Alliance became Malta’s ‘second largest’ letting agency in seven months – CEO Michael Bonello

Although 2022 is far from over, it’s safe to say that this year’s on track to be a massive one for Malta-based real estate agency Alliance.

One of the most defining events for the company since last January has been the establishment of its very own property letting division – a natural step forward given Alliance’s massive impact on the industry in just a few years.

Speaking to MaltaCEOs.mt about this development, CEO Michael Bonello revealed how Alliance has recruited “more than 70 letting agents” since the division’s foundation in January 2022. This, in turn, made Alliance “the second largest letting agency on the island in just over seven months.”

But as the old saying goes, with great power comes great responsibility, and Michael of all people can vouch for that.

“For quite long, our biggest challenge has been to recruit enough people to deliver the increasing demand for our services. Now, as part of our sustainable growth plan with new branch openings and more franchises joining our network, we’re always seeking more people to come grow with us,” he says.

“Meanwhile, we have also recruited many other sales agents, but still, there is much more room for many others to join us. We believe the package we are offering is amongst the best in our industry, so it’s just a question of finding the right people out there,” Michael continues.

Having said that, recruiting in the real estate industry is no longer as simple as it once was – and not just because of the talent drain affecting companies far and wide.

“In real estate, whilst the pandemic has had a profound effect on many aspects of our lives, we are also having to acclimatise ourselves with new requirements related to compliance, KYC, and many other regulatory requirements which have become part of our daily lives to combat crime and money laundering,” the CEO says.

“As an example, readers may not appreciate that all estate agents are now considered subject persons as much as notaries, lawyers and banking institutions. This level of responsibility for estate agents, who are often not so academically inclined, has made retention of less motivated agents more difficult, and this leads to a more pressing need to recruit and train more people to replace them,” he continues.

As challenging as such developments may be to deal with, Michael acknowledges that Alliance has no choice but “to adapt” – and given how the company’s thrived in light of the hardships presented by the COVID-19 pandemic, we’re quite certain that Alliance will overcome this hurdle too.

“We’ve certainly learnt many lessons this past year, but I think the one that stands out most is the affirmation that we must always be grateful for all the we have,” the Alliance CEO highlights.

“We cannot afford to take anything for granted, and gratitude is definitely the best attitude – every single day,” he adds.

With the end of 2022 fast approaching, Michael’s vision for Alliance remains unchanged: making the most of his and his team’s values to strengthen the company for the benefit of its stakeholders, most particularly “the people and clients” that they are servicing.

“Our strong work ethic, our sincere respect for our client, and our expertise of the market are what sets us apart, and we plan to continue strengthening these at every opportunities,” he concludes.