Coldwell Banker Islands Blog

When you hear someone sold a home without a Bahamas Real Estate Association professional, it’s likely that the sale was to a family member, close friend, or an existing tenant.

These cases are exceptional and not typical of the real estate market. In the Bahamas as elsewhere, it’s difficult to make a sale by owner.

The biggest obstacle is that For Sale By Owners (FSBOs) aren’t included in the Bahamas Real Estate Association’s Multiple Listing Service (MLS) that licensed agents and organisations use. Yard signs and newspaper ads just don’t stack up against the large inventory at the fingertips of licensed real estate professionals in the Bahamas.

Let’s be honest. Without a listing agreement providing for a sales commission, why would a real estate agent want to show these homes without a promise of payment? Obviously, this will limit the number of potential prospects exposed to the property.

Also, prospects who may express an interest in the Bahamas real estate listing wouldn’t have been screened by a professional to see if they’ve pre-qualified for a loan.

More scary is the potential for legal issues and complications under a For Sale by Owner situation. Property transactions are loaded with potential liability for unrepresented sellers who don’t know Bahamas real estate law. One overlooked form or improper disclosure could generate a costly lawsuit.

Avoid the heartache. Use a licensed Bahamas Real Estate Association broker.

The International Academy of the Visual Arts has named Coldwell Banker On Location, the brand’s YouTube channel, a recipient of this year’s Communicator Awards for Creative Excellence in the real estate website category. The category honors the best site for the sale or rental of residential or commercial property.

“We were the first national real estate brand to add streaming video to our website. Today, our agents across the globe have posted more than 15,000 videos to our On Location channel,” said Mike Fischer, chief marketing officer for Coldwell Banker Real Estate LLC. “The most exciting part of On Location is that we have only just begun-there’s a lot more to come.”

On Location has been rated among the top 10 most-viewed brand channels on YouTube. This April, just 11 months after launching On Location, Coldwell Banker announced it had received over 1 million views. The site was launched in May 2009 and was produced in collaboration with FD Kinesis.

“Home buyers would much rather see a home than only read about it,” Fischer said. “Our On Location videos empower them to get a feel for a home, a community or a real estate professional that they could not get from photos or a text description alone. Equally important are the home sellers who are now expecting video to be a part of marketing their property.”

With thousands of entries received from across the United States and around the world, the Communicator Awards is one of the largest and most competitive awards program honoring the creative excellence for communications professionals. The Communicator Awards are judged and overseen by the International Academy of the Visual Arts, an invitation-only body consisting of top-tier professionals from acclaimed media, advertising and marketing firms.

(source: RisMedia.com)

Sure, it’s a legitimate question: Can you sell your home without the representation of a professional Bahamas real estate agent? The legitimate answer is, Yes you can - but the outcome may not be what you expected.

Some owners reason that by selling their home in the Bahamas themselves, they can tack the commission cost onto the sales price.

On the other hand, the purchaser thinks that by going directly to the owner, he will knock off the cost of the real estate commission.

Where does that leave you? Often, with an unhappy ending.

Getting the best price for your Bahamas real estate depends upon exposure to the widest, most qualified segment of potential purchasers.

An ad and a yard sign are not enough to create that exposure. While Bahamas real estate brokers spend untold dollars on advertising and signage, these are not the main lead sources that generate a sale. So just one ad and one yard sign will not yield the exposure your listing should get.

So where does the lion’s share of motivated buyers come from? In a Bahamas real estate firm, they come from the agent’s personal list of contacts and prospects, and from networking with brokers and agents from other real estate companies.

It’s logical, since serious purchasers seek the assistance of BREA professional agents who save them time and money by matching their needs against large inventories.

The only purchasers attracted to properties which are “For Sale by Owner” are ones who want to save the same real estate commission that the sellers do! You can choose to represent yourself in this highly competitive industry, but it may cost you. It make sense to let your Bahamas Real Estate Association agent work for you.

Coldwell Banker Real Estate LLC officially launched the new version of its website, www.coldwellbanker.com, which has been in beta form since December 2009. Wholly re-thought and re-designed, the site features optimizations that completely alter and enhance the experience of searching for a home online, the company stated.

The site includes a variety of new features, such as:
-BlueScape Search - Taking cues from popular music recommendation websites, Coldwell Banker developed BlueScape, a visually-driven real estate search platform to help “dreamers” find just that^the home of their dreams. Instead of limiting search options to zip code or the number of bedrooms, users begin the search by rating abstract images with a “thumbs up” or “thumbs down” from landscape scenery to images of snow mobiles and taxi cabs. At any time, users can submit a query and the BlueScape technology will identify homes that are a good fit using all properties available through ColdwellBanker.com nationwide.

-Keyword Search - For those who prefer a more traditional approach to searching for a home, Coldwell Banker has added keyword capabilities to its general real estate search function so that consumers can more easily narrow down the properties they are interested in viewing.

-Similar Properties ^ Coldwell Banker also added a “You May Also Like” feature that offers additional homes of interest, based on a range of characteristics from properties consumers select as “preferred.”

-Expansive Use of Video - Taking advantage of the popularity of Coldwell Banker On Location, the brand’s YouTube channel which has had more than 13,000 videos posted by agents and 1.3 million video views in a bit more than one year, the new site integrates video into real estate search.

Additional capabilities of the ColdwellBanker.com site include:
Technology that immediately identifies the current location of visitors via their IP address, offering up homes for sale in that area; Join Us: a recruiting resource enabling brokers to promote job opportunities and create local career pages; Learn: helpful real estate news and tips for consumers, such as real-time industry articles from the Associated Press and Home File: Place for consumers to store, share and organize a limitless amount of property searches, sales associate and real estate office information and industry articles.

Coldwell Banker also included integrated video and social networking capabilities to the new site. Visitors will have access to an array of videos powered by Coldwell Banker On Location, the company’s branded YouTube channel, offering behind-the-scenes looks at towns and neighborhoods, tips and timely news on real estate topics and video listings of homes for sale.

(resource: RISMedia.com)

ASK any Bahamian real estate agent what the biggest pest is in the industry and they’ll tell you straight ^ termites.

This is particularly true where there are wooden houses, mainly in some of the Bahamas out islands. Homes constructed of the original pine from the Bahamas island of Abaco are termite resistant although newer sections, unless properly treated, may have these uninvited guests.

It’s been estimated that termites cause $5 billion in property damage every year in the U.S. That has the potential to make them more of a threat to homeowners than flood, wind, or even fire (depending on the area of the country).

Data isn’t available in the Bahamas real estate industry, but agents have seen prices drop, significantly in some cases, because of termite damage.

Termites thrive in warm climates, such as ours. All it takes is the right combination of warmth, food and moisture to invite a termite infestation.

As a homeowner in the Bahamas, you can protect your real estate investment against these insidious pests. Contact your exterminator at the first sign of termites. We have a number of reliable exterminators to choose from.

As a purchaser, you would be well advised to seek a separate termite inspection.

Older homes, in particular, may be at risk because of the possibility of cracked foundations. However, we want to stress that a lot of older homes have been well maintained and treated to prevent termites from moving in.

Even new homes could be potential targets if the builders did not correctly perform termite pretreatments or use treated lumber.

If you are a homeowner, ask about a termite inspection and treatment programme. Purchasers should get an inspection. If you have any doubts about inspections, ask your Bahamas real estate agent for advice.

5 Things to Know About Homeowner’s Insurance

1. Know about exclusions to coverage. For example, most insurance policies do not cover flood, earthquake, or wind damage as standard items. These types of coverage must be bought separately.

2. Know about dollar limitations on claims. Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.

3. Know the replacement cost. If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.

4. Know the actual cash value. If you chose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. This is called actual cash value.

5. Know the liability. Generally your homeowner’s insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided. Be sure that it’s sufficient if you have significant assets.

Check with our Coldwell Banker office for answers to your specific questions on buying real estate.

It is with great pleasure that we announce the addition of Puerto Rico to the growing family of Coldwell Banker Island Affiliates.

Puerto Rico has long been the gateway and hub for many of the Islands in our region. As some of you may know, Coldwell Banker Isla del Coqui is one of the largest and most successful real estate companies in the Commonwealth of Puerto Rico. Coldwell Banker Isla de Coqui has had a terrific track record for over 20 years and has been the top producing brokerage in their marketplace, with 7 offices and approximately 226 sales associates.

Coldwell Banker Island Affiliates Managing Director Jim Reed said, “With the addition of Puerto Rico to our region, Coldwell Banker Island Affiliates now boasts 51 offices and over 500 sales associates throughout the Island countries of the Atlantic & Caribbean. We are excited about the growth and the potential synergies that Coldwell Banker Isla de Coqui brings to our group. We are proud to welcome Puerto Rico to Coldwell Banker Island Affiliates.”

Coldwell Banker Island Affiliates is the Coldwell Banker Master Franchisor for the Caribbean and Atlantic Island region. For further information on Coldwell Banker Island Affiliates, please contact the Managing Director, Mr. Jim Reed, at (561) 691-8130 or email jireed@mindspring.com.

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2009, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system number one in real estate for the ninth straight year and number eight among all franchisors. The Coldwell Banker System has approximately 3,200 residential real estate offices and more than 110,000 sales associates in 41 countries and territories around the world. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury properties through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate Corporation is a subsidiary of Realogy Corporation, the world’s largest real estate franchisor. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate Corporation. Each office is independently owned and operated.

In today’s Bahamas real estate climate, you want to be sure to take all the necessary steps to squeeze every possible penny out of the sale of your home. Small oversights or missteps can be costly when it comes to your bottom line. However, there are some common mistakes that are easily avoidable if you listen to the experience and advice of your Bahamas Real Estate Association (BREA) agent or broker.

One error that can cost you is to put your home on the market before it is truly ready for presentation. It needs to be staged. Image is everything, so get all the cleaning, painting, patching and garden care done well in advance of your first showing.

Another costly stumbling block involves your initial Bahamas real estate listing price. Remember that you control the asking price, but not the selling price - that is determined by the purchasers and what the market will bear. Try to detach yourself emotionally from what you want to net and price your property aggressively against your competition, right from the beginning.

Emotional attachment can keep you from perceiving and presenting your real estate as what it now is, a commodity. Present it, market it and price it as you would any new product on the Bahamas market. Your Bahamas Real Estate Association agent will make sure it gets the proper exposure, and will help you avoid costly errors along the way to a successful closing.

It is with great pleasure that we announce the addition of Puerto Rico to the growing family of Coldwell Banker Island Affiliates.

Puerto Rico has long been the gateway and hub for many of the Islands in our region. As some of you may know, Coldwell Banker Isla del Coqui is one of the largest and most successful real estate companies in the Commonwealth of Puerto Rico. Coldwell Banker Isla de Coqui has had a terrific track record for over 20 years and has been the top producing brokerage in their marketplace, with 7 offices and approximately 226 sales associates.

Coldwell Banker Island Affiliates Managing Director Jim Reed said, “With the addition of Puerto Rico to our region, Coldwell Banker Island Affiliates now boasts 51 offices and over 500 sales associates throughout the Island countries of the Atlantic & Caribbean. We are excited about the growth and the potential synergies that Coldwell Banker Isla de Coqui brings to our group. We are proud to welcome Puerto Rico to Coldwell Banker Island Affiliates.”

Coldwell Banker Island Affiliates is the Coldwell Banker Master Franchisor for the Caribbean and Atlantic Island region. For further information on Coldwell Banker Island Affiliates, please contact the Managing Director, Mr. Jim Reed, at (561) 691-8130 or email jireed@mindspring.com.

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2009, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system number one in real estate for the ninth straight year and number eight among all franchisors. The Coldwell Banker System has approximately 3,200 residential real estate offices and more than 110,000 sales associates in 41 countries and territories around the world. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury properties through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate Corporation is a subsidiary of Realogy Corporation, the world’s largest real estate franchisor. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate Corporation. Each office is independently owned and operated.

There are plenty of details to take care of before you introduce your home to the public ready to sell. Here are a few suggestions on how present your property as the best it can be from the day it hits the market.

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments? You can do this with a condo entrance as well. Be objective.

Call our Coldwell Banker office with your questions, and ask for a thorough market analysis before you set a price.