The value of an estate agent in Malta

  • 02.November 2009
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Rarely do we hear or see a good word about estate agents.  Dinner party conversation tends to vilify rather than praise. But – believe me – good real estate agents Malta exist and are probably more common  than you would ever think.

Because people tend to be misguided by advertising they often tend to get disappointed when they find out that the property was not exactly what they expected to be when viewing the property.  There are advertising techniques where agents can leave out simple words that can actually change the value of a property either way.  This is often a genuine mistake or merely a lead generator to get you to make the call.  Though this style of advertising may seem misguiding, should the agent communicate full details to you before you view the property disappointment should be avoided.   

Some agents advertise cheaper rates.  Most often just like when paying for anything else ‘You actually get what you pay for’.   Agents that charge a smaller commission to sell your property usually will not have the marketing clout or the resources to sell your property quick, which at the end of the day results in either you reducing your price to sell or you wasting your time not bringing in the right client to view your property.  

Other agents may recommend a high price to encourage you to take their business, sometimes knowing that they will have to persuade you at some stage to reduce your price to the one that other real estate agents originally valued your property at.  Always ask for a CMA or a competitive marketing analysis.  This will give you an idea of what other properties like yours are being marketed and what they are selling at. 

So what do estate agents do?  Actually, quite a lot. 

When selling a property in Malta, real estate agents are working for you, the vendor.  Their main objective should be to sell your property as quickly as possible and at the highest price achievable.  This value is based on the number of buyers looking for a property like yours.  So your real estate agent in Malta would need to know who is looking for a property of a similar type and price in the same area your property is located. 

These buyers are found through advertising and networking.  Unlike in other countries, the Malta property agents do not charge their vendor’s a fee for advertising.  This cost is included in the final fee collected and only if the estate agent sells your property.  The advertising types span from local newspapers, magazines, websites, international property fairs, networking amongst other mediums that are all carefully done to bring in their client base.  Of course, window displays in their offices are another way of attracting buyers.  So, you may be able to appreciate a little better the efforts that are put into selling your home.

SELLING YOUR PROPERTY

As soon as the estate agent has some interest, he needs to make sure the person is serious about buying your property in Malta and therefore each customer should be qualified accordingly.  Professional real estate agents will have to carefully ask questions to potential buyers to understand more what they are looking for, and whether they actually are in a position to purchase your property.  Some of the questions they ask are the following: 

•           Do they have a property to sell?

•           Are they cash buyers?

•           Have they been approved by the bank for a loan?

•           Do they depend on their current property being sold to be able to buy yours?

 

Though these questions may seem intrusive, the only way a good real estate agent in Malta will introduce serious buyers to your property is by doing their homework.

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