Bringing Re/Max to Malta

A real estate agency, Re/Max, set up in the United States in 1973, is now a global leader in real estate business. Suffice it to say that one in every three property transactions in the United States of America and Canada is handled by this company's agents.

Re/Max now has over 90,000 agents in 4,500 independently-owned offices in 47 countries. In fact Re/Max is present in every major European country except Finland.

While Re/Max is currently investing in Britain and Germany, they have also opened 50 outlets in Ireland, where soaring property prices have led investors beyond their shores. Re/Max has been present in Iceland for five years, already boasting 1,000 associates.

The success story is based on a sound work ethic, with agents treating customers and colleagues alike with respect, and often passing clients on to a more suitable agent. Around 70 per cent of Re/Max's transactions result from such "referrals".

As part of their expansion, Re/Max will be entering the local market through J&K Properties. Five companies were selected as possible representatives last November and following a visit to Malta by Re/Max representatives to observe more closely the way local agents worked, three companies were short-listed.

After having carefully examined all the companies' portfolios it was decided that J&K Properties were the best suited to represent Re/Max locally.

J&K were then invited to visit the European head office in Venice. Managing director Kevin Buttigieg firmly believes that Malta's European Union accession on May 1, as well as a renewed interest being experienced from the British and German markets, must have been two major factors leading Re/Max representatives to show interest in Malta.

Speaking to The Sunday Times, J&K Properties marketing director Jeff Buttigieg said the company has already started to receive positive feedback.

J&K Properties was set up in 1999, but Kevin had already been in the letting business for five years. In fact J&K Properties was the first letting company to be set up in Malta.

Their office in St Julian's currently employs eight people, with plans to open another two offices later on this year, and five other new offices by 2008.

All staff will be receiving further training by Re/Max Europe, with Jeff and Kevin having been trained to train.

Jeff and Kevin are both very excited about this massive step for the local profession. And rightly so. With a company spending some $120 million annually on advertising, producing its own monthly publication (Re/Max Times) distributed to thousands of associates worldwide, and a Website (www.remax.com) getting 36 million hits a month, the exposure local property will get goes far beyond anything this island has ever experienced.

Suffice it to say that the Re/Max logo, the balloon, is one of the five most recognised logos in the world. All this will undoubtedly encourage locals to choose Re/Max when investing in local and foreign property.

But Re/Max is not only about generating cash, donating $140 million to children's charities, as well as sponsoring a Formula 1 team. While never disguising that it is a business they are running, and naturally focusing on profits, the company's attitude towards the profession is what has allowed such expansion.

"Buying a home is people's biggest investment in life, so we treat it with care," Kevin said, reflecting the Re/Max work ethic. In fact the company will be better geared to assist clients in getting loans, whether with local or foreign banks.

"Business is based on professionalism. There's no buying or selling behind each other's backs. We have a strict code of ethics," Kevin added.

In fact the company will be reviewing higher commission structures to associates, as well as setting targets and goals. This should help maintain another Re/Max status quo - it is rare for agents to leave the Re/Max franchise to work with another agency.

"In the United States and Canada, estate agents are considered as real professionals," Kevin said. Clearly the target is to have that same public perception in Malta too.

The Re/Max Malta Website, www.remax-malta.com, will be launched soon.