dishonest establishment associated with the notice which your enterprise has received. Look for respectable sources of information and facts concerning the particular corporation demanding your company obligation. Whenever you obtain a solicitation for funds from an unknown source, a person ought to first check the particular identity of the actual provider before supplying them your own money.

Addressing the above inquiries carefully should really stop you from making errant judgments along the route to trademark application together with enhanced protection. At the same time, continue to be conscious that the trademark and service mark application record maintained with the US Patent and Trademark Office will be public and can easily end up being searched and amassed by some to be able to give you invitations to items and programs, as well as annoying rip-offs. That fact that trademark creators do not at all times fully realize trademark laws and are usually always involved in conserving their particular trademark, developing the company and generating currency can lead to prospect for some to prey upon the small business.

So, organizations may continue to make use of the U.S.P.T.O. list of registrants to send out invoices to your business any time you file a trademark application for a brand. Keep in mind these kind of third-party demands for the purpose of overseas listing of your mark, tracking your trademark or service mark, supplying you with a certificate for the decoration. Commonly you don’t have to list your company’s trademark application anyplace aside from the government maintained list. Accordingly, examine your behavior diligently ahead of listing your own trademark application by using a business like for example a global provider.

Cyprus: Capital Gains and Immovable Property Taxation

Low taxation and straight forward bureaucratic procedures attract business people and investors from all over the world to invest in the Republic of Cyprus. Cyprus’ low taxation regime facilitates the expansion of business activities in the island. In the current article, I will present some useful information about capital gains and immovable property taxation schemes in Cyprus. The recent amendments of the Law 119(I)/2013 and the Law 120(I)/2013 aim at encouraging economic activity, attract more investors and simplify even more the Cyprus tax regime. According to the amendments of the legislations mentioned above, more capital gains are not taxed in Cyprus. The only capital gains that are taxed are those associated with the disposal of real estate located in Cyprus. Following the amendments of the Law 119 (I)/2013 and the Law 120(I)/2013, real estate owners will be taxed based on the value of their property.

Capital Gains Taxation:

Subject to certain exceptions (see the list below), the capital gain tax is charged on profits arising after the 1st January 1980, from the sale or transfer of immovable property in the Republic of Cyprus or company’s shares, located in Cyprus, that owns immovable property (Reference 1). Briefly, the net profit derived from the sale or transfer of real estate is taxed at the rate of 20%. The calculation of the net profit derived from the disposal embeds the inflation rate. Inflation is calculated based on the official Retail Price Index. Moreover, according to the amendments of the Law 119 (I)/2013 and the Law 120(I)/2013 the value of the real estate is calculated following the related provisions of the Immovable Property Law.

List of Exemptions:

  • Transfer of property due to death.
  • Gifts to children, spouses and any other relative up to the third degree.
  • Gift to a company. The shareholders of the particular company are and continue to be members of the donor’s family for five years after the offer of the gift.
  • Gift offered by a firm to its shareholders, given that the particular property was originally donated to the company. Moreover, the recipient is obliged to keep the immovable property for at least three years.
  • Gift to the government or to local authorities of the Republic of Cyprus for educational or other charitable purposes.
  • Exchange or sale based on the Agricultural Land (Consolidation) Laws.
  • Exchange of properties. In this case, the values of the real estate properties that have been exchanged must be the same.
  • Gain derived from the disposal of shares, listed on any Stock Exchange.
  • Transfers resulted by reorganisation.

Lifetime exemptions for individuals:

  • Disposal of own residence: Gain (85.430 euro)
  • Disposal of agricultural land by a farmer: Gain (25.629 euro)
  • Any other disposal of real estate: Gain (17.086 euro)

Immovable Property Taxation:

In Cyprus, the annual immovable property tax is imposed on every individual or legal person who owns immovable property in the island regardless of whether they are or not residents of the Republic of Cyprus. The tax they are obliged to pay is based on the total value of the whole immovable property registered in their name (Reference 2).

The immovable property tax is estimated according to the market value of the immovable property as at 1st January 1980 and is payable by the 30th September of every year at the Inland Revenue Department. In this point, it should be clarified that individual owners are exempt from this tax in case the 1980 value of their property is less than €12.500.

The relevant tax bands as revised in 2013:

  • If the assessed 1980 property value is less than 12.500 euro the annual tax rate is 0 (%) and the accumulated tax is zero.
  • If the assessed 1980 property value is between 12.500-40.000 euro the annual tax rate is 0.60 (%) and the accumulated tax is 240 euro.
  • If the assessed 1980 property value is between 40.001-120.000 euro the annual tax rate is 0.80 (%) and the accumulated tax is 880 euro.
  • If the assessed 1980 property value is between 120.001-170.000 euro the annual tax rate is 0.90 (%) and the accumulated tax is 1.330 euro.
  • If the assessed 1980 property value is between 170.001-300.000 euro the annual tax rate is 1.10 (%) and the accumulated tax is 2.760 euro.
  • If the assessed 1980 property value is between 300.001-500.000 euro the annual tax rate is 1.30 (%) and the accumulated tax is 5.360 euro.
  • If the assessed 1980 property value is between 500.001-800.000 euro the annual tax rate is 1.50 (%) and the accumulated tax is 9.860 euro.
  • If the assessed 1980 property value is between 800.001-3.000.000 euro the annual tax rate is 1.70 (%) and the accumulated tax is 47.260 euro.
  • If the assessed 1980 property value is more than 3.000.000 euro the annual tax rate is 1.90 (%).

Note: Every registered owner whose immovable property is more than €120.000 is obliged to submit a Declaration of Immovable Property (IR 301 and IR302) and pay the equivalent annual tax before the 30th of September.

Important Warnings:

Because of the delays in issuing Title Deeds, some developers are the registered owners of real estate property. In accordance with the law, the “registered owners” (in our case the developers) are obliged to pay annual declarations of their immovable property to the relevant authorities and pay the Immovable Property Tax, plus any late payment penalties.

Until Title Deeds are issued purchaser is obliged to pay only Property Transfer Fees so that to secure ownership of the property he or she has bought, which will then be registered in his or her name.

Nevertheless, in some Contracts of Sales, developers request the buyers to pay the immovable property tax by the time they take delivery of a property. In many cases, some developers charge purchasers outrageous sums of money based on the price the property was sold. Moreover, in some cases, the developers add to the whole amount the late payment penalties.

I would advise buyers to ask the developers to provide them with the adequate proofs that demonstrate that the immovable property tax that has been paid to the Inland Revenue corresponds to the land where the development has been constructed.

As a result, I am advising purchasers NOT to pay a developer any Immovable Property Tax unless the developer:

  • Provides a written proof of the amount of Immovable Property Tax that the developer has paid to the Inland Revenue for the land where the development has been constructed.
  • Provides buyer a written statement clarifying buyer’s shares of the aforementioned land.
  • Issue a written invoice on the company’s letterhead that states the agreed amount to be paid.
  • Issue a written company receipt for the amount that had been paid.

Invest in Cyprus: Have a proper legal support

As it was explained above, the amendments of the Law 119 (I)/2013 and the Law 120(I)/2013 together with the tax friendly regimes give more incentives to international investors and business people to expand their business activities in Cyprus. However, investors and business people should take into account that investing in real estate requires a proper legal guidance.

Reference 1: TAX DEPARTMENT: DIRECT TAXATION: Capital Gains Taxation http://www.mof.gov.cy/mof/ird/ird.nsf/dmlfaq_en/dmlfaq_en?OpenDocument#3

Reference 2: TAX DEPARTMENT: DIRECT TAXATION: Immovable Property http://www.mof.gov.cy/mof/ird/ird.nsf/dmlfaq_en/dmlfaq_en?OpenDocument#5

App Development For Property Sales: A Complete Guide To Grow Your Real-Estate Business

None can deny the necessity of mobile apps in our lives. While no business sector has remained aloof from the rage of mobile app development, it is on-demand services, food and retail, and core industry like real-estate which got more share of the pie. Yes, it’s also the retail property businesses that got more benefits in sales after the app revolution and saw their revenue growing high. In regards to this, here is a complete guide on how to make your own real-estate dealings mobile with a useful app.

Trends observed in property purchases

-Most buyers first sneak through the web or online portals to search for property searches before going for other sources like paper advertisements, referrals, etc.

-Millennials rely more on online search for nitty-gritty details or information about a property

-People like to hunt for properties online because they can see a large number of properties.

Types of Real-estate app solutions

-Online property search application

-Property booking solution

-App solution for renting apartments

-Property management solution for owners

While these are the specific apps that can help real-estate business owners as well as buyers, let’s take a look at the key features that an app meant to help rent and property seekers should have.

Direct marketing method

The app should have a direct approach to marketing to promote the properties held by the property owner. The app would list the properties in a fancy manner with location, prices, property aspects, surrounding amenities, landmark, and other related information. In short, the app should be able to showcase all properties in a complacent and clarified manner so that buyers can know every minute thing about a property and can take the decision to choose one smoothly.

Support for location-tracking

Mobile users have been so used to the aspect of GPS or Global Positioning System to navigate here and here that you need to sync your real-estate mobile app to the Google Map to help the property seekers. Integrating the app with geolocation will readily help the buyers to land on the phone’s Google map to know the exact route and convenient mode of transport to the property’s location.

Easy-to-use user interface

You need to keep in mind that a real-estate application is not about showing brilliance and classy design, but is about user-friendliness. Thus, like any other user-centric applications such as eCommerce, online cab services booking, your app should be user-friendly so that users could easily understand how to search for a property. Easy user-interface of an app means quick property search, responsive search filter, hassle-free payments and saving favourites or wishlist.

Scope for customers to place queries

Lastly, do not rule out the need for an online enquiry mechanism in the app like live chat or email integration. It is a must-have for quickly responding to customers who are interested in a property and wish to know more apart from what provided in the app. They might want to talk to the seller directly.

Real-estates is the large and flourishing industry and to get a grip over its every potential you need a mobile app too. It would help your business make more revenue and grow by making your properties more easily accessible to prospective customers. However, make sure to keep in mind the mentioned features while you have your app crafted by an app development company.

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