Malta Property Auctioneers has been progressively developing itself to become the leading agent in auction marketing. Martin Vella meets Pierre Faure to learn why trust and reliability are the keys to sedimenting an established property auctioneer.
EDITOR’S NOTE Pierre Faure, founder and Managing Director of the company, has been in the business of selling real estate since 1980. He spent several years working in the field in Canada, where he won several awards; including the prestigious Award of Merit for four consecutive years. Locally, he is renowned for his trustworthiness, go-getter attitude and out-of-the-box thinking.
CORPORATE BRIEF Malta Property Auctioneers Ltd. is the first and only company in Malta that truly specializes in the sale of property by auction. MPA offers a professional service with highly trained staff, qualified to give professional evaluations on any type of property, including residential and commercial real estate. MPA offers experienced service as well as the tools required to get all kinds of property sold. All of this while offering the best value of properties on the island.
As the hammer drops, you will find yourself walking away with an amazing deal. Property sales by auction are an exciting activity with interesting results. This public sale forms part of the Malta Property Auctioneers’ circuit run by Pierre Faure himself.
Mr Faure has been in the real estate business for over 30 years now and first established his career from a small retail outlet in Swieqi. “The reason for the success of auctions is that people know they are getting a good product for the right value. The seller does not wait for an offer because it is auctioned and the best bidder gets it. The buyer also gets the best value for the property in a competitive market,” explains Mr Faure. “Actually, many of our properties are upmarket properties from villas to large seafront apartments.”
In 1984, Pierre left for Canada and went to University to get his degree in real estate – which is a legal prerequisite for anyone wanting to sell property in Toronto. Evaluating property, sales and marketing were just part of the curriculum. Pierre then joined one of the largest real estate companies in North America – Homelife Real Estate. From 1987 all through 1993, Pierre won several achievement awards for being the top sales executive in his office and for four consecutive years he also received awards for being one of the top ten sales executives in all of North America.
“We integrate our expertise and knowledge in auction marketing to further enhance Pierre Faure’s team and to focus on high-end, up-market property. The property auction process is a fast and transparent transaction and generally, both the vendor and the purchaser end up getting a good deal. The vendor gets a fast unconditional sale and the purchaser gets a guaranteed ‘good value property’ which he himself has bided for,” asserts Pierre.
“The staff at Malta Property Auctioneers has years of experience and is well trained in giving a professional evaluation of any type of property. At Malta Property Auctioneers we offer a genuine evaluation by giving the vendors a comparison approach on their property,” says Faure.
In 1994, Mr Faure returned back to Malta and soon after opened his own real estate company – Pierre Faure Real Estate – located at the Westin Dragonara Resort. In 2006, Pierre moved on to opening the first property auction house in Malta – Malta Property Auctioneers.
“A staggering amount of €51 million in property value was placed on auction in 2010 in comparison to the €47 million of the previous year,” confirmed Mr Faure. “Every year, we have had an incredible increase in interest in the sale of property by auction and I am not surprised,” Pierre stated during our interview.
Pierre was quite eager to tell me, “what vendors need is less talk and lots of action on the part of the agent – there is no doubt in anyone’s mind that we mean business. We, at Malta Property Auctioneers, acquire the right action through a well-organised marketing campaign. Naturally, this can be quite expensive. We put our money where our mouth is and we invest heavily to advertise and expose the properties that we truly believe in. After all, this is what selling property is all about. Remember we only concentrate on 30 to 40 lots at a time.”
Luxury villas and apartments, converted and unconverted houses of character and even commercial and investment opportunities are expected to go under the hammer on auction day. 80% of properties listed on auction are typically sold. MPA’s next auction will be held at The Westin Dragonara on Saturday 5th March, where both vendors and buyers are guaranteed to find the right property at the right price.
- How do I list or buy a property on auction?
The seller of the property and the auctioneer will agree on the lowest selling price the vendor would accept, this is referred to as a Reserve Price. The potential purchaser views the property prior to the auction. The purchaser can then either decide to wait for the auction day to place an offer or go ahead with it immediately.
- If the offer is accepted by the vendor, a Preliminary Agreement is signed. Is it just vendors with financial difficulties that list their properties on auction?
“Definitely not,” assures Pierre Faure. “Our properties on auction are extremely well priced because the vendor wants to sell quickly, without the hassle of a long-delayed sale.
- Can real estate agents sell their properties on Auction?
“Absolutely yes,” declares Pierre. What’s most important to us, is that the property is sold and that both the vendor and purchaser are happy.”
- How would I benefit from listing my property on Auction rather than listing it with a real estate company?
It’s common knowledge that the more you advertise a property, the better chances it has of being sold.
- Malta Property Auctioneers only concentrates and advertises 30 to 40 properties at a time, dedicating all of its resources to a select few options. What type of exposure do you give each individual property on Auction?
MPA extensively markets each property through various types of media which, in turn, generates the required levels of interest from prospective purchasers. MPA’s marketing campaign includes; a full-colour auction catalogue, adverts in local newspapers – as well as local & foreign magazines, 20,000 mail shots to a selected database of clients, PR articles, TV promotion and internet adverts, just to mention a few.