Real Estate Division
 The
Real Estate Division is open to all Bermuda Government licensed real
estate agents.
This extremely active division, have taken steps to revise the Licensing
Act as well as collaborating on modifications to the standardized listing
and sales agreement.
Meetings are held monthly in the boardroom, and the Chairperson welcomes
the input of all members.
Accomplishments
Issues/Projects:
- Lease Fees – There was discussion as to whether there should
be a change to the Handbook on lease fees. The Rental Committee had
met several times over the past six(6) months to review the Finders
Fees charged for leasing properties. It was decided that the Rental
Sub Committee should poll the Members in an effort to determine a consensus.
- New Land Policy – The Committee sought to determine what further
action should be taken by the Division in response to the New Land
Policy. A letter was sent to the Minister of Labour & Home Affair
requesting a meeting, which the Minister has acknowledged but has yet
to arrange a meeting, despite several follow-up calls. The Committee
understands that they may not be able to change the policy and are
doubtful that the Minister wants to meet with them as a group. The
Chamber hosted an information session for its members titled “Acquisition
of Residential Properties by Non Bermudians.” Dr. Martin Brewer
(Dept. of Immigration) was invited to speak and the session was very
well attended.
- Multi Listing System (MLS) – The Committee
is looking into implementing MLS for Chamber members. The system is
all web-based and can be fully customized to local area needs. It allows
its participants permission to display each other’s listings
on one website and for the real estate professional to have total mobility
and be able to access all MLS data information from their geographical
area at home, in the car or at the office. Those agencies who subscribe
would be set up with an account and subsequently charged on monthly
basis, $10 per agent. A separate MLS handbook would be required, if
the members were to go ahead and adopt this system. The membership
was invited to a one-time only on line demonstration at Coldwell Banker
at the end of April.
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