What is The Bahamas MLS?

The Bahamas MLS, which stands for Multiple Listing Service, is a centralized website portal where all the exclusive listings for a particular area, in this case The Bahamas, are kept and shared between real estate agent and property buyer alike.

Wikipedia defines a ‘Multiple Listing Service’ as, “a suite of services that enables brokers to establish contractual offers…, facilitates [broker] cooperation…, accumulates…information to enable appraisals, and is a facility for…correlation and dissemination of…information to better serve…clients…”

“A multiple listing service's database and software is used by real estate brokers… representing sellers under [an exclusive] listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to cooperate with a seller's broker in finding a buyer for the property…”

“The listing data stored in a multiple listing service's database is the proprietary information of the broker who has obtained a listing agreement with a property's seller.”

Recently The Bahamas implemented an MLS system where real estate agents and brokers alike participated in the growth of the database with exclusive listings throughout The Bahamas Islands. March 17th 2008, The Bahamas Real Estate Association (BREA) soft-launched The Bahamas MLS strictly for real estate agents to use. The Bahamas MLS has taken steps towards becoming a public media and soon estate agents and potential property buyers alike can search the same database for real estate listings in The Bahamas.

Click here to read the previous MLS article: The Bahamas MLS; Increasing in numbers

The Bahamas MLS; Increasing in Numbers

After many years of real estate agents, property buyers and property sellers alike wondering if The Bahamas will have it’s own Multiple Listing Service (MLS), the call was answered. On March 17th 2008 The Bahamas Real Estate Association (BREA) soft-launched The Bahamas MLS for the strict usage by real estate agents only.

Two months later in May, there were 81 licensed agents of about a total of 600 licensed agents scattered throughout The Bahama Islands, that signed on board to take part in the future of real estate.

The Bahamas MLS Administrator at that time, Heather Joy Albury, informed me that "81 members from 23 different companies" had signed up. From these 81 licensed estate agents, they had added 115 active exclusive listings. She added further, that "I believe that in 6 months time we would have doubled the agents and listings [on the Bahamas MLS] if not tripled [them]."

In November, six months later, the number of participating licensed estate agents increased from 81 to 129, the amount of participating offices almost doubled from 23 to 42 and the number of active exclusive listings increased more than five times from 115 to 615 listings.

Today (April 28th 2010) there are 181 licensed agents from 61 different real estate firms with more than 1,400 exclusive Bahamas listings on the MLS. The direction is clearly looking positive and I'm sure that this trend will continue to grow. To learn how The Bahamas MLS can help sell your real estate, contact an agent at RE/MAX Paradise Realty today!

Selling Property in The Bahamas

If you have ever wondered how best to sell your property in The Bahamas this article is for you! The first step is to locate a quality company and an experienced agent with a proven track record. I recommend interviewing at least 3 agents so that you can be assured that their marketing plan is a sound one, that the agent understands the market and knows how to price your property correctly to achieve the desired results and that your personality and goals are aligned.

To research companies and agents, type in "Bahamas Real Estate" in Google and review the results. The companies that are listed at the top of the search are generally the ones that can deliver the best exposure for your property. Second, make sure the agent is a member of The Bahamas Real Estate Association and, more importantly, a member of the Bahamas MLS to ensure that they market both to prospective buyers as well as those who deal with prospective buyers, other agents in the market. Lastly, it would be wise to choose a company brand that will be recognized easily by the market you are trying to attract.

I am a licensed broker with RE/MAX Paradise Realty, a CRS designee, a member of The Bahamas MLS and I sit on The Board of Directors of The Bahamas Real Estate Association. I have a proven track record in dealing with international and local clients and my experience, vast network of contacts and keen understanding of the market will ensure that you get the quality of service you deserve.

Call me if you need help selling your Bahamas Real Estate. I look forward to speaking with you soon!

Bahamas Real Estate Assoc. bids Farewell to Wong

After a two year reign, William Wong will step down as the president of the Bahamas Real Estate Association (BREA) with the ending of his term.

"It's been a very busy, exciting two years for the [Bahamas] real estate industry," Wong informed the Guardian Business. "They have not been typical years for our economy [and] BREA has certainly had a high profile over the last year. I'm thankful to the membership for their support and kind words and the board of directors have been simply outstanding in their support.

"We hope the government in the future, before they decide to make major changes to the economy in regards to real estate, will call on us. Our advice is free [and] we have no agenda, only to help our country and agents and brokers to make a decent living.

"I want them to champion this Freeport issue, which has been a thorn in our side," he added. "Hopefully we will be able to get those people practicing real estate in Grand Bahama and particularly Freeport to be licensed, with the [Grand Bahama Port Authority] recognizing BREA as the licensing agent for Freeport."

The new acting President of BREA, Patty Birch, was elected at the associations Annual General Meeting on March 25th 2010. The Vise President, also elected into office, was Sara Callender.

Original Article
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Grand Bahama real estate springing forward

Real estate in Grand Bahama appears to be bouncing back before any of the other islands, with that island's Chamber of Commerce chief noting a shift in particular in interest from second-home buyers.

"Real estate is coming back," said Chamber President Peter Turnquest. "Things have been slow in 2009, but they're beginning to see the return of the second home buyers.

"They're [also] beginning to see a bit of property value increase."

This follows a slow year for real estate sales in The Bahamas, where the entire market saw a shift in the time houses lingered on the market. Unlike most of the region and even the Family Islands, home and land prices in New Providence, however, have been largely recession-proof. That's despite a noted drawback in buyer enthusiasm.

But according to Turnquest, the tide appeared to be shifting for Grand Bahama now.

"There are great opportunities and deals in Grand Bahama," he added. "It's still one of the best buys in The Bahamas and maybe in the southern U.S.

"So it's a really attractive market."

Recently, the head of the Bahamas Real Estate Association suggested the holiday shopping season had provided the perfect opportunity for buyers to see as much as a 10 percent discount on property prices.

It's an opportunity created by relatively slow sales leading up to the month of December, something that has placed developers in a merry mood to bargain in order to generate sales. It's a developing trend that applies throughout the Family Islands.

$5 billion plus in homes on the Bahamian market

'For Sale' signs are becoming an increasing sight on Millionaires Row with more than $5 billion worth of luxury homes now on the market throughout The Bahamas, as the super-rich look to cash in their chips during the downturn.

More than 330 properties valued at $1 million or more across the islands are currently up for sale - ranging from $39 million private islands to two bedroom beach-front homes just sneaking into seven figures - a marked upturn, property experts say.

John Brian Losh, founder and publisher of luxuryrealestate.com - which features all the plushest lots on the Bahamian market, said: "Inventory is definitely up and prices are down, there are some incredible buys out there right now.

"We have seen prices dip about 20 per cent on the highs we were seeing two years ago and there is a marked increase in the value buyers can achieve. As one customer put it to me 'a recession is a terrible thing to waste'.

"Each property up for sale has its own story but we are seeing vendors who are motivated to sell, as opposed to the past in which people only sold if their property was worth more than they paid for it.

"From my point of view the prices now are normal, the market has readjusted itself after the highs of the past.

"Transactions are down but they are taking place and there are some big big deals out there.

"Prices are down on everything and right now buyers are aggressively testing the market.

"There is optimism among our members though, we have 1,000 worldwide, real estate is a great edge against inflation and you can enjoy in a way you can't with gold."

One of the most expensive properties on the market currently is a $32.5 million estate on Paradise Island which features three separate houses, three docks, and slips for 12 boats are spread over nearly four acres. There is more than 1,700 feet of water frontage. The main house has more than 6,000 square feet of living place with 10 bedrooms and 12 bathrooms.The property, also features a helicopter landing pad, a heated pool, and a detached recreational building.

President of Bahamas Real Estate Association William Wong said that the market was a mixture of the super-rich being forced to sell-up during the recession and investors wanting to test the market or offer for sale completed developments.

He said: "Some sellers are looking for cash and others are seeing what they can get but what is clear is that it is very good time to buy. Cash is king! There are some good deals out there to be had and some buyers are offering ridiculous amounts seeing if they can land a bargain. Sometimes they do and sometimes they meet in the middle.

"The feeling is that the market is picking up and we hope that continues. What is clear is that those in the real estate business need to sharpen their pencils and go out to make business happen.

"The boom days of sitting back and it all coming to us are over. Those who want to survive need a different game plan."

Bahamas MLS Update

Back in May I first wrote about launch of the Bahamas MLS where at the time 81 out of some 600 licensed Bahamas real estate agents had signed up to use the brand new system.

It was projected by the Administrator of The Bahamas MLS, Heather Joy Albury, "that in 6 months time we would have doubled the agents and listings if not tripled [them]."

Since then the number of participating licensed estate agents have increased from 81 to 129, which is 33 members shy of the projected double figure. The amount of participating offices have almost doubled since May from 23 to 42. However the number of active exclusive listings have increased more than five times from 115 to 615 listings.

I questioned Heather Joy about if The Abaco MLS had joined The Bahamas MLS and she responded by saying that "The Abaco MLS closed in September" and that "most of the Abaco agents joined [The Bahamas MLS] in July."

The direction is looking positive for The Bahamas MLS and I'm sure that this trend will continue to grow.

MLS in The Bahamas - The future is now

On March 17th 2008 The Bahamas MLS was launched, and since then 81 licensed agents of about 600 licensed agents scattered throughout The Bahama Islands, have signed on board to take part in the future of real estate.

Since the start of the industry in The Bahamas, it has been pretty much run the same. Sure Presidents and Board members a like have come and gone through time, but this is the first real step towards the 30th century if you will.

Last week I interviewed Heather Joy Albury, Administrator of The Bahamas MLS, who informed me that the newly developed Bahamas MLS system which is "a new concept" for The Bahamas, currently has "81 members from 23 different companies". From these 81 licensed estate agents, they have added 115 active exclusive listing on the new MLS for The Bahamas.

Heather Joy said, "[there is] positive participation within the MLS." She continued by saying "I believe that in 6 months time we would have doubled the agents and listings [on the Bahamas MLS] if not tripled [them]."

For a number of years, Abaco, one of the major islands in The Bahamas, had created and used their own MLS system aptly named The Abaco MLS. Heather Joy informed me that the "Abaco MLS will be joining the Bahamas MLS" sometime in the future so we have more to look forward to.

BREA Elected Board of Directors '08 - '09

The Bahamas Real Estate Association (BREA) officially made a public notice in The [Bahamas] Tribune on Wednesday 23rd April 2008. Realtors who were elected 2008 - 2009 executives and directors of BREA pose for Keith Parker.

They are (Standing, back row, left to right):
Directors: Patty Birch, George Damianos, Mike Lightbourn, Zack Bonczek of Paradise Real Estate, Anthony Wells, Tracey Barone, Sandra Evans, & Sara Callender.

(Sitting, front row, left to right):
Treasurer: Virginia Damianos, Past President (2006 - 2008): Larry Roberts, Current President: William U. Wong, Vice President: Lana Basalyga-Munnings, & Secretary: James Newbold

Members not pictured are Cara Christie, Theodore Sealy, & Wendell Seymour.

The Future of MLS in The Bahamas

Many countries have a Multiple Listing System (MLS) which is an association of real estate Brokers who agree to share listings with one another. The Bahamas does not have an MLS in place as yet, but we are on our way.

The Bahamas Real Estate Association (BREA) finally decided this year to move in that direction so that we can theoretically go to one place (probably a web address) and find all the properties available throughout The Bahamas. The time has come for The Bahamas to have a country wide organized method of listing properties.

I sat down with Zachary Bonczek, a member of the BREA Board of Directors, who told me that, "...the MLS program will hopefully be in place at the beginning of the coming year."

My fingers are crossed.