Frank Salt Real Estate has for the third consecutive year registered another record year, with an increase of over 40% in sales revenue in 2015, following an increase of 48% in 2014. Overall gross profit for the company increased by over 30%. This was reported during the company’s annual general conference, held earlier this month at the Corinthia St Georges Bay Hotel.
In the opening statement, company chairman Mr. Frank Salt thanked all members of Frank Salt Real Estate for making this a record year for the company. Darren De Domenico, Chief Operations Officer, also thanked all the team for their contribution to make 2015 such a successful year where the company registered impressive growth in every division.
2015 has also been a record year for the company’s letting division, which registered an overall increase in revenue of 21%. Maltaholidaylets, which was created to promote and manage short lets, also registered its best year ever with an increase of 66% in revenue. The biggest increase in sales was registered in the second time buyer market and in sales of property for investment purposes.
Average commission paid to its consultant also increased by a further 20% and today the average commission paid to the company’s consultants is guaranteed to be amongst the highest on the market. Overall branch and division results surpassed set targets which had already been revised upwards in June to reflect the increased market activity. Amongst its 14 branches, the top revenue contributors for the company were the Sliema branch, followed by St. Julians and Fgura respectively.
During 2015, the company continued to focus and invest in the permanent residency and citizenship markets, so much so that an increase of 21% in number of sales was registered over the previous year which also contributed to the success achieved in terms of sales to foreign buyers.
The most sought after locations this year were St. Paul’s Bay and Mellieha where sales to foreigners doubled when compared to 2014. Activity in Marsascala, Valletta and the three cities also increased substantially.
“Given that 2015 has been a record year, one may feel that it will be difficult to reach the same level of performance this year. We are confident that this will not be the case. Our investment in attracting foreign nationals to Malta, coupled with the attractive residency and citizenship programmes that the islands offer, are expected to pay off this year. In addition the local buyer confidence is at an all-time high and should remain so throughout the year. Notwithstanding that we managed to double the business in the past two years, I am very confident that 2016 will be another record year” stated Darren DeDomenico. This will also be possible thanks to the company’s expansion plans which includes doubling the size in area as well as number of consultants of its core sales office in Sliema and opening of six new offices including Ibrag, Cospicua, Mosta. San Gwann, Fgura and Homes of Quality in Sliema.
In line with the company’s ambitious expansion plans, one of the key objectives for 2016 is to recruit sales and letting consultants for the new offices. This is an opportunity for both experienced consultants, as well as new comers to this industry, to join the best agency on the islands. The company offers an extensive training program and also guarantees Euro 1,000 a month to support consultants during their first few months until such time that one begins to receive regular commissions. “There has never been a better time to join our team of consultants, and we encourage all those who wish to give this exciting career a shot to take the plunge.” stated Mr DeDomenico. “Few jobs are as dynamic and rewarding as that of a property consultant.”
During the Annual General Conference, the Fgura branch was announced as Frank Salt Real Estate’s Best Branch for 2015, whilst Paul Bondin from the same branch and Matthew Buttigieg from the St Paul’s Bay branch were recognised as Best Sales and Letting consultants respectively.
The Annual General Conference ended with a standing ovation, when the new company logo was unveiled. During its presentation Darren DeDomenico highlighted that Frank Salt Real Estate have evolved a great deal since the company’s founder Frank Salt started his journey as an estate agent 47 years ago. “We have not only grown into the leading agency on the island, but remain the most trusted in the industry, renowned for our professionalism and unparalleled level of service The new logo is more than than just a modernized logo. It reflects our unwavering commitment towards our clients and our ambition to drive forward and lead the industry. It represents the combination of excitement, individuality and dedication that’s at the heart of each and every member of our growing team.”