What all began half a century ago with just one man has turned into not only a successful family business but a leading real estate agency in Malta. Frank Salt recounts his story.

Over the years, the team at Frank Salt Real Estate has witnessed many changes on the island, as well as the ups and downs any business goes through. But it has pulled through together and, in the process, has become a tightly knit, successful family.

The name Frank Salt is synonymous with property in Malta. “I came to Malta in the early 1960s and was looking for a job. I was offered one by a real estate company called KB, where I ended up working for two years. When they decided not to carry on any more, I formed my own company, which we started operating in 1970,” says Frank Salt.

The company started off with two people and one office, and when things got busier, more team members were brought in.

“After some time we decided it would be good if we had more branches – and we were the first agency to do so. The first branch we opened was in Paola. From then on, things grew and grew, and today we have 20 branches and divisions spread across Malta and Gozo.”

Mr Salt’s first sale with Frank Salt Real Estate was a flat in San Ġwann to an accountant. The second sale was to a John Henry Salt – no relation to Frank Salt whatsoever. “He was John Henry in the army, my father was Joseph Henry in the Air Force; he was English, my father was English; his wife was Maltese, my mother was Maltese; he had a son and a daughter; I had a sister – everything was the same! This particular sale was a flat next door to us in Paceville. Funnily enough, at the end of the day, his wife turned out to be a Frendo, who happened to be related to my wife.”

Mr Salt reminisces: “We were the first to have an office with a shop window, where I displayed photos of properties. One day somebody came to my office and gave me a sum of money, which they said was a commission for selling their house. In actual fact I hadn’t sold their house – someone had seen this property in my window, went to the owner directly and bought it. So now, if you look at any window of any estate agency, you’ll see lovely sitting rooms, lovely gardens, but you won’t see any façade and won’t have an inkling of where it is!”

I came to Malta in the early 1960s and was looking for a job

However, the biggest thing that changed Mr Salt’s business completely was the mobile phone. “Before it, our job was horrendous. This is why when mobile phones first came to Malta, I was the third owner of one on the island. We did fine without computerisation, but it was so difficult to get in touch with the client before, especially if one of us was running late or couldn’t make it to an appointment.”

What are the biggest changes he has seen taking place in Malta’s property market?

“The biggest change would definitely be the building of more apartments. When we first started the business, practically all property in Malta was terraced housing. Over time, flats became more convenient and cheaper, which is part of the reason very few houses are being built nowadays. The planning of real estate in Malta has resulted in very few open spaces, which has caused a problem and a challenge. However, there are some beautiful properties and areas in Malta which are sought after by the Maltese and foreigners coming over to buy property.”

Another change he has witnessed is the need for high-rise buildings. “Other places such as Singapore have gone high-rise, and being such a small country, we will have to do the same. There is also a need to continue building smaller places than we previously did. There is a big demand for this – especially among first-time buyers or those looking for something smaller because they’ve grown older.”

What is Mr Salt’s take on the current boom in the property sector? “It is a boom created by the market. The Maltese are still very keen on buying their own homes, so there will always be a good, solid Maltese market. When locals first started buying their own property, one of the reasons they bought something so big was because they stayed there forever.

“In contrast, Maltese families today could buy as many as four or five properties throughout their lifetime. So you’ve got the local market which is moving, an expanding economy (hence the need for more high-rise, as we can’t keep putting people in the countryside) that is causing its own problems.

“However, we are now living in a cosmopolitan society. Anybody can come to work here; the world is their oyster, and Malta is a pretty good place to relocate to. And wherever this happens, you need accommodation and offices – which in turn leaves more money in people’s pockets. So yes, there is a boom, but a very pleasant one, which is going to continue as long as the country is managed properly.”

Mr Salt says the secret to success is having a good team around him. “I am a champion delegator. When it got to a situation where I was getting tired myself, I was very fortunate to have my sons, whom I asked to join after finishing University. They both agreed, and in 2004 they accepted to run the agency. Since then, I’ve stayed on as a non-executive chairman. I also conduct training courses for staff who need help, go around and greet people and visit offices. I think it’s important that people see that the ‘big boss’ still cares for each and every one of them.

“I’ve never closed a deal that I’ve been ashamed of, and I don’t think the company has either. We’ve been very careful and honest, and we appreciate that earning a good reputation is one of the main things that keeps a business going.”

A good set of values, including integrity, honesty, friendliness, efficiency and trust, are prerequisites for a good reputation.

“Although many things have changed over the past 50 years, our passion, integrity and commitment to serving our clients’ needs have remained consistent. We take pride in having built a reputation based on strong values and an honest, solid work ethic backed by the guidance of the Salt family, their fellow directors and a dedicated team of agents and branch secretaries.”

With initiatives such as the recent Let’s Go Environmental campaign, Frank Salt hopes to continue serving not only the needs of prospective and current Maltese homeowners but also maintain his company’s responsibilities towards safeguarding the heritage of the islands for generations to come.