A marketing video by new local real estate agency The Elite has stirred up debate, as it shows the signage of the co-founder's previous franchise partner, Ben Estates, being removed and dismantled, to make way for the new agency’s signage.

Earlier this month, The Elite, posted a video on social media with the caption: “The wait is over, and the chains have been released. The Elite emerge.”

Henry Zammit, CEO and Co-Founder at The Elite, had a previous business relationship with Ben Estates as a Franchise Owner and Manager for close to seven years, leading what was previously known as Ben Estates Elite. He left the agency and closed the franchise at the end of 2023. He is a real estate veteran, having recently celebrated 12 years working in the industry.

In the video, Mr Zammit is seen walking up the stairs to the new agency’s office, as workers remove the Ben Estates signage, with the unspoken message being 'out with the old, in with the new'. A timelapse shows the works taking place, including a closeup of the signage removal, which is replaced with The Elite's signage.

The focus then shifts to Mr Zammit entering the office, showcasing the new agency's branding.

Many praised him on making the step to opening his own real estate agency, congratulating him and wishing him the best of luck.

However, such a marketing strategy did not go down too well with everyone, with one commenter, a former colleague of Mr Zammit at Ben Estates, saying: “What a very insulting clip towards the company which helped you start your own business! Totally out of place and uncalled for. Zero integrity.”

As at the time of writing, the comment received 22 likes, including from people working at Ben Estates, as well as others in the local real estate industry.

The Elite replied to the comment, with a blunt: “We respect your opinion.”

The local real estate agency profession has experienced increased levels of fragmentation in recent years, with many established agencies seeing franchise owners leave the business and start their own agency, as is the case with The Elite. 

The local property market continues to generate high levels of economic activity, and the residential component in particular has got off to a decent start in 2024, with €295.8 million worth of property being sold in January. The first month of the year also saw 1,157 promise of sale agreements being registered, a 25.8 increase over the same period in 2023.