The commercial real estate sector in Malta is a thriving industry with a bright future. The country’s strategic location in the Mediterranean Sea, the presence of a highly-skilled workforce, and its attractive tax system have all contributed to the success of the sector.
The Maltese government has taken a proactive approach to the development of the commercial real estate sector, introducing several initiatives to make the country attractive to foreign investors. The Maltese commercial property sector is expected to continue to grow in the coming years, with several large-scale projects currently in the pipeline.
You can also profit from this emerging market by starting your own regional commercial real estate business. Although it may appear challenging, starting such a company is very simple. To make things easier, this article outlines all of the steps required to launch a commercial property venture.
Look for a mentor
Even if you are a seasoned leader preparing to take over as your boss, never be reluctant to ask for help. Maintain contact with key real estate figures, and consider asking one of them to serve as your coach. Attend gatherings, and explore developing collaborations with other property entrepreneurs if you don’t already have a large network of acquaintances in your field. Having this kind of help from colleagues in your field may also keep you from feeling isolated.
Obtain license
The state requires a property broker’s license to conduct the transaction, whether you’re selling a commercial complex or arranging warehouse renting. You might not be able to start your own business without it. The process of obtaining a license includes an age restriction, specific classes, and working in real estate for a set period.
To gain approval as a Real Estate Agent, Property Negotiator, or Regional Manager, you must have a credential in property investment with a minimum of 12 ECTS at level 4 from a licensed coaching institute
Register the company
Setting up a business for commercial properties in Malta is a simple process that can be finished in a short amount of time. Furthermore, there are no special requisites for the company’s owner or employees in terms of the services they provide.
Send the necessary documents, along with the request form, to the authorities to register your company. If you do not have enough financial resources to start a business, your application may be denied.
Collect funds
Starting a commercial property firm does not have to be costly. Most business activities can be done online, so you may not even need a physical office. However, if you want to attract more clients or hire more employees, you’ll need proper office and office supplies. You’ll also need money to cover other costs such as utilities, banners, logos, and rent. You can either use your own money or obtain bank credit for this purpose.
Recruit agents
Depending on the size of your real estate business, you may need to hire brokers. This step is not always required, but hiring experienced brokers can be advantageous because they already have long-standing client relationships.
Obtain protection
It’s exciting to have a great facility and eventually hire staff but keep in mind that you’ll be held vicariously liable for the decisions made by those who operate for you. Purchase errors and omissions insurance to protect your real estate company if a client sues you. Additional types of insurance may be required to protect your company’s employees and assets.
Create a clientele
Advertising is a tried-and-true method of attracting new customers. Because of the advancement of the digital world, virtual advertising is essential; however, traditional platforms such as flyers, television, direct mail, and newspapers should not be overlooked. In addition to traditional marketing, hosting a workplace open house will help you gain more publicity.
