2014 was the best year ever for Frank Salt Real Estate, with an increase in sales revenue by 48 per cent. This was reported during the company’s annual general conference, held earlier this month at the Corinthia St George’s Bay Hotel. All results for the year exceeded the targets set for the year, and 2015 is expected to be just as good a year.
In the opening statement, company chairman Frank Salt thanked all members of the Frank Salt Real Estate team for making this a record year for the company. Sales turnover saw an increase of 38 per cent, a success story throughout the 14 sales and letting branches of the company.
The value of property sold also increased, and notwithstanding the increase in sales in the first-time buyer market thanks to the government exemption on stamp duties, the company also expanded in other markets, including second-time buyers and the investment market, with an increase of 45 and 65 per cent respectively over the previous year.
In 2014, the company also invested heavily in the permanent residency and citizenship market. Efforts paid off as sales to these clients increased by 80 per cent. Fourty-seven per cent of the sales concluded in 2014 by Frank Salt Real Estate were to foreign buyers. This goes to show the substantial market share that the company has in the foreign market, thanks to its efforts to promote Malta overseas and online.
There has never been a better year for our team of consultants
Last year was also a record year for Frank Salt Real Estate’s letting division, which saw an increase in revenue of 30 per cent and 26 per cent increase in number of leases.
One of the main objectives for 2015 is for the company to attract quality properties for sale and to let. With the current demand level, the company already offers a good selection of properties – however it is looking at registering even more, offering its clients as vast a choice as possible.
During the annual general conference, it was announced that Rita Schembri will take on the role as the new commercial property manager, in line with the company’s strategy to expand its commercial property division.
Sliema branch was announced as Frank Salt Real Estate’s best branch for 2014, while John Middleton from the St Paul’s Bay branch and Edward Aquilina from the Sliema letting branch were awarded as best sales and letting consultants respectively.
“Given that 2014 has been a record year in sales, one may feel that it will be difficult to reach the same level of performance as that of last year. We are confident that this will not be the case,” said managing director Joseph Lupi. “Indications are showing that buyer confidence is still very high and should remain so throughout the year. Other than the first-time buyer’s scheme, which will no longer be available after June this year, the other factors should still be positive determining factors in this year’s market performance. We expect that the second buyer market, as well as the buy to let, local and foreign markets will continue to grow this year.
“The same can be said for the foreign market, which this year is expected to see an increase in MIIP clients and others seeking to take up permanent residency in Malta.”
In 2014 average earnings for sales consultants shot up by 31 per cent.
“There has never been a better year for our team of consultants, and we encourage all those who wish to give this exciting career a shot to take the plunge,” said Lupi. “Few jobs are as dynamic and rewarding as that of a property consultant. You not only get to meet new people, multi-task and see beautiful properties, but you also get to make good money.
This was also emphasised by the recently appointed chief operations officer Darren De Domenico, who will be taking over management of branch and division operations from this year.
“We expect 2015 to be another success story,” said De Domenico. “We will shortly be announcing the opening of a number of new branches to better serve our clients and we are on the lookout for dedicated individuals to join our team. Frank Salt Real Estate not only offers excellent remuneration, including a fixed income and attractive commissions, but we also provide a comprehensive training and mentoring programme that enables our team of consultants to maximise their potential. With a career with Frank Salt Real Estate, the sky is the limit.”