Service Commission rates
Typically Open Agency marketing rates in Malta are 5% plus VAT, and Sole Agency rates are 3.5% plus VAT.
For private/individual residences/immovable property we charge 3.5% plus VAT for Open Agency marketing of your property. We do not offer Sole Agency Terms, but see our alternative approach further on.
For larger Development projects we charge the standard Malta Open Agency rate of 5%. Developments are marketed differently and require significantly more effort. In all cases we do not charge any fees if a preliminary or final contract has not been signed.
In Malta Property owner/sellers either contract exclusively with ONE agent for a set period of time, or they have an Open agency agreement (most common), meaning the Owner/Seller can contract separately with as many other agents as they wish. There are disadvantages to this mode of working for the Sellers, which also indirectly impacts the Buyers.
Each agency is responsible for producing its own marketing materials, sending in photographers and/or agents to the property to photograph it, write up descriptions and prepare and upload/print them. For Open agencies this means that the seller has to accommodate many sets of photographers, typically from 3-5 agencies, taking up their precious time and invading their privacy. The results are inherently inconsistent, and different agents may have differeing prices, information and quality / standard of photographic representation of the property.
Why are agency rates higher than in other countries?
It depends on which country you are referring to. In the UK rates are lower. In the USA and France the rates are similar or higher. In Malta, anyone (off the street) who introduces a buyer to a seller has a legal right to 1% of the final sale transaction value from each party. They do not need to do anything over and above the introduction for this entitlement, which can also leave the client exposed. Agents on the other hand spend significant time and effort preparing marketing materials, photography, back-office work and have associated marketing and office expenses on top to cover. Registered Agencies typically offer a much more detailed service as well as help with other aspects of a sale or purchase. With move2Gozo we provide support and advice throught the process and adhere to high standards and conduct guidelines befitting our professional position.
move2Gozo multiple listings service
Our alternative approach to marketing. With this exclusive service we turn this traditional Malta marketing approach totally on its head by also offering sellers a multiple listings service, more akin to the USA Realty Agency approach to property marketing.
By contracting exclusively with us, we actually increase your marketing reach, rather than limiting your reach and marketing to just one agent, as the standard system in Malta currently operates.
However the benefits of this service to both you as the seller, and also to the buyer is unique and significant. How does this work? See the next section.