Why use an Estate Agent in Malta?

Whether you buy or sell a property in Malta, you have the choice of using an estate agent to assist you or not. What value can an agent add to your property if you are selling, and how can the agent help you to find your new home? Let’s split that question into two separate ones as they are fundamentally different.

Question 1 – Selling your Property

When you put your house up for sale, you invariably want to sell as fast as possible. Having worked in the property for several years in Malta, I have seen properties listed and remaining unsold for years. If you aren’t under pressure to sell, then skip this part. However, if you want to sell as soon as possible, like most people, the fastest way is to engage an agency to assist up with your sale.

Why Engage a Listing Agent?

The agency will have multiple listings of similar properties to yours and access to actual sale prices in your area as opposed to advertised prices which are considerably different. Any agent worth his salt can provide you with a realistic price bracket for your property based on fact, not hearsay. That alone is well worth its weight in gold. Try discovering the actual sale prices of property in Malta, and you will be facing a brick wall. While abroad there are publicly available databases of property sales and selling prices, in Malta that information is solely in the hands of estate agencies.

That’s just the tip of the iceberg! An agent can provide you with the services of an architect. You will need one to produce an energy compliance certificate. You need one to sell your property, and without it, you cannot sell.

The agent can inform you about any taxes you will be liable when you sell your property, and that is a tricky question as there are many variables and different situations. The agency can also market your property on the website, social media, the local press, and even overseas.

Question 2 – Buying Property

The perks of using an estate agent to help you find a property are more apparent. The agency will have an extensive database of vacant dwellings you can check out online. You can then choose a handful of homes you would like to view, and an agent will take you on viewings.

Negotiating a Price and Recommending an Architect

Once you select a property, the agent will negotiate a deal for you. As a buyer, you aren’t obliged to pay an agency fee, as that is the vendor’s responsibility. The agent will recommend an architect to inspect your chosen property to ensure it is structurally stable, and that there are no illegalities such as ceilings lower than the legal requirement and internal shafts aren’t smaller than permitted by law. Such irregularities will stop the sale from going forward or worse still, and you end up buying it, as you will be unable to sell iron later.

Notary Public – Promise of Sale & Final Contract

The agent will also recommend a notary public to draw up and oversee the promise of sale and final contract. Buyers have the right to choose a notary, and the vendor is obliged to accept. Many first-time buyers are unaware of that and may go ahead using the vendor’s notary to their disadvantage. The benefits of using a local buying agent are numerous.