The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas Real Estate Association (BREA) has seen its membership “almost double” over the past seven years, its president yesterday saying it was “definitely working” to resolve recent appraisal management issues.

Speaking at the opening of BREA’s new office on east Shirley Street, Franon Wilson said the association’s membership in 2007 was roughly 400 members, and now stands at 800.

“Our membership is growing significantly. From 2007 to now, membership has almost doubled. That would have doubled in a time period when we went through one of the worst recessions the world has ever seen,” said Mr Wilson.

He added that BREA was dealing with a number of issues, such as appraisal management company issues, referencing demands by Royal Bank of Canada (RBC) and Scotiabank for all appraisers to sign up to a new system to be run by another Canadian company, NAS.

“We are dealing with an issue with an appraisal management company. We’re definitely working to resolve that issue,” Mr Wilson said.

“We continue to work with the Government to clarify the policy change that just came out in January; the reduction in Stamp Duty from 12 to 10 per cent; reintroducing the cap on real property tax at $35,000 and doing a number of other things. We continue to work on our Real Estate Act, which was established in 1995; we feel that there is room for clarification.”

Commenting on BREA’s multiple listing service (MLS), Mr Wilson said: “The MLS service has also been growing as well. It is one where members continue to find great value. BREA is committed to it. It allows all members to pool their sales to one website. It has assisted appraisers and other people to find comparables, and helped our member give better quality information.”

Mr Wilson said BREA’s relocation was in response to growth in membership, as well as several other initiatives.

“We need to ensure that we have space for the future and people who want to be involved in real estate, this building will give us an opportunity to host dignitaries from other countries,” he added.

“We can now have a stationary position and make an effective technology room to allow us to have webinars and meetings, so that people who live outside of Nassau can hear the same information. The real estate industry is moving in the right direction. We feel that it’s not the freefall that we were in a few years ago; it’s moving slowly but it’s moving in the right direction.”