The Government was yesterday urged to invest $100-$150 million into a Foreclosure Trust as a way to solve this nation's mortgage/housing crisis, a well-known businessman telling Tribune Business that the returns generated for it and Bahamian society would be "much greater" than the ongoing infrastructure projects.
Dr. Johnathan Rodgers, the 'eye' doctor and key behind-the-scenes plannerfor the Democratic National Alliance (DNA), in a column sent to The Tribune said that with $450 million of commercial bank mortgage loans some 90 days past due, the Bahamas faced being stuck with a depressed housing market "for some time to come".
This, in turn, would reduce economic activity and earningd for sectors such as real estate, construction and attorneys, plus depress tax and utility bill payment, prompting Dr. Rodgers to unveil a three-pronged solution.
This Fund, he suggested, would be employed to aquire distressed mortgage loans (those over 90 days past due, and upon which interest has stopped accuring) at a discount from Bahamian commercial banks.
Thursday 23 February 2012
Monday 20 February 2012
5 Don'ts When Selling Your Home
1- Choosing the wrong agent.
Seek out an agent who knows your area and demonstrates that he or she has a level of expertise with which you feel comfortable.
Your real estate agent is someone you’re going to have to communicate with on a fairly frequent basis, make sure that your communication styles compliment each other, because breakdowns in communication potentially can lead to quite an unpleasant listing and sales process.
2- Only considering home sales in your area.
Of course, you want to consider what homes in your area have sold for in recent months but don’t exclude homes in other areas that are on the market.
Essentially, you are competing with these other homes for buyers, you need to take them into consideration.
Look at your home constructively and ask yourself how it compares to others for sale in your neighborhood and in your city.
3- Ignoring the power of the Internet.
The world is on the Internet these days, and information about your home listing should be, too. It is common for people to begin their house-hunting expedition online. When they find your listing, make sure it is packed with photos. It’s cliche, but a picture truly does paint a thousand words.
Post photos of your home’s interior and exterior. Do you have incredible landscaping? Show that off. Is your family room particularly inviting? People will want to see that.
4- Skimping on marketing.
If you want to get your home sold quickly, it is vital that a marketing plan be created.
These days, it’s increasingly easier to market homes because there are so many social media outlets at the disposal of not just Realtors, but homeowners as well.
Ask your Realtor what specific marketing tools they will use to list your home. Real estate marketing sites abound. A growing number of agents markets their listings on social media sites including Twitter, Facebook and even LinkedIn.
You can even use your own social media networks to spread the word that your home is for sale. Word of mouth is a powerful tool.
5- Following potential buyers around when showing your home.
It’s like being swooped down on as soon as you drive onto a car lot- people don’t like to feel crowded, pressured or spied on by the homeowner when they look at a home.
We advise our clients not to be home during a showings, buyers feel nervous about thoroughly inspecting a home when the owners are there.
Avoiding these five mistakes can help you get closer to your goal of a quick home sale.
Seek out an agent who knows your area and demonstrates that he or she has a level of expertise with which you feel comfortable.
Your real estate agent is someone you’re going to have to communicate with on a fairly frequent basis, make sure that your communication styles compliment each other, because breakdowns in communication potentially can lead to quite an unpleasant listing and sales process.
2- Only considering home sales in your area.
Of course, you want to consider what homes in your area have sold for in recent months but don’t exclude homes in other areas that are on the market.
Essentially, you are competing with these other homes for buyers, you need to take them into consideration.
Look at your home constructively and ask yourself how it compares to others for sale in your neighborhood and in your city.
3- Ignoring the power of the Internet.
The world is on the Internet these days, and information about your home listing should be, too. It is common for people to begin their house-hunting expedition online. When they find your listing, make sure it is packed with photos. It’s cliche, but a picture truly does paint a thousand words.
Post photos of your home’s interior and exterior. Do you have incredible landscaping? Show that off. Is your family room particularly inviting? People will want to see that.
4- Skimping on marketing.
If you want to get your home sold quickly, it is vital that a marketing plan be created.
These days, it’s increasingly easier to market homes because there are so many social media outlets at the disposal of not just Realtors, but homeowners as well.
Ask your Realtor what specific marketing tools they will use to list your home. Real estate marketing sites abound. A growing number of agents markets their listings on social media sites including Twitter, Facebook and even LinkedIn.
You can even use your own social media networks to spread the word that your home is for sale. Word of mouth is a powerful tool.
5- Following potential buyers around when showing your home.
It’s like being swooped down on as soon as you drive onto a car lot- people don’t like to feel crowded, pressured or spied on by the homeowner when they look at a home.
We advise our clients not to be home during a showings, buyers feel nervous about thoroughly inspecting a home when the owners are there.
Avoiding these five mistakes can help you get closer to your goal of a quick home sale.
Tuesday 14 February 2012
Don't Lose A Client Before They Become A Client
A consumer’s first impression of a company or luxury real estate marketing professional is of paramount importance. If you manage to make an indelible positive first impression, your next challenge is to be consistent with every subsequent encounter over time. That is if you want to have a customer for life. Here is an examples that illustrate this point.
Recently, I had to get in touch with an executive manager of one of the largest resorts here in The Bahamas. I made several attempts that were to no avail. I left a number of messages, on their voice mail and with their assistant; as I was prompted to do so with the promise of a returned phone call that I did not get.
What if I were a potential client looking to make a purchase with a 6 Million dollar budget? That company would definitely have been crossed off my list for failing to show me that as a potential client I would be satisfied by the level of customer service provided.
Great first impressions need to be made upon first encounters. But, every single subsequent encounter must be great to create a customer for life.
Recently, I had to get in touch with an executive manager of one of the largest resorts here in The Bahamas. I made several attempts that were to no avail. I left a number of messages, on their voice mail and with their assistant; as I was prompted to do so with the promise of a returned phone call that I did not get.
What if I were a potential client looking to make a purchase with a 6 Million dollar budget? That company would definitely have been crossed off my list for failing to show me that as a potential client I would be satisfied by the level of customer service provided.
Great first impressions need to be made upon first encounters. But, every single subsequent encounter must be great to create a customer for life.
Thursday 9 February 2012
Get Noticed!!
What is the key to getting noticed, being remembered, and getting referrals? It’s simple actually, the answer is building strong, lasting client relationships. The most effective way to do this is by keeping in constant contact with them and leaving a gift behind to remind them of you later. A phrase used for this type of self advertising is “Pop By”. You want to Pop By clients, old and new, on a regular basis.
And it doesn’t matter which market you find yourself in. If it’s booming, you need to keep in constant contact with all your many clients and hit the pavement to get those FSBOs in your trusted hands. When it’s a slow, dragging market, you need spend a lot of time building long lasting relationships with the few clients you have at the time so they think of you every time hear of a friend who wants to sell. And you need to hit the pavement and gobble up those listings that have expired. After all, who wants to be sitting at the office making cold calls all day? Every agent’s dream is to be working completely by referral. And this is done by keeping in constant communication with your clients and building new relationships with their referrals.
So start a campaign! Whether it’s gobbling up those expireds, getting the latest FSBOS to trust in you, or keeping your past clients within arms reach, you need to start a campaign that’s all your own. Use gifts that are small, inexpensive and something you can easily personalize by attaching a tag or business card. Another key point to this style of gift is to add a smart, witty tag line so the client actually remembers what they read. You can make cookies and write “I’ve got the recipe to your success.” What ever you decide to do be creative and catchy!
And it doesn’t matter which market you find yourself in. If it’s booming, you need to keep in constant contact with all your many clients and hit the pavement to get those FSBOs in your trusted hands. When it’s a slow, dragging market, you need spend a lot of time building long lasting relationships with the few clients you have at the time so they think of you every time hear of a friend who wants to sell. And you need to hit the pavement and gobble up those listings that have expired. After all, who wants to be sitting at the office making cold calls all day? Every agent’s dream is to be working completely by referral. And this is done by keeping in constant communication with your clients and building new relationships with their referrals.
So start a campaign! Whether it’s gobbling up those expireds, getting the latest FSBOS to trust in you, or keeping your past clients within arms reach, you need to start a campaign that’s all your own. Use gifts that are small, inexpensive and something you can easily personalize by attaching a tag or business card. Another key point to this style of gift is to add a smart, witty tag line so the client actually remembers what they read. You can make cookies and write “I’ve got the recipe to your success.” What ever you decide to do be creative and catchy!
Wednesday 8 February 2012
Greatness Comes From Plans Executed On Purpose
Ok, this is about time and money, and how they affect each other. But the real lesson to learn is not how this property or that note is worth more or less now than five years from now. It’s about understanding the physics used in planning, as we incorporate various strategies. Nothing is immune to time. As a concept, time will not be mocked. Just when you think you’ve pulled one over on life’s investment wall clock, it comes back to crush your spirit.
Time also has velocity. Does something happen sooner? Or, does it happen later? ‘Course, the million dollar question is — whenever it happened, was it planned? When investing in real estate understanding precisely when you want an event to happen is often crucial to the successful execution of your overall Plan. An example is cash flow vs capital growth, a subject about which I’ve written extensively here. Your timing for either one might be pure poison to the next guy over, who’s sportin’ a 20 year age difference.
When talkin’ about turning a buck into more than a buck, we universally prefer sooner over later, and more rather than less, right? Right. Setting safety aside for the moment, the faster our capital grows, the better we like it. The bigger piles of cash we create are better than smaller piles. None of this is E = mc2. We generally do better as investors when things grow more quickly, and returns are better when they grow to larger amounts. Captain Obvious lives.
We must ensure our understanding of time, money, growth, and strategy aren’t convoluted when it comes to planning. It’s one thing to understand the time value of money, so to speak. It’s quite another to use that knowledge in a coherent strategy or strategies.
Here’s the general principle:
More is better than less.
Sooner is better than later.
Mo’ sooner is much mo’ betta.
That’s a universal truth in investing.
Yet paradoxically, younger folks will delay receiving gobs of cash flow in favor of growing their capital as quickly, but safely as they can. Meanwhile, older investors will eschew further capital growth in favor of achieving maximum cash flow. But the above mentioned principle applies to both. The difference is, you, as the investor, must provide the strategic timing by way of the choices you make in tactics along the way.
In other words, know in advance exactly what you want more of, sooner. Very seldom do bad things happen when investors are goin’ about their long term business with a clearly defined Plan — executed on Purpose.
Time also has velocity. Does something happen sooner? Or, does it happen later? ‘Course, the million dollar question is — whenever it happened, was it planned? When investing in real estate understanding precisely when you want an event to happen is often crucial to the successful execution of your overall Plan. An example is cash flow vs capital growth, a subject about which I’ve written extensively here. Your timing for either one might be pure poison to the next guy over, who’s sportin’ a 20 year age difference.
When talkin’ about turning a buck into more than a buck, we universally prefer sooner over later, and more rather than less, right? Right. Setting safety aside for the moment, the faster our capital grows, the better we like it. The bigger piles of cash we create are better than smaller piles. None of this is E = mc2. We generally do better as investors when things grow more quickly, and returns are better when they grow to larger amounts. Captain Obvious lives.
We must ensure our understanding of time, money, growth, and strategy aren’t convoluted when it comes to planning. It’s one thing to understand the time value of money, so to speak. It’s quite another to use that knowledge in a coherent strategy or strategies.
Here’s the general principle:
More is better than less.
Sooner is better than later.
Mo’ sooner is much mo’ betta.
That’s a universal truth in investing.
Yet paradoxically, younger folks will delay receiving gobs of cash flow in favor of growing their capital as quickly, but safely as they can. Meanwhile, older investors will eschew further capital growth in favor of achieving maximum cash flow. But the above mentioned principle applies to both. The difference is, you, as the investor, must provide the strategic timing by way of the choices you make in tactics along the way.
In other words, know in advance exactly what you want more of, sooner. Very seldom do bad things happen when investors are goin’ about their long term business with a clearly defined Plan — executed on Purpose.
Tuesday 7 February 2012
In Realty Customer Service Should Be A Luxury!
“The greatest danger for a luxury firm is to lose its status as a differentiated, premium brand, but wealthy consumer perceptions suggest that luxury overall may be in danger of losing its cachet,” said Milton Pedraza, CEO of the Luxury Institute. “This calls for a renewal of efforts to be unique and exclusive and to execute well on customer service.
How does this apply to luxury real estate marketing? Real estate as a profession is a service business, real estate agents and brokers are service professionals.
Wealthy consumers look forward to quality service in the luxury real estate market. I find that in any business the persons that are thriving in their markets are the ones that are always on the ball because their customer service is remarkable. They are easy to access, willing to share their insights, passionate about their marketplace, return calls and emails promptly and are a delight to talk to. One of the top market leaders recently told me that you have to be nice to everybody regardless who they are or what their status in life is. He returns everyone’s calls personally. As a result his client lists grows and referrals are plentiful.
If social media, websites and google were all taken away excellent service, manners and incredible communication skills will be all that is left to run a real estate business. Possessing the skills that allow you to render quality customer service to your clients are sometimes the only things that matter. You must become relationship oriented, network face to face and practice the fundamentals of business. Tech should not be the priority focus in your success equation.
Luxury by definition implies rarity and exclusivity. Given the results from the Luxury Institute, it is evident that customer service is a key indicator in choosing a brand/service professional. People will remember you for your luxurious service. In realty practice, I feel that customer service should take priority, and technology should facilitate customer service.
How does this apply to luxury real estate marketing? Real estate as a profession is a service business, real estate agents and brokers are service professionals.
Wealthy consumers look forward to quality service in the luxury real estate market. I find that in any business the persons that are thriving in their markets are the ones that are always on the ball because their customer service is remarkable. They are easy to access, willing to share their insights, passionate about their marketplace, return calls and emails promptly and are a delight to talk to. One of the top market leaders recently told me that you have to be nice to everybody regardless who they are or what their status in life is. He returns everyone’s calls personally. As a result his client lists grows and referrals are plentiful.
If social media, websites and google were all taken away excellent service, manners and incredible communication skills will be all that is left to run a real estate business. Possessing the skills that allow you to render quality customer service to your clients are sometimes the only things that matter. You must become relationship oriented, network face to face and practice the fundamentals of business. Tech should not be the priority focus in your success equation.
Luxury by definition implies rarity and exclusivity. Given the results from the Luxury Institute, it is evident that customer service is a key indicator in choosing a brand/service professional. People will remember you for your luxurious service. In realty practice, I feel that customer service should take priority, and technology should facilitate customer service.
Monday 6 February 2012
How To Get Your House Sold!!!
How long has your property been sitting on the market without any offers or signs of selling? How much longer are you going to wait until you take action to find out why your house is not selling and what can be done to make your property stand out from the competition? Here are the three most important steps to help you get your house sold!
* Price to Sell! Seems easy enough but many sellers make the mistake of over-pricing their property. Avoid this costly and painful mistake by getting an appraisal done, a report that determines the market value of the property based on investigation, data, and analysis rather than subjective feelings. If you price your property correctly at the beginning, the likelihood of selling within the first few weeks is much higher. Overpriced properties sit on the market for months and months and sellers usually end up lowering the price or accepting lower than usual offers because they have become desperate to sell.
* Stage to Sell! Would you send out an incomplete resume and expect a call back? Look at your property from the buyer’s perspective. If the first impression does not Wow or say Buy Me Now, then your buyer will move onto the next one. Highlight the best features of your home, make sure it is clean and presentable without clutter and remove anything that will detract from its beauty. A coat of fresh paint can go a long way and in a competitive market, staging the interior and enhancing the outside curb appeal of the property can help buyers to visualize your house as their new home.
* Market to Sell! You know you want to sell your property but are you using the most appropriate methods to reach your goal of selling? Putting a for sale sign on the fence and hoping qualified buyers come knocking at your door is not realistic in today's market. You must have an intelligent and effective marketing plan to bring those buyers in! Over 80% of people start their property search online and if you are not tapped into this you can expect your property to be forgotten or overlooked. Be smart and use the resources and guidance of a realtor to make sure your property receives maximum exposure. Ask for a comprehensive report detailing how your property will be marketed to qualified buyers and listen to the feedback your realtor has received from potential buyers.
The purchase of a home is the biggest buy a person will make and should be treated with professionalism and due diligence. There is no guarantee that your house will sell in x amount of time but by following these 3 steps you will be heading in the right direction. Please email or call me for further assistance or for any questions you might have.
* Price to Sell! Seems easy enough but many sellers make the mistake of over-pricing their property. Avoid this costly and painful mistake by getting an appraisal done, a report that determines the market value of the property based on investigation, data, and analysis rather than subjective feelings. If you price your property correctly at the beginning, the likelihood of selling within the first few weeks is much higher. Overpriced properties sit on the market for months and months and sellers usually end up lowering the price or accepting lower than usual offers because they have become desperate to sell.
* Stage to Sell! Would you send out an incomplete resume and expect a call back? Look at your property from the buyer’s perspective. If the first impression does not Wow or say Buy Me Now, then your buyer will move onto the next one. Highlight the best features of your home, make sure it is clean and presentable without clutter and remove anything that will detract from its beauty. A coat of fresh paint can go a long way and in a competitive market, staging the interior and enhancing the outside curb appeal of the property can help buyers to visualize your house as their new home.
* Market to Sell! You know you want to sell your property but are you using the most appropriate methods to reach your goal of selling? Putting a for sale sign on the fence and hoping qualified buyers come knocking at your door is not realistic in today's market. You must have an intelligent and effective marketing plan to bring those buyers in! Over 80% of people start their property search online and if you are not tapped into this you can expect your property to be forgotten or overlooked. Be smart and use the resources and guidance of a realtor to make sure your property receives maximum exposure. Ask for a comprehensive report detailing how your property will be marketed to qualified buyers and listen to the feedback your realtor has received from potential buyers.
The purchase of a home is the biggest buy a person will make and should be treated with professionalism and due diligence. There is no guarantee that your house will sell in x amount of time but by following these 3 steps you will be heading in the right direction. Please email or call me for further assistance or for any questions you might have.
Friday 3 February 2012
Is Your Home Getting The "Right" Exposure?....
Let's just say you were a film writer. You have an idea for an awesome film based on the fascinating life of a well renowned Bahamian Legend, that contributed to our history as we know it.
You're sure viewers will be receptive and your film a success.
Now - how will you get the film on the "big screens"? Your first thought may be to “self-promote” your film. You could make arrangements with the local film festivals to stir up some promotion. You could also seek to take your film abroad on your own.
Think your film would hit the “Academy Award Winner” list with that approach? Probably not. Would your film be more likely to make millions if you had an “experienced manager”? Absolutely - without question!
So why would you ever consider trying to sell your home without the professional assistance of a seasoned Bahamas Real Estate Association professional? Do you want your home to be a “Best Seller” at the top of every buyer's “must see” list - or merely an under exposed “wanna be” languishing on the market?
Your Bahamas Real Estate Association rep is a combination of publicist, promoter, publisher, and brilliant “ringmaster” appealing to people of all ages to call their attention to your home in the “centre ring.”
Your real estate agent will use a variety of methods to give your Bahamas home maximum exposure, including their private list of prospects and contacts, not to mention the real estate professionals they network with on a daily basis to find the right purchaser for your home.
With these tremendous resources a sale is virtually assured, provided your Bahamas real estate is priced correctly. Ready to sell? Now that the local banks are set to reduce lending rates, this is a great time to think about selling. Get represented!
You're sure viewers will be receptive and your film a success.
Now - how will you get the film on the "big screens"? Your first thought may be to “self-promote” your film. You could make arrangements with the local film festivals to stir up some promotion. You could also seek to take your film abroad on your own.
Think your film would hit the “Academy Award Winner” list with that approach? Probably not. Would your film be more likely to make millions if you had an “experienced manager”? Absolutely - without question!
So why would you ever consider trying to sell your home without the professional assistance of a seasoned Bahamas Real Estate Association professional? Do you want your home to be a “Best Seller” at the top of every buyer's “must see” list - or merely an under exposed “wanna be” languishing on the market?
Your Bahamas Real Estate Association rep is a combination of publicist, promoter, publisher, and brilliant “ringmaster” appealing to people of all ages to call their attention to your home in the “centre ring.”
Your real estate agent will use a variety of methods to give your Bahamas home maximum exposure, including their private list of prospects and contacts, not to mention the real estate professionals they network with on a daily basis to find the right purchaser for your home.
With these tremendous resources a sale is virtually assured, provided your Bahamas real estate is priced correctly. Ready to sell? Now that the local banks are set to reduce lending rates, this is a great time to think about selling. Get represented!
Wednesday 1 February 2012
Investing In The Bahamas. Did you know?....
The Bahamas continues to flourish as a second home destination for many of our foreign friends. Still, many others don't foray into investing in The Bahamas because their perception is that the costs may be too high in comparison to investing in other tropical destinations. Besides the fact that we are the closest island nation to North America and travel to and from our beautiful archipelago is easier, faster and cheaper than ever, we have a stable economy and our dollar value is on par with the US dollar. Here are some answers to other common questions that may surprise you about investing in The Bahamas:
How much is real property tax in The Bahamas? Real property tax for owner occupied property in The Bahamas is very inexpensive in comparison to other destinations. For the first $250,000 in value the property is exempt from real property tax. The next $250,000 in value is taxed at 1% and anything over $500,000 is taxed at .75%. So, a $600,000 beachfront condo would be $3,250 per year!
Is there any income or sales tax in The Bahamas? None whatsoever! The government relies on import duties on goods for their tax revenue.
How much is building insurance? For comprehensive insurance coverage in The Bahamas, which includes hurricane coverage, the calculation is roughly 1.5% of the sum insured.
As one can plainly see, the carrying costs to own your little piece of Paradise are exceptionally reasonable! If you would like more information on the beautiful island nation of The Bahamas please feel free to contact me anytime! I really enjoy sharing my experiences here and look forward to welcoming many more friends to The Bahamas!!
How much is real property tax in The Bahamas? Real property tax for owner occupied property in The Bahamas is very inexpensive in comparison to other destinations. For the first $250,000 in value the property is exempt from real property tax. The next $250,000 in value is taxed at 1% and anything over $500,000 is taxed at .75%. So, a $600,000 beachfront condo would be $3,250 per year!
Is there any income or sales tax in The Bahamas? None whatsoever! The government relies on import duties on goods for their tax revenue.
How much is building insurance? For comprehensive insurance coverage in The Bahamas, which includes hurricane coverage, the calculation is roughly 1.5% of the sum insured.
As one can plainly see, the carrying costs to own your little piece of Paradise are exceptionally reasonable! If you would like more information on the beautiful island nation of The Bahamas please feel free to contact me anytime! I really enjoy sharing my experiences here and look forward to welcoming many more friends to The Bahamas!!
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