Issue link: https://maltatoday.uberflip.com/i/567101
maltatoday, SUNDAY, 6 SEPTEMBER 2015 43 Events Harnessing a growing rental market with Frank Salt letting FRANK Salt Real Estate has made a name for itself in the real estate sale and rental mar- kets, thanks to its commitment to clients and a strong sense of teamwork. MaltaToday caught up with members of the letting team to find out how they have mastered this fast-paced sector and made it their mission to find clients exactly what they want. The rental market in Malta has seen a huge surge of interest over the past few years, thanks in no small part to international busi- nesses setting up shop in Malta, employees in tow. Frank Salt Real Estate's Let- ting Manager Philippe Tabone explains that people who own property they are not using are now realizing that they're sitting on a gold mine and real estate that was previously sitting there, gathering dust, has now been opened up to rental opportuni- ties. The buy-to-rent market is also booming, with many making investments in rental property after realizing how lucrative they can be, with annual return aver- aging at 5%. More localities are becoming popular with potential tenants. "While Sliema and St Julian's re- main very popular, thanks to the lifestyle they come with, other places are also opening up to rental opportunities. Luqa, for example, is benefiting from an increase in employees at the Sky Parks complex," explains letting consultant Giovanella Abela. Marsascala and the Three Cities are getting the same effect due to Smart City. Ludwig Farrugia, a fellow con- sultant, believes that there is rental potential in absolutely any town or village on the island – the boom experienced in the sector over the past four years doesn't seem like it will be slow- ing down any time soon. Letting consultant Trevor Caruana echoes this sentiment, saying that one-bedroom prop- erties all over the island are rare- ly on their books for more than 24 hours. Sean de Domenico, a letting consultant, agrees. "It is a land- lord's market," he says. Develop- ers too are taking notice – "New developments are of better standard," he adds, "and owners are also making the effort to re- furbish their properties to bring them up to scratch." Frank Salt Real Estate's letting branch is making sure some- one is there to take care of both tenants and landlords. Train- ing makes a big difference, ac- cording to Philippa, as does the agency's broad reach across the islands. Sean feels that the per- sonal touch is key, along with the company values that the letting team live and breathe – "Some critics say we are too serious but I think this makes an impact on our clients. Being professional, well-mannered and gaining a cli- ent's trust is half the sale, after all," he says. In an increasingly competitive world, getting no- ticed is crucial in staying on top of the game. Frank Salt's agents are in them- selves a varied bunch – an asset when it comes to dealing with different types of clients and their needs. Philippa has a back- ground in the travel industry and joined the agency in 2008. Trevor worked in sales, market- ing and communication before joining the agency. Giovanella joined just last year after working in advertising. Ludwig spent over a decade in the customer service and catering industries before making the move four years ago. All agree that it takes a certain tenacity and attention to detail to get ahead in this industry. Be- ing organized and having a cool head under pressure are valuable assets. "Customer service is real- ly what gives Frank Salt its edge," Ludwig says. "We are also well known for going that extra mile to ensure that our clients get the best of service. We consult with landlords on how to prep their property to achieve the best rental return. We help tenants settle in once the lease contract is done, providing contacts for service suppliers and the like. These are only two examples of how we go about giving our cli- ents the best service possible." For those interested in joining the fast-paced letting sector, the veterans offer some advice. Be- ing self-motivated is essential, says Giovanella, as Trevor em- phasizes the importance of doing groundwork – "groundwork, I would say, is 80% of the process." So slackers need not apply. Be- ing an extrovert helps too – the job, at its core, is about connect- ing with people and having cha- risma. Letting manager Philippa out- lines her 'process' for finding her clients what they want. Listen- ing is the first step – finding out what the client wants determines what the agent will look for on their behalf. It is also important, she says, to be realistic and to in- form a client on the limitations of the market. "We can negotiate and search far and wide for a property that exists but finding a modernly fur- nished, two-bedroom penthouse with a large terrace and sea views for €500 a month including utili- ties is never going to happen!" she explains. A thorough knowledge of what is available is crucial, and a love for property is definitely a plus. "In one day, you can see a pent- house in Portomaso, a house of character in Siggiewi and an apartment in Santa Venera," says Giovanella. "One of the perks of the job being able to visit these new properties and picking up design ideas, interesting home layouts and meeting new own- ers." Of course it's not always plain sailing and as in any job, there are moments of levity, strange requests or downright unusual clients. Trevor recalls helping a production team member for the Game of Thrones franchise rent out a property that would even- tually feature in the television series itself. "Both my client and I are great fans so apart from a good lease it was great fun. Natu- rally I saw the episode it featured in over and over again," he en- thuses. Philippa says that among their fair share of unusual requests, come the oddball clients them- selves – Feng Shui, enthusiasts scoping out potential proper- ties with compasses, and people so obsessed with their pets that Fluffy and Rover get their own air-conditioned room, with their own babysitter. Giovanella re- counts how, in a moment of pan- ic, a tenant called her up in the early hours to ask for help with an exploding water heater. While she couldn't quite understand the urgency at 1am, she did once she visited the next day and saw the mess. In her words, it looked like a bomb had gone off in the bathroom. Goes to show that a letting consultant's work is never boring. Letting consultant Giovanella Abela Letting consultant Sean de Domenico Letting consultant Trevor Caruana Letting consultant Ludwig Farrugia Letting manager Philippa Tabone Members of the letting team