When all is said and done, Malta is a small country, largely punching above its weight, with limited financial and human resources.
With such a small population base, the extent of duplication of efforts in our voluntary organisations, NGOs and associations constantly amazes me.
Estate agents, developers and contractors, while operating in their own niche areas, have a lot of needs in common, with similar outlooks on a number of issues. With the ever-growing involvement of the Malta Developers’ Association in efforts to improve the level of the developer/construction industry, concurrent with a growing number of estate agents wishing to see a more professional outlook to their industry, it made perfect sense to combine forces for a better outcome for the two entities’ aims.
The section currently comprises some of the major players in the industry together with other agencies and their consultants.
The section seeks to unite all those who operate a bona fide estate, letting or managerial agency in immovable property in Malta. Its aim is to ensure the advancement and the sharing of knowledge to facilitate the operations of the agency and to maintain and improve the standard of services association members render to the public.
It seeks to promote, support or oppose any legislative or other measures that affect the interests of the association and its members; to promote harmony between the members of the association and other people engaged in other complementary businesses, whether companies or individuals; to represent the real estate industry in general on boards, bodies, entities, councils, or other associations, whether or not created by law, and whether promoted and appointed by the government or private enterprise, aimed at promoting, marketing, improving and generally overseeing or examining the development of the real estate industry in Malta and Gozo, and all other matters that may affect, directly or indirectly, the real estate industry in Malta and Gozo; to establish and maintain dialogue with the government, institutions, business organisations, international agencies and accredited experts and to establish contacts, liaise with and conclude agreements of cooperation with other similar institutions or associations and to provide a forum for regular consultation.
The role of a real estate agent today has become very intricate
One of its first actions will be to drive forward the long-awaited legislation governing agencies and their agents.
The number of agents operating in the industry has exploded in recent years, both local and from overseas. As a result, standards in a lot of cases have become a thing of the past, as everybody and their uncle enters the industry.
The role of an agent today has become very intricate and the involvement in a sale and the solving of various issues have become ever more complex. Specific training and knowhow is a must if a purchaser and vendor are to be guided in an appropriate manner. The extent and format of courses to be imposed on agents will doubtlessly be the subject of debate. While not expecting agents to be architects, lawyers and notaries, their knowledge should be sufficient to provide a first guidance in a responsible manner.
Several meetings with the Parliamentary Secretary for Planning and the Property Market, Chris Agius, have demonstrated a convergence of ideas.
Ever-increasing prices means that a substantial part of one’s earnings are locked in property, making the responsibility of an agent ever more important.
Ethical behaviour between agents and customers and behaviour between agents themselves are also a top priority to be addressed. Closing a sale at all costs is not relevant in today’s world.
The section will be working hard within the Malta Developers’ Association to collate data, surprisingly elusive in modern Malta, on demand, supply and expectations of the buying public.
Doubtlessly, the section will contribute to the property industry at large in no small way.
Douglas Salt is president of the Malta Developers’ Association’s real estate section.