Not Greedy: Malta’s Newest Property Market Disrupter
A business model designed to lower property prices without lowering profits.
Armed with a bold name and a sleek website, Not Greedy is aiming to disrupt Malta’s already booming property industry by squeezing agency fees out and bringing prices down.
The company’s inspiration is simple: Why should someone already struggling to buy a property pay an extra 5% to a real estate agency?
“Most buyers don’t even realise that the price they’re paying for a home already includes this phenomenal commission for the agency, usually 5% of the property’s actual worth,” says founder John Luke Zammit, who was himself a traditional property agent once.
"One big misconception is that the seller is paying the agency. The truth is that the buyer is funding the commission because the listed price includes the commission over and above the seller's asking price."
“Our company does not intend to undermine the work of agents around Malta. Being an estate agent is hard work, and I know this first hand, but it is the way the commission-based industry operates, the lack of transparency, and the profitability of the agency which in my eyes is unjustified," says Mr Zammit.
Not Greedy is changing the model by charging a much lower flat fee (less than 1%) on the property price and cutting out commissions. This fee is added to the seller's price and only gets paid if the property is sold through Not Greedy.
Property buyers, therefore, get a better deal and have a wider choice of properties that fit within their budget, not to mention that, since the property gets sold for less, government tax, notary fees and loan interest repayments will also work out cheaper- it’s a ripple effect of savings! Sellers, on the other hand, benefit from a quicker sale without losing any profits.
Not Greedy also offers buyers who find their dream home through the site a range of discounts and vouchers from retailers to help them furnish or modify their new place- a double win for buyers!
Property buyers can also use the website to book viewings and negotiate the price directly with the seller as well as access tips and advice necessary to make their experience easy and comfortable. Everything can be done online, so the site acts like an estate agency that’s open 24/7.
Check out www.notgreedy.com.mt today to find out more.