Exclusive Added Value Listing or an Open Agency agreement for your Malta Property?

  • 02.May 2013
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Malta Exclusive Added Value :Listing

An Exclusive Added Value listing is a new way of getting your property sold. There are no extra hidden costs to you and, to be frank, it isn’t even rocket science. Other real estate markets have been practising this way of selling homes for almost 20 years. It is a proven standard across continents that has recently hit Malta and is achieving outstanding results in the local industry.

The difference in the results between the two types of agency agreements is quite drastic: On one hand you may almost assure the sale of your home within a very short period of time and on the other you may have to live with the prospect of not knowing when your home will sell – and this time frame can live up to the National average of eight or even nine months.

The choice really depends on your priorities – whether you are time restricted or in a position to wait and see. The latter isn’t always the best solution however some home owners in Malta still prefer the do-it-yourself scenario as opposed to leaving it up to a professional. Before we move on, it is important that you understand the facts about the real estate market today so that you can make the most knowledgeable decision.

The fact that a good majority of real estate agents in Malta are not professionally trained to deal with the home owner and are more focused on making their next sale provides certain instability in the market. You may have experienced that, when a real estate agent comes to view a property for a first time inspection, they tend to whip in, take your details, run through your property, and whip out as fast as they can, sometimes without even taking pictures. When you sign an Open Agency Agreement with a real estate agency in Malta this means that you are open to sell your home by yourself, through an agent or through a sensar. The reality of signing an Open Agency agreement is that you are opening up yourself to various pitfalls that may or may not affect the sale of your home within a particular time frame that you may have planned and at a particular price that you may have had in mind.

Regrettably, providing this level of service to a home owner is practically cancelling out your chances of getting your property seen or heard of on the market. Unless an estate agent takes time to listen to your expectations, takes proper pictures (NOT with their Mobile), measures the rooms of your home and is competent to give you an indication of where you should price your property on the market – or guide you to whether the price you had in mind is competitive or not – you are not getting a professional service in today’s real estate market.

We have been facing a “Buyer’s Market” for the last three years with over 14,000 properties that are available for sale in Malta and Gozo, not to mention the abandoned properties we all know about and the properties that are available for sale directly through the owner. This is daunting because when there are fewer buyers compared to the homes that are available on a market, unless your property is marketed effectively, your property will take longer to sell. In fact, properties that are listed on the open market take far more time (250 days – average) to sell on average than an Exclusive Added Value Listing (89 days – average).

Before you sign a RE/MAX Exclusive Added Value Listing Agency agreement, your property must meet certain criteria and must also be approved by a committee of managers or senior sales associates working within the RE/MAX ranks. The process is not complicated and takes a very short period of time to get your listing out to the market as an Exclusive Added Value Listing. The overall difference is that our approach is far more professional than the average service provided on the market and it achieves results.

One of the main differences in the way we will handle your home is that the sales associate that will be inspecting your property will be specialised in the “niche area” of where your property lies. Meaning that the sales associate will be competent enough to understand the properties listed in your area and is able to provide you a “Comparison Market Analysis report” for your property. By providing you with this report you will understand where your property stands compared to other properties that are similar to yours and in the same area. This report also assists you in understanding what price you should market your property in today’s market. It also eliminates the endless suggestions from neighbours, friends and architects that may or may not understand the Malta real estate market better than you.

There are endless advantages to signing an “Exclusive Added Value Listing” Agency Agreement with RE/MAX Malta. To understand the process of getting your property in Malta listed and the myriad of marketing tools we use to get your home sold contact one of our offices or send an email to [email protected]

 

Jeff Buttigieg
Post by Jeff Buttigieg

Jeff Buttigieg is Co-Founder and COO of RE/MAX Malta and JK Properties Ltd. He overseas the marketing, PR, IT and business development of the company. He has a vast experience in real estate having been an associate and manager himself for several years.

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