Should You Hire An Estate Agent to Rent Your Property?

Listing your property for rent in Malta is a significant undertaking and not one you should approach lightly, particularly if you’re coming into it without too much experience. If it all goes to plan, renting can be a great additional income source, but with so much to learn and consider, you could quickly find the property you have for rent may become a source of stress and hassle instead. 

Why should you hire an estate agent? 

One of the first and most important decisions you will have to make is whether to hire a letting agent for your property in Malta. With the options that now exist for marketing to prospective tenants directly, the option of going it alone may seem an appealing one. But finding a trusted real estate professional, such as a RE/MAX lettings agent, could equip you with expertise and guidance to make your journey quicker and smoother. At the same time, it is not without possible disadvantages that need to be factored into your decision.

Advantages of hiring a real estate agent

Here are some advantages of hiring a real estate agent to help you rent your property. 

1. Take advantage of expertise

Hiring an estate agent means getting an expert on your side right from the get-go. Professional agents, like the RE/MAX Lettings team, bring with them a wealth of knowledge and experience. They know Malta’s lettings market conditions, trends and demands as well as are skilled at negotiating on your behalf, all of which combine to ensure your property for rent in Malta is rented as quickly as possible and for the best possible price. Even if you feel confident in the renting process, there is no substitute for that level of specialist training and experience, while if you’re new to the game, it’s almost a necessity. 

2. Save time and effort

If you’re not careful, renting out property can quickly take over your life – which is not ideal if you’re just looking for an additional income stream. Hiring a letting agent is one major way you can save yourself unnecessary time and effort. 

An agent will market your property for rent in Malta or Gozo, arrange viewings, communicate with prospective tenants and handle the technicalities and paperwork, all matters that would otherwise fall in your lap. And because they’ve done this all before, that’s even more time saved in bringing yourself up to speed on it all.

3. Get exposure for your property

While it’s not impossible to get your property seen by prospective tenants on your own, there’s no question that listing it with a reputable estate agent, like RE/MAX Lettings, is a great way to increase its exposure. 

Online adverts and signs in the window often only go so far. With most people looking for property to rent in Malta turning to estate agents to help them in their search, having your property, like an apartment for rent, in a known agency’s database and having agents bringing it to renters’ attention directly could be the difference between closing quickly and enduring a long vacancy.

4. Increase your chances of great tenants

Getting stuck with the wrong tenants is one of the scenarios you should be most eager to avoid as a landlord. You could find yourself right back to an empty property within a few months, or, at best, footing the bill for expensive repairs. 

A RE/MAX letting agent can help you reduce the risk through vetting and referencing procedures that make it more likely for you to attract reliable tenants, as well as providing the experience to filter out any issues that may cause you greater trouble further down the line.

Disadvantages of hiring a real estate agent

Here are three disadvantages of hiring a real estate agent to help you find an ideal tenant for your property for rent in Malta or Gozo. 

1. There’s a cost

It almost goes without saying, one of the most important things to keep in mind is that a real estate agent’s services don’t come free. Since you’ll be paying a fee to the estate agent, it’s important to weigh up whether the service justifies the cost for you. 

Time is also a factor here: if you quickly find someone to rent your property in Malta, the cost will quickly pay itself back. But if the renting process drags on, the extra cost of an estate agent combined with the lost months of rental income could quickly make a sizable dent in your anticipated profits.

2. A bad agent is worse than none at all

Choosing the right lettings agent is a difficult process. Putting your faith in an estate agent means putting in less time and effort of your own, but that could prove a massive drawback if the agent isn’t up to the task. If your chosen agent doesn’t put in the necessary time on your listing (preferring, perhaps, to focus on selling a more expensive property that will net them a better commission), it could sit there gathering dust. If they don’t screen tenants well, simply trying to fill the vacancy as quickly as possible, you could find yourself back at square one within a few months. 

3. May rent quickly even without an agent

Depending on the property you have for rent, you may find that you can easily find a tenant without needing to resort to an estate agent. If your property for rent is in a highly desirable location or has other features that make it particularly attractive – whether that’s a great view, recent high-quality renovations or anything else that helps it to stand out – it could be that some online advertising is enough for it to be snapped up. If that’s the case, and if you’re confident in handling the letting process without expert guidance, an estate agent could be an unnecessary expense. 

RE/MAX Lettings agents have the training, experience, reputation and track record to help get the most out of your rental property as quickly and smoothly as possible. Explore our agents and contact us today to get started.