Finding a Tenant
It is common knowledge that property is an investment. This is especially true when that property is paying off its own mortgage!
If, at first glance, the thought of letting your property in Malta feels too complicated to bother with, consider this: RE/MAX Letting Malta is a dedicated agency with specifically-trained associates that specialise in the letting market, and whose aim it is to make life as simple and easy for you as possible.
A reputable, trustworthy and dedicated agent can deal with all the nitty-gritty letting details, allowing you to enjoy the benefits of being a landlord with a high-yield income property. We are experts in making this happen – in fact, whether the property in question is in Malta or Gozo, our RE/MAX Letting agents are specialists in guiding you through the process.
From qualifying prospective renters and advertising the property, to dealing with tenants and settling contracts, at RE/MAX Letting Malta we have the expertise and resources to ensure that the process is as straightforward and efficient as possible. With several dedicated letting offices in Malta and Gozo, RE/MAX Letting remains the leader when it comes to renting property in Malta.
As a landlord, you understandably want to see your property make the highest possible return on investment. In a highly competitive letting market such as this, mistakes are easy to make, and many get left behind. The few that don’t, consistently achieve maximum rental income on their property with the help of expert guidance.
RE/MAX Letting is here to show you how this is done.
Where to Start
Step 1: Know your goals. It is always preferable to have a clear idea of what it is you want from the property, as well as how much time you are willing to put into it. RE/MAX Letting provides a standard open listing service and a property management service that can take care of everything you are not willing to handle. A tailor-made service is also available, depending on the circumstances.
Step 2: Get your property valued. The reality is that no matter anyone’s opinion on the subject, it is always the market that dictates the value of a property. RE/MAX Letting associates know the rental market inside out and can offer an accurate appraisal of a property. The valuation comes free of charge, with no obligations. It is vital that a property owner refer to the experts when estimating the value of a property, as emotions tend to get in the way with expectations running high and, thus, the property may end up being priced too high, or too low, for the market. In either case, the owner risks missing out on maximising rental income.
Step 3: Maximising Rental Income. Every RE/MAX Letting associate has a finger on the pulse of the Maltese letting market. This is vital when maximising rental income on a property. By comparing it with other properties in the area and cross-referencing standards and pricing, RE/MAX Letting associates will be able to pinpoint a strategy to best increase your rental yield, thereby maximising your rental income. This is very easy to get wrong if it’s not left in the hands of an expert, and that can make all the difference between a high-yield rental property, and one that just sits on the market, stagnant and empty.
Step 4: Presentation. When it comes to showing off your property, the aim here is simple: Impress at first glance. There is a saying that 80% of success is showing up. Presenting your property well is the equivalent of you showing up. Do this properly, and you’ll be in the top category of rental properties. If decoration and presentation are not your thing, RE/MAX Letting associates are very experienced in advising on this and can even recommend suppliers.
Combine the above four steps in exactly the right way, with the help of RE/MAX Letting, and you’ll be well on the way to letting your property for the best possible market price.
Getting the Best Return
Potential tenants seeking a property to rent in Malta tend to be very demanding, and with good reason: the rental market is highly competitive. However, with the right help, one can navigate it, simply.
There are a number of factors that will affect the level of income a property can generate, as well as how quickly it is snapped up by tenants. Whilst price is dictated by the market, the success rate of a rental property is usually determined by the decor.
First impressions really do count in this industry. Fail to impress a tenant and they will go elsewhere.
The ultimate goal here is to have a property with happy tenants, who pay the most competitive price in rent month after month, on time and without any complications.
The best way to do this is to allow RE/MAX Lettings consultants to help you with your choice of décor for the property. Different types of property may invite specific interior decoration choices, however, generally speaking, the most successful landlords ignore their own personal tastes and stage the property in a clean, bright, fairly neutral manner, usually in line with the latest market trends.
Rental Tips in Malta
There are a number of guidelines that, if adhered to, dramatically increase a property’s chances of finding tenants quickly and at the right price. Here are some tips:
- The property should be professionally cleaned before viewings. The difference between a shining, spotless property and a grimy one is like night and day.
- The property should be bright, uncluttered and furnished to appeal to the widest possible audience. It is very tempting to add touches of character or personality to the property. However, this tends to backfire, especially if the owner’s tastes are bolder than that of the average person.
- Colours therefore should ideally remain neutral (both in terms of wall colours and soft furnishings).
- It is never a good idea to furnish your apartment with a jumble of mismatching furniture – a furniture graveyard so to speak. Plan your furnishings and create a holistic look.
- Good lighting can completely change the appearance of room – from dull and drab to bright and energetic.
- Kitchens should be well equipped, with full instructions for all appliances readily available. The same applies for the instruction manuals to all the main switches, taps, central heating and services, which should be kept somewhere that’s easy to be found in case of an emergency.
- Kitchens and bathrooms are two of the most important factors for clients viewing a property. Old appliances, cracked tiles, bad lighting and worn surfaces in either of these rooms will almost certainly turn prospective tenants away.
- Gardens should be well tended (get rid of those weeds and dead plants).
- Furnished lettings should have good quality beds, preferably with new mattresses and linen.
When a tenant first sets sight on your property, they will immediately begin picturing themselves living there. If the property is not sparkling clean, bright and welcoming, they will switch off and go elsewhere. If yours doesn’t quite live up – worry not! We can help.
Finding the Right Tenant
From the moment your property enters our books, our RE/MAX Letting agents rally to find the right tenant for it. This kicks off a process that has been refined through experience to make the search as quick and accurate as possible.
Photos are taken of the property that are then circulated around our network of agents and prospective tenants on our database, some of whom include blue chip organisations and relocation companies that have granted us exclusive representation rights.
The property will be continuously promoted across a number of platforms as well as in our offices. Thanks to the sharing of resources between our two RE/MAX Malta Letting offices, each property is given double the exposure locally. Internationally, each property is shared with 5,000 offices and over 100,000 associates via our state-of-the-art internet database system.
This is a hugely effective resource that allows RE/MAX Malta Letting to help clients successfully let their properties all over the island.
At RE/MAX Malta Letting, we also offer a fully integrated website that makes finding the right property easy – not just for local prospective tenants, but also international ones, who can search properties by European region. RE/MAX Malta Letting receives a large number of enquiries on a daily basis from tenants, companies and relocation companies who are interested in real estate and renting property in Malta.
The search for a tenant does not end there. RE/MAX Lettings invests more than any other local agent on full colour promotional materials and internet advertising, in order to generate additional enquiries from potential tenants.
Tenant Found! Now What?
Once a tenant has been found, a letting agreement is drawn up detailing 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. RE/MAX Letting Malta ensures that all deposit monies and first rental fees are paid on contract unless otherwise agreed between both parties.
Management and Maintenance
Depending on the level of involvement and responsibility you wish to take on when your tenants move in, RE/MAX Lettings offers a number of options for landlords.
RE/MAX Lettings offers a Maintenance & Management service. This means that our associates collect rent on the landlord’s behalf, pay bills and even arrange any services required during the tenancy of the lease. This popular full service package is offered to all clients and is especially useful for busy landlords who do not have the time to fuss over time-consuming day-to-day management.
RE/MAX Lettings also offers a full inventory procedure. This process is vital for any property to protect the landlord’s interests and the property’s contents. RE/MAX Lettings can arrange for a professionally compiled inventory of contents and conditions.
Some landlords don’t have the time or inclination to chase after payments every month. RE/MAX Lettings offers a Rent Collection service on their behalf. This services comes as part of the standard Maintenance and Management package, however, it is also available as a stand-alone service.
A similar service is available for the renewal of tenancy agreements. RE/MAX Lettings will negotiate on the landlord’s behalf and prepare all the necessary paperwork.
When it comes to ending the tenancy, RE/MAX Lettings ensure that everything is taken care of according to the tenancy agreement, from the payment of all outstanding bills to the checking of inventory and refund of the security deposit.
For more information please go to our property management page.