The marketing, buying and selling of real estate has become a highly complex and specialised field in recent times. Decades ago it was a much simpler process where many owners sold their properties themselves without too many complications, but the playing field has completely changed. Reasons that have led to this is that real estate transactions are far more regularised and for good reason. Due to the fact that it is an industry that deals with large amounts of money at a time and most times with people’s life savings, transactions dealing with investment in real estate needs to be first of all safeguarded against corruption and secondly protect buyers, sellers and investors.
This is where today’s qualified estate agents play a huge role in ensuring that all documentation is correctly filled in and compliant and that properties offered for sale or sold, fulfil all the criteria as required by law.
In the past many property transactions could not securely prove ownership leading to complications and financial loss to one or both parties; no due diligence was carried out on where funds originated from for the purchase and this contributed to money laundering; no structural engineers or architects were consulted to carry out inspections on behalf of clients to make sure a property was structurally sound; many properties were not regularised as they were added on to illegally before the current legislation regarding this ever existed; many properties were not inspected and vetted as fulfilling certain criteria according to the law’s minimum requirements for height, size, safety and energy compliance. This has resulted in many current owners being out of pocket when they are now looking at selling as they simply can’t sell their properties before all issues regarding these properties have been resolved.
Again, this is where today’s qualified estate agent will look at all the facts, the legal documentation pertaining to any property and much more to ensure that there are no disputes down the line. Agents will advise both sellers and buyers of any potential problems and how to remedy them in order to ensure a smooth transaction as far as possible.
In an effort to clean up the industry and assist buyers and sellers, as of 2021 all directors, managers and estate agents of any company dealing with real estate sales need to complete the required courses and exams as prescribed by the government to deal in any property transactions. Furthermore all estate agents need to be registered and have a license in order to operate. Introducing professional requirements for estate agents has proven to smooth the way forward, as this is assist both buyers and sellers to make informed decisions. Estate agents are now true professionals in every way, specialists that know everything there is to know about real estate.
People in the real estate industry come from varied backgrounds: from teachers to stay-at-home parents, commercial bankers and those from the hospitality industry, from expats to salespeople, sportsmen and sportswomen. The only criteria you need is to have the will to succeed and to be prepared to work hard, many times after hours and on holidays. The rewards are numerous: you have relative freedom from conventional office hours and you will have unlimited potential to earn as much as you want to. In fact, some of the most successful agents in real estate are in the top tier of earners in the country, but that usually takes a few years to build up to. During your career you will never stop forming long-lasting relationships with other real estate professionals and clients. For those that are going to start out with no knowledge of the real estate industry, do not hesitate to jump in and give it a go if you feel it is the right fit for you.
When any person that is new to the industry (with no prior experience) finally qualifies as a professional, accredited estate agent, they would have acquired the necessary skills and qualifications to give professional advice on the following matters:
As stated, it all depends on how hard you are willing to work and how committed you are going to be. Many estate agents have other second jobs as well, especially in the beginning to help them get on track during the first few months while they pick up all the experience and complete the mandatory studies for their real estate exam. According to salaryexpert.com an entry-level estate agent in Malta can expect earnings of €19,548 per annum while an experienced senior estate agent can be looking at €42,235+ per annum which is way above the national average salary. If you are a successful agent, what you can earn is open-ended and only the sky is the limit! Some companies will be prepared to look at giving you a basic minimum of around €1,000 per month to get you off the ground, but this will mean that during this time you will be earning less percentage commission due to this. As you gain experience and become more successful, you will be able to then go on to full commission and no basic monthly salary, which will pave the way for potentially unlimited income.
The professional arena of the real estate agent is definitely not a static environment. Rules and laws are constantly updated, refined and adapted and estate agents need to be aware of all this, all of the time. Additionally, global and local economic factors are dynamic and this will influence the entire property market… and this is only the start. As a property specialist you will be expected to keep pace with all the latest developments and this is where on-going training plays an important role.
As a novice, you will be assigned to an experienced agent who will tutor you and show you the ropes. During this time you will learn everything about client relationships, how to market yourself and properties, how to handle negotiations and about all the admin and paperwork involved. You will also attend mandatory in-house training and learn everything about the company and how it operates. You will be taught about the back office systems and portals and also get introduced to the entire team that will be your support for life at the company. Simultaneously you will be doing your MQF level 4 training courses through an accredited training academy, write your exams and apply to get your operating license as a qualified property professional. After all of this and about a year under the wing of your tutor, you will finally be encouraged to “go it alone” as an agent within the company.
This is not all: all agents, no matter their years of experience, are expected to attend on-going seminars and training for their lifetime while working for the company. Then there are the teambuilding exercises, motivational seminars, annual conferences, and much, much more. One thing any agent working at Frank Salt can be reassured of is that they have the best support from an extremely qualified and specialised team who will assist them with compliance, marketing, admin, human resources, legal, data systems and IT.
If you are as excited as we are to meet about discussing your career as an estate agent, give us a call on +356 2277 0157 or email [email protected] as we have positions open in both Malta and Gozo for property consultants!