Frequently Asked Questions
Here are some commonly asked questions along with their corresponding answers. If still you feel you need clarifications, please come in contact with us here!
Does my flat need to be furnished and in good condition?
These are usually the flats that make the most since they can become readily available on the short term market. The flat has to have WiFi, hot water, heating & airconditioning. It has to look good and work better.
However, for certain properties we believe can truly work well, we can rent them out from you and turn them around to list them. Or, we can work with you in proposing necessary changes and renovation, and even design and execute these works for you. Let us know what you think, here are some of our latest works www.alexkaklamanis.com.
Do you manage properties out of Athens too?
For the time being, we are mostly operating in the greater Athens area & Attica as well as in some islands and other vacation areas, as you can see on our listings here. Step by step, we can properly grow our network while keeping our services and their quality untouched. However, if you do have a property on an island or elsewhere, we can still work with you under some conditions. For instance, we shall need to know there is proper local support for housekeeping, welcoming guests and so forth. So do let us know what you have in mind and we can talk about it! Click here to fill out the form
Can i use my flat or even find someone to rent it while you manage it?
Absolutely yes! You can tell us when you need your place and for how long and we shall block these dates on the calendar. If you do find someone to stay in for some time, we shall be there for you, show the place to the party interested, at no cost to you. Just bear in mind that these cases cannot be frequent since there shall be no “room” for our cooperation!
Whats going on with the new law about short term rentals?
The new law (2017) on short term rentals states the following in a nutshell:
- Individuals can only list 2 properties in the short term rentals market under their name (tax ID). There’s a special short-term rentals registry set-up, the Short-Term Lease Property Register at the General Secretariat for Public Revenue of the Finance Ministry.
- Its important to note that an individual can only offer apart from the accommodation space, the service of bedding. No other services are permitted. The law also underlines that the leased property must have a minimum area of nine square meters, natural light, windows, heating, be fully furnished.
- Duration is 90 days of short-term lease is allowed, for islands with less than 10.000 in population, its 60 days.
- However these numbers hold for those individuals making 12.000 or more euros in annual rental income. If less, then more days can be allowed till 12.000 is reached.
- One can rent for more days, with no limits of days and income as long as a property company is formed to manage the property.
- Proceeds from rentals are treated and taxed as normal rental income for an individual, according to the tax bracket each belongs to. For instance, up to 12.000 euros in total annual income from rentals, the tax is 15%. The it goes higher till it reaches 44%.
- A property company starts with 30% taxes while expenses related to the business reduce the taxable income. In the case of individuals though, this doesn’t hold. Any kind of expenses related to the property (ies) are not taken under consideration. Revenue equals profit.
This article, amongst others on the web, provides a good picture of what one needs to know. http://news.gtp.gr/2016/12/23/how-rent-flat-airbnb-greece/
I have a “friend” who says he/she can manage my property? What do I do?
Evidently, its illegal to hire someone who doesn’t have the (legal) right to perform the service or sell the product you hire him/her for. Its also dangerous, since people without the proper training, can cause a large mess, even accidentally. You are dealing with people renting your property and things can go wrong. Its fashionable for some to act as property managers, co-hosts and so forth. Its like being a doctor, a lawyer or an engineer, anything really, without a license!
We are a fully licensed property management & services company, legally authorized to deal & work with you, to represent you, whatever this means. Most of us are also engineers and have been around properties and buldings for long.
Its not about NOT trusting your “friend”, its much more about NOT doing something illegal and getting in trouble. Cause eventually you will be.
How do taxes work in this case? I have to declare them?
Its really very simple. In the case of Airbnb rentals, we are the ones renting from you for the exact same period as we are (sub)renting your flat out (via Airbnb). We sing a contract with you and pay you as we receive the payment ourselves, a few days after check in. We rent for an amount higher that what we agree with you, equal to our percentage each time.
You, therefore declare taxes on renting your flat out to us for as many times and money and we do the same thing. So we are both on the right side of where we need to be.If we find someone to rent your flat out of Airbnb, then we get paid as realtors.
Not declaring income, thus avoiding tax is illegal. Be careful for those who will tell you they rent their properties out and don’t declare anything, its really waste of time to even discuss this topic. Apart from the unethical and illegal side, its so dangerous. When one operates a flat without being legally correct, he not only risks punishment, but also doesn’t have the law to protect him/her in case something goes wrong. People can get injured while falling from the stairs, get sick when they travel and much more. If you do it, do it right. We do. And wont change it.
What about damages, what if something breaks or goes missing?
Airbnb and other platforms have insurance for their reservations. Airbnb goes up to 1m Euros. However, you HAVE to insure your property independently. Its for the best of your property. In the unlikely event of an accident involving some of your belongings in the property, we discuss options with the Guest and amicably settle the damage right there, or take it with Airnb. You are in good hands, you don’t have to worry.
Who pays the monthly bills, utilities etc?
If we manage or promote the listing for you, then you are responsible for all the bills.
Can i stop renting my flat out at anytime?
If we manage your property in the short-term market, we can stop doing so and “return” the flat to you as long as we don’t cancel ongoing and future reservations. Again, in the case of selling the property or other ‘force majeure” we shall have to move future guests to other listings, however we prefer not to.