Pledges to sell signed in Malta have reached record numbers month after month, with most buyers being locals.
Land ownership as a form of investment has been ingrained in the nation’s psyche for generations, resulting in the Maltese consistently making the lists of the world’s richest nations per capita due to the wealth accumulated through real estate investment. The local real estate market has consistently outperformed other traditional investments such as metals, commodities and stocks and is legendary among the citizens of this small island nation.
Having said that, owning more than one rental property comes with responsibilities. When you have the youth on your side, you can usually manage everything but, of course, that changes over time. Everything that comes with being an owner needs to be properly run and managed, for example things need to be fixed and maintenance is still ongoing to ensure the properties are in top condition for rental.
Then there is the administrative side of things: collecting rents, returning deposits when tenants leave a property, paying bills, getting quotes from service providers and suppliers, dealing with the Housing Authority, calculating and paying taxes and processing insurance claims which can be a big headache in itself!
Landlords have been adamant in the past to manage everything on their own and it was a straightforward process, but with today’s complex laws, tax systems and tenant rights, it becomes much more difficult. It is no longer just a question of collecting rents. All processes must be executed and implemented correctly according to the law and breaking the rules can become a nightmare for owners. It can also make you lose your pocket if you end up being sued by a tenant or even fined for offenses committed by the authorities.
What are the advantages of having someone manage your property?
Hiring a reputable, experienced and trustworthy property management agency will solve any headache. This will not only relieve stress but also free up the owner’s time to focus on other business activities and can actually save you money in the long run.
Frank Salt Real Estate has over 50 years of experience in the field and is Malta’s oldest and largest family-owned real estate group.
Bronia Mercieca, Head of the Property Management division of the group, says: âOur team will take care of your property completely. If your property is new, we can organize a hang-up and drop-off service. For existing properties, we can arrange professional cleaning, remodeling, repairs, decorating and providing furnishing packages through our Home Interiors division. If you are considering renting out your property, we will collect the rent, organize repairs, and provide you with a range of services that are exactly what you need. Our in-depth knowledge of Maltese rental regulations will ensure that you keep all your property and rental contracts under control â.
It is also reassuring to know that this hardworking and experienced team will also drive out late payments from tenants, take care of your rental documents and have experienced contractors perform emergency maintenance and repairs, always on hand. first getting your approval as the owner.
Be at the service of local and foreign owners
Frank Salt Real Estate’s property management division also deals with vacation homes on behalf of owners residing overseas or properties purchased for investment.
A property that is locked and left on its own for long periods of time will show signs of deterioration and require minor maintenance. The most important thing is to ensure that all administration regarding the property is kept up to date while he is away.
Periodic inspections of the property are also done with reports to owners on whether it is in good condition or if it may need maintenance.
Many homeowners have had the unfortunate experience of leaving a tap running when they leave, a window ajar or even cutting off the electricity for forgetting to pay the bill. By using the services of the property management division of Frank Salt Real Estate, incidents like this and the associated costs can be completely avoided.
Frank Salt Real Estate Property Management, Rental and Interior Design Divisions: Full Service
Imagine: you bought an investment property and you don’t know what to do with it next. This is where the three divisions of the group can help you. By working together, they can have the property repaired and brought up to standard, they can have it furnished according to your taste and budget, they can rent it out on your behalf, they can physically maintain it and take care of all the associated administrators. to the property. They are truly a “dream team” offering all the solutions any owner or owner could wish for.
Solutions also for tenants
Frank Salt Real Estate’s property management division also offers âtenant packagesâ for those who travel a lot and need the peace of mind knowing that their property is being properly maintained in their absence.
The last word
The additional benefits of appointing a property management company are that tenants and landlords have a single point of contact and there is less chance of tenant turnover when they have a good relationship with the property management company. management.
Frank Camilleri from the Gozo branch of Frank Salt Real Estate, comments: âClear-headed decisions can be made as less emotions are involved and there are also fewer legal issues as the management company is always up to date with the latest laws. and laws applicable to rental.
âIt is a wise decision to consider appointing a management company and the best thing is that all maintenance services are just a phone call away for any owner. Many clients have entrusted us with the responsibility of managing their properties and they have never looked back.
Independent journalism costs money. Support Times of Malta for the price of a coffee.