The Barbados Estate Agent and Valuers Association (BEAVA) has established a Multi-Listing Service (MLS) for use by its members. This service will make the search for properties better organized as it provides an extremely convenient database allowing agents to know what is on the market at any given moment. The MLS will act as a big warehouse of real estate property in Barbados, and is extremely beneficial to its users as it provides comprehensive information. The service is well utilized across the United States of America and in Canada, and although Barbados is a little behind in establishing it locally, it is proud to add a new dimension to how business is done within the real estate industry.
Barbados property will now become exposed to multiple agents at the touch of a button who will recommend it to all qualified buyers in the property's price range. Exposure to a larger pool of prospective purchasers now increases the demand for your property and increases the chances of it being sold in a faster time.
Participating agents will input as much information as possible as regards the property's characteristics. Each agent representing a property will be referred to as the listing agent and the comprehensive details that they enter into the service will assist other selling agents to be able to efficiently compare and contrast similar properties. They can then quickly present their clients with thorough information on what is available.
Details that would be visible to agents for a property might include size, location coordinates, nearby amenities, proximity to schools, window, door & roof characteristics. There is even reference to the type of wells on site, if utilities are in place, status of the roads (paved or unpaved) and whether or not there are communal amenities such as a recreational area or pool. There is a room matrix allowing agents to see the sizes of the various rooms. And with the ability to upload numerous photos, floor, plot and site plans may be attached.
At a glance, agents will also be able to see the site value as deemed by the Land Tax Department, improved value and property tax. Even the reason why the owner is selling, how much notice he needs to relocate and his attorney details can now all be uploaded. This will assist greatly in informing agents and clients alike and is invaluable in making property searches transparent. It will also facilitate the commencement of a transaction and certainly expedite the process in presenting information to client attorneys.
Over 120 real estate agents took part in the training seminars held earlier this year and they were very keen about all of the tools that were presented to them to make the MLS an effective operation. The MLS will also make Barbados real estate available to the general public locally and internationally so that clients can see most of the island's properties in one place. Real estate agents on the island are excited to be part of this initiative which is long overdue and plan to make the most of it to ensure that they meet the needs of an increasingly knowledgeable clientele.