Question 1

Where do owners pay their communal fees?

Accepted Answer

Owners pay directly into a dedicated bank account managed by Essensia Property Management. This ensures that all payments are securely tracked, properly recorded, and transparently reflected in the complex’s and owners financial reports.

Question 2

Will the complex have a dedicated bank account?

Accepted Answer

No, to minimize banking costs and streamline operations, Essensia uses a centralized account for all complexes. Each property is assigned a unique payment reference number, which allows our system to accurately identify and record every owner's payment under the correct complex and unit.

Question 3

What happens if I forget to indicate unique apartment number?

Accepted Answer

If a payment is made without the unique unit number, our system will flag it, and the amount will not be credited to the complex or unit until it is properly identified. This triggers a manual investigation, which may cause delays.
Owners are encouraged to review their detailed payment and maintenance records, which we provide regularly. If a missing payment is noticed, the owner can notify us and share the payment details, so we can correctly allocate the funds.
To avoid delays, we strongly recommend always including your unique unit number when making payments

Question 4

What makes essensia property management different?

Accepted Answer

Essensia offers 360° property management, combining detailed reporting, real-time tracking, and a strategic, long-term approach to maintenance. Our in-house systems allow us to make informed, data-driven decisions, while our prioritized maintenance programs are designed to transform and sustain each complex. We don’t just manage properties — we actively improve them

Question 5

What are the core values of the company?

Accepted Answer

Transparency, Efficiency,  Accountability - we communicate openly, work smart, and always get the job done

Question 6

How can I pay my communal fees?

Accepted Answer

Each statement we send includes full bank account details for payment. Soon, we’ll also launch an Owner Portal, allowing you to pay your fees directly online for added convenience and tracking

Question 7

How my communal fees are calculated?

Accepted Answer

In Cyprus, communal fees are legally calculated based on the size of each unit in square meters (m²), including enclosed area, covered and uncovered verandas

Question 8

How are communal expenses formed for each unit?

Accepted Answer

Communal expenses are determined based on historical data and projected needs of the complex. This includes the average running costs, a contingency fund for unexpected issues, and any planned improvements or upgrades to the property. Our goal is to ensure each unit contributes fairly while maintaining the complex’s long-term health and value.

Question 9

Why should I pay communal expenses?

Accepted Answer

Paying communal expenses is essential to cover the day-to-day maintenance, repairs, and shared services that keep the complex functional and pleasant to live in. It helps maintain property value, ensures safety, and supports a well-managed, clean, and secure environment for all residents.

Question 10

Will owners receive detailed reports?

Accepted Answer

Yes, every owner receives a comprehensive report outlining all expenses incurred, payments collected, and the current status of the contingency fund. This transparency provides a clear financial overview and the reassurance that funds are available to handle unexpected issues promptly and efficiently.

Question 11

How often reports are produced?

Accepted Answer

Reports are issued monthly, providing a clear breakdown of expenses, collections, and complex status. Additionally, we’re working towards offering real-time reporting, allowing owners to track reported issues, view ongoing works, and stay informed about all maintenance activities as they happen

Question 12

How can we be sure that all funds paid to the management company are properly accounted for?

Accepted Answer

Our in-house ERP system, developed with the support of a local chartered accountant, ensures full financial transparency. It includes comprehensive reconciliation procedures and regular internal and external audits to verify that every transaction is accurately recorded and accounted for.

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