Letting your property
Do you own property that’s not being used at the moment and is just sitting there without yielding any profit?
Even if you do not wish to sell this property, the real estate market in Malta provides another effective solution – renting or letting it out. The advantages to such a course of action are immediate: you make a good, regular return on your property and you can still reclaim it once the contract expires, should you wish to make use of it yourself or even sell it!
CHOOSING A REAL ESTATE AGENT IN MALTA AND GOZO
At first glance, you might think that renting out your property in Malta is too complicated to bother with. You’d be wrong. As with every other venture, the most important thing is to entrust the renting of your property in Malta in the hands of the right people.
Like most property owners, you are likely to be asking yourself the following questions:
How will I make sure that the person I rent it out to is of good character and won’t cause me problems?
How do I decide on the amount of the monthly rent?
What obligations will I have as landlord?
How do I go about finding a client?
Stop worrying and start acting. Whether your property is in Malta or in Gozo, in real estate the name of the game is expertise! This is where RE/MAX Malta comes in. What you need is a reputable and trustworthy letting agent into whose hands you can entrust your property. And this is exactly what Re/Max Malta offers.
RE/MAX Malta, originally J&K Properties, are known as ‘The Letting Specialists’ and there’s a very good reason for that. J&K Properties started off purely as a fully-fledged letting agency for a number of years before the company made the strategic decision to spread their wings and acquire the RE/MAX Master franchise. Although the name has changed, RE/MAX Malta remains the leader when it comes to renting property in Malta. In fact, the RE/MAX Malta letting department enjoys a sterling reputation within the industry and it has certainly earnt it over the years!
To make sure that all our clients’ real estate needs are dealt with with the maximum of efficiency, Re/Max Malta already boasts two offices that specialize in renting property in Malta. The Re/Max Malta network is also set to expand, with other letting departments due to open both in Gozo and Malta – thus expanding our database and improving upon existing services.
WHERE TO START
Whilst choosing the right real estate agent in Malta goes a long way towards ensuring that you get the 
best deal out of your property, the truth is that letting a property is not something to be taken lightly. Renting property in Malta is a serious business and that’s exactly how the letting department at Re/Max Malta treats it. Top priority for us is making sure that the client is satisfied by maintaining the utmost levels of professionalism.
But let’s get down to business – what you, as the client, need to do is simple:
Step 1 – Consider the following points: What are you after as a property owner? Do you know what to expect of the level of service being provided? When it comes to renting property in Malta, Re/Max Malta provides a standard open listing service and a property management service. However, depending on the circumstances, we can also tailormake a service for you.
Step 2 – Get your property valued. If your expectations are too high, you might end up with no response. On the other hand, you don’t want to underprice your property. Re/Max Malta provide a valuation service free of charge and with no further obligations. Our letting associates are available from Monday to Friday from 9:00 a.m. - 6:00 p.m. and on Saturdays from 9:00 a.m. - 12:00 p.m. Just make that phone call and we’ll deal with it.
Step 3 - Maximise your rental income. Being specialists when it comes to real estate in Malta, you can rest assured that we will do our homework. Our letting department knows exactly what’s happening on the real estate scene in Malta. The research we provide includes an overview of the properties in your area, 
which are of similar standard – a very useful aid when it comes to the specific valuation which we will offer after giving you the appropriate market overview and current pricing trends for your consideration. We’re the specialists in real estate here, so you can relax in the knowledge that we will give you appropriate advice about how best to increase your rental yield. Sometimes, the smallest action can make a big difference and we’re there to point out these details and make sure that you get the maximum return out of renting your property in Malta.
Step 4 – Presentation is one aspect that is certainly not to be neglected. You want your property to impress at first glance in order to achieve the highest level of rental income possible. We’re there to transform this statement from words into action.
Consider this: If you were buying a second-hand car, would you buy one with scruffy seats, scratched paintwork and dirty dashboard? Let me guess – your answer is an emphatic no. Well, renting property, in Malta or anywhere else for that matter, works practically on the same principle.
On this we will need your full cooperation in order to achieve the best results – make an effort to present your property in the most appealing and uncluttered way as possible – as if you are going to live in the property yourself.
And if you feel clueless in such matters – as, let’s face it, most of us do – there’s still no need for worries as Re/Max Malta has thought of that too. When we say that our letting department is very experienced we meant it and we will advise you on all aspects of furnishings, fittings and decorations. If required, we will also recommend suppliers to help you. Finally, after all the groundwork is done, don’t forget that a good, professional cleaning will make all the difference. And if you have a garden, don’t forget to give it the necessary care!
GET THE BEST RETURN
There’s no need for us to tell you that the real estate market in Malta, especially when it comes to letting property, is extremely competitive. But because it is such a fundamental issue, we cannot stress this point strongly enough!
Demanding is the first thing that comes to mind when one thinks of potential tenants looking for property to rent in Malta. The real estate market in Malta continues to offer a growing number of newly built modern apartments and these obviously have their own attractions!
Whether you are letting furnished or unfurnished accommodation, the first thing to bear in mind is the standard of the interior décor and the actual contents of the property you’re letting in Malta. These will have an effect on both the level of rent and the time scale it takes to let your property. You all know how the saying goes – it’s the first impressions that count the most! Corporate tenants in particular often demand top specifications and it’s useless promising to jazz up the décor later if you fail to impress the prospective tenant from the word go!
The golden rule? RE/MAX Malta suggests that you try and avoid allowing your personal taste to influence the choice of decor. Instead, blend in your taste with a fresher look that goes with the latest market trends because that’s what most tenants are after! Again, if you’re unsure what’s what when it comes to interior décor trends your RE/MAX Malta representative will be happy to advise you on what styles best suit your particular property.
BACK TO BASICS
Just to put you in the picture, the following are the basic rules when it comes to presentation before putting your property on the real estate market in Malta. Anything more complicated, you can leave up to RE/MAX Malta:
- Choose neutral colours such as magnolia or cream for decoration
- Carpets, curtains and furnishings should be chosen in neutral or muted colours and be able to stand wear and tear.
- Kitchens and Bathrooms need to be well equipped and your RE/MAX Malta representative will advise you of the necessary appliances.
- Like your own home, lighting is important and in modern apartments the latest styles are usually
appropriate. - Gardens should be neat and well maintained.
- We recommend a visit by the professional clean (and this includes all windows!) prior to viewing by potential tenants.
When it comes to Furnished Lettings, we offer the following advice:
- Hi-Fi and DVD equipment are not normally necessary as tenants will bring their own, however keep in mind this may add value to your property.
- Beds must be of good quality, preferably with new mattresses and linen.
- Protect table and furniture tops with glass or suitable covers.
- Cutlery, cookery and glassware should be robust and dishwasher/microwave proof with a minimum of six settings
- Leave full instructions for all appliances and kitchen gadgets - plus of course details of where all the main switches, taps, central heating and services are to be found in case of an emergency
- Basically the property should be clean, uncluttered and furnished to appeal to the widest possible audience.
FINDING THE RIGHT TENANT
Contacting Clients – As soon as you decide to put your property on our books, the Re/Max Malta Letting team will concentrate its efforts on finding a suitable tenant. The process kicks off with the department contacting all the prospective tenants that are registered on our extensive database – this will include contacting blue chip organisations and relocation companies, many of whom have granted us exclusive representation rights.
The Photographic Evidence – Nothing works like a good photo, so in addition, RE/MAX Malta will also take shots of your property, create a good description and circulate these by mail as well as in local newspapers, magazines, over Internet and other mediums. Re/Max Malta will promote your property continuously in all the mediums relating to real estate in Malta until a suitable tenant has been secured. We will also make the viewing process as stress-free as possible for you by accompanying all prospective tenants on their appointment.
The most appropriate type of tenant will depend on your circumstances and requirements. RE/MAX will discuss your particular needs in detail and strive to find the most suitable tenant. Only when you are satisfied with the tenant will we proceed with preparing a suitable tenancy agreement.
Multi Office Coverage – Your property will be given the maximum exposure, thanks to our two RE/MAX Malta Letting offices, which are linked via computer network. This ensures that each property receives the optimum exposure required to maximise marketability as early as possible. Your property is also available to over 5000 offices and 100, 066 associates internationally via our state-of-the-art Internet database system. The offices work as a team to ensure that all prospects are made aware of new properties quickly and efficiently.
Advertising – The wheels of commerce certainly roll much smoother thanks to advertising, even when it comes to the real estate market and renting property in Malta. Visuals are of the utmost importance in order to impress a potential tenant and RE/MAX Malta invests more than any other local agent on colour promotional and Internet advertising in order to generate additional enquiries from potential tenants.
More enquiries mean more tenants and more tenants mean obtaining the optimum rental in the quickest time possible!
THE TECHNOLOGICAL TOOLS – LETTING VIA THE INTERNET
RE/MAX Europe prides itself on being first Real Estate Network to offer a fully integrated website. Within each European regional website – including Netherlands, Spain, Portugal, Wales, Scotland amongst others – a customer can search properties in Malta and Gozo. The opposite is also true and within the RE/MAX Malta website one can also search for properties in any European region.
You don’t need us to tell you exactly how strong Internet is as a marketing tool and we exploit this tool to
its maximum.
Needless to say, the RE/MAX Malta websites are always available and prospective tenants can view homes that are currently or shortly to become available from wherever they are in the world. This instantly multiplies your chances of finding the tenant most suited to your property as you are not limited to the Maltese audience. Moving countries is no longer the big deal it used to be and at Re/Max Malta we receive hundreds of enquiries on a daily basis from tenants, companies and Relocation companies who are interested in real estate and renting property in Malta.
MISSION ACCOMPLISHED - WHATS NEXT?
- Preparing The Letting Agreement – A letting agreement is drawn up in consideration of the terms and conditions set out by the landlord and the tenant. This agreement is there to protect your rights to possession, also your interests in relation to the landlord and tenant responsibilities and the method of rent payment. Naturally, you are at liberty to seek legal advice.
- First Payments - RE/MAX Malta ensures that all deposit monies and first rental fees are paid on contract unless otherwise agreed between both parties.
MANAGEMENT AND MAINTENANCE
A Full Service – Once the letting agreement is signed, RE/MAX MALTA does not up and leave and forget all about you. Our letting office offers a full management and maintenance service. In layman’s terms, we 
can take care of your property from A-Z, from finding your potential Tenant, to collecting your rent, paying your bills and even arranging any services required during the tenancy of the lease. This service is available both if you reside in Malta or if you live overseas.
The Inventory Procedure – If this is the first time you’re renting out property and are not familiar with real estate rules in Malta, chances are you’re worrying about what will happen to your property once you’ve rented it. Will your furniture get damaged? Will the tenant steal anything? Who will pay for breakages?
Thanks to the services of Re/Max Malta you need not worry about any of this – we can arrange for a professionally compiled inventory of contents and condition as this process is vital to protect your interests, your property and its contents.
The inventory process features three key stages:
1) The compilation of the inventory,
2) When the letting commences the tenant confirms to the inventory cherk; receiving the property, its contents and their condition along with agreeing the meter readings for utility companies
3) At the end of the tenancy a report will be compiled providing details of any change of condition, damage or, loss of items. This will be used when processing the return or otherwise of the tenants deposit.
Collection Of Rent – One thing that can put off some clients from renting out their property is the thought of having to chase payment from their tenant every month. If you work with RE/MAX Malta’s letting department this is an area that you don’t even have to think about as we will make sure that payment happens promptly and regularly. Every month we send notice to your tenant, the tenant pays us and we 
pay your rent into your account. This is covered by the standard Management & Maintenance Agreement that we offer to all our clients – if you opt not to take the Agreement, we can still arrange for this facility for a lower fee.
Property Maintenance – As landlord you are responsible for general maintenance of the property – again, Re/Max Malta are always on hand to deal with these issues, overseeing any essential repairs and arranging payment of the contractor for the completed works. RE/MAX Malta’s prime concern is to ensure that the property is maintained, on your behalf, in the same condition as that in which it was received allowing for fair wear and tear. When appropriate we will advise the landlord, of any improvements that may be needed in order to attract quality tenants.
Renewing the Tenancy – When there’s a good landlord-tenant relationship, many tenants renew their lease automatically and in some cases stay on for several years. RE/MAX Malta will carry out negotiations to ensure that the rent, terms and length of tenancy are adjusted as necessary and the paperwork completed accordingly.
Ending the Tenancy – Of course it can happen that the tenant might wish to find another place or else that you yourself want to reclaim your own place. In any of these cases we will take steps to ensure that the tenancy is concluded with the minimum of hassle for yourself. All appropriate notices for possession are sent and the inventory is checked. Once all parties are satisfied and bills are paid, the deposit (less any charges) are disbursed.
OUR COMMITMENT
RE/MAX Malta is dedicated to offer the highest degree of professionalism. Each Letting Associate is professionally trained to deal with each property in a competent manner – training involves marketing, viewings, sourcing the correct client and also handling negotiations smoothly and carefully to satisfy the landlord and the tenant.
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