The Tribune

More than 150 realtors from The Bahamas and Florida’s Royal Palm Coast participated in the first joint Florida-Bahamas real estate trade mission held on October 1.

The event, nearly two years in the planning, was forced by COVID-19 to shift from an in-person trade mission to a virtual platform. But, according to organisers, it represented “an historic and successful move” that brought agents and brokers together to network, exchange information and show what each region has to offer to attract the others' buyers and investors.

“This historic meeting, even though not face-to-face, was successful beyond our expectations and helped to bridge the gap that exists between neighbours who, pre-trade mission, thought of each other as competition and now consider one another as colleagues with whom we can co-operate,” said the Bahamas Real Estate Association's (BREA) president, Christine Wallace-Whitfield.

“We have clients in The Bahamas who may be interested in Florida property, and they certainly have clients in Florida who dream of owning in The Bahamas. Sharing specific information about what is involved in a purchase was extremely helpful. We all came away from the meeting with a clearer understanding and a bilateral commitment to work more closely together.”

The Bahamas aimed to send a clear message to its Florida realtor counterparts that the country remains open for business.

“Global turmoil as a result of the COVID-19 pandemic has put a strain on all countries, but The Bahamas remains a premier destination for investments and a favourable environment to offer,” K Peter Turnquest, deputy prime minister, told the joint mission.

The pandemic, he added, has focused attention on non-traditional thinking when it comes to real estate. “Today more people are looking for less dense vacation spots and properties, opportunities to commune more with nature, and to find alternative sources for entertainment that do not necessarily involve close contact with people,” Mr Turnquest said.

Besides the deputy prime minister, the mission included Dionisio D’Aguilar, minister of tourism and aviation; the chief of global strategy and engagement for NAR, the US-based National Association of Realtors; Joy Jibrilu, tourism's director-general; Dwight Burrows, Royal Bank of Canada's (RBC) regional vice-president of private banking and wealth management; Mrs Wallace-Whitfield; Bianca Jones, Royal Palm Coast Realtor Association's chief executive; and Donna Guido, ambassador and liaison from that association to The Bahamas.

“Real estate tourism is an individual experience magnified many times over,” Mr D'Aguilar told participants. “We are now not only advertising stopover visits but also looking at the second home market as a new beginning for The Bahamas.”

Mr D’Aguilar said that despite Hurricane Dorian, 2019 was a ‘banner year’ for tourism with 7.2m visitors who could return home to “tell of the magic and magic of The Bahamas”. He promoted its proximity to the US, political stability, tax advantages and ease of purchase for non-Bahamians interested in a residence or property of less than five acres.

“We were really honoured to have the participation of so many great speakers, including NAR director of global strategy, Joe Schneider, who maintains relationships with 86 countries and took time out to spend with us," Mrs Wallace-Whitfield said.

"Considering that the NAR is the largest trade association in the US with 1.4m members, his participation in this trade mission takes on great significance. What is interesting is that they see part of their role is the creation of more business opportunities in the US to partner with others around the world, and helping them to create strategic marketing campaigns.”

BREA recently launched a renewed campaign advising non-Bahamian agents and brokers to work with BREA-licensed firms - as required by law - when handling Bahamian property transactions. It is reminding foreign sales associates that Bahamians cannot go to the US or Canada and sell property in those jurisdictions without working with local firms.

“We do want agents and brokers in other countries to know that we appreciate their networking ability, and their interest in the desirability of Bahamian property, so we are especially appreciative of Donna Guido and Bianca Jones from Florida’s Royal Palm Coast who worked so hard to make this trade mission possible in order to encourage foreign interest in the legal and correct way of interacting,” Mrs Wallace Whitfield said.

“We learned a lot more about the areas around Florida’s south-west coastal region, including Fort Myers, and we hope their members learned a lot more about the appeal of The Bahamas and what it takes to buy here.”