All Members of the Real Estate Division are Licensed Real Estate Agents who elect an Executive Committee annually at their AGM, to act on their behalf. As members of the division they agree to abide by a code of ethics and standards as laid out in the Chamber’s Real Estate Handbook.
The Executive Committee currently chaired by Leroy Douglas is further broken down into 7 sub Committees:
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Ethics & Standards: responsible for reviewing and proposing amendments to the Real Estate Handbook in order to remain current with the changing landscape of the industry. The Handbook was updated as recently as last year.
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Resolutions: responsible for mediating and resolving complaints regarding purported infractions against either the Real Estate Handbook or Real Estate Licensing Act.
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Lobbying and Industry Relations: responsible for liaising with Government Ministries and Departments as well as other organizations (i.e. the Bermuda Bar Council) on issues of importance to the members. Issues of concern include: The current land policy restricting Bermudians from selling property to non-Bermudians specifically, the policy restricting PRC holders from purchasing property from Bermudians and the regulations imposed upon Bermudians married to non-Bermudians.
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Education: responsible for organizing information seminars open to Chamber members. Past topics have included: Financing a purchase, Simplifying the Buying process and Know about Condos. The Division also initiated a series of Chamber News articles that ran monthly in the Island Property News with executive committee members contributing. These articles were intended as information vehicles to give the public an insight to the industry and what affects it.
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MLS: responsible for educating members on the benefits of a multiple listing service and overseeing its implementation. The implementation of a MLS has not been high on most members’ priority list in the past. There is a renewed attempt to reintroduce the concept however the future of an MLS in Bermuda will lie with the demand placed by the membership. It is agreed however that membership would be required for all those who would participate in an MLS.
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Nominations & Membership: responsible for Executive Committee nominations and membership recruitment.
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Rental: responsible for representing the concerns of the rental agents to the Executive Committee.
It is clear that the last year has provided the industry worldwide with tremendous challenges and that some of these circumstances are beyond the industries control. It is important however for members to remain professional, educated, positive and participatory.
Please click here for the update on the Proposed Amendments to the Real Estate Act.
If you are interested in joining this division click here.