Today I thought I would talk about something that happens in another country when it comes to property management. The country is Greece and when you read what I am going to write, you will really stop and think how good we have it here in the United States.
Finding a tenant is kind of like here. You can find your own or have someone find them for you. If someone finds them for you it is one months rent. Of course rents are much cheaper over there so you will not be spending too much. Then that is where the similarity ends. You must remember that the laws over there favor the tenant completely.
You turn over the tenant to your lawyer and accountant. They create the lease and the accountant puts it in your portfolio and notify’ s the government. You must get a number from them. What has happened is that due to the economy the owners were keeping the money and not reporting it. So the government had the tenants pay their rent directly to the government. Truly a mess.
The lease is for however long you want, but it must be stamped and they have to remember, if the TENANT WANTS to say longer he has the option not you to extend 1 year. Interesting…..