Reasons to work with a real estate agent in the Cayman Islands

It’s tempting to think, when selling or buying property, that if you cut out the middle man – the realtor – you can save on their fees. However, there are several very compelling reasons to work with a real estate agent in the Cayman Islands, and to be cautious about going down the For Sale by Owner route.

Century 21 Cayman, like most real estate brokers in the Cayman Islands, is a member of CIREBA, a professional network of real estate companies. This regulatory body ensures you  that all agents under their umbrella are trained professionals who are bound by a strict code of ethics, and work in their client’s best interests. Additionally, because CIREBA operates a Multiple Listing System, buyers can work with a single agent but get access to all available properties on the database, while sellers know that their property will get wide exposure.

Advantages for property sellers of working with an agent in the Cayman Islands

While you might be able to save yourself the agency fees by selling your property privately, the benefits of selling through an agent often outweigh those potential savings. These are some of the benefits:

Agents help to price your property

Agents have usually been inside all the properties for sale in your area and therefore know your competition. They know what comparable properties have sold for and can advise on a realistic asking price.

Agents advise on improvements

Your agent sees your home objectively and can provide recommendations on how to present it enticingly. This may include home improvements or renovations that will enable you to ask for a higher price, or it may be simple cosmetic changes to add curb appeal or freshen up interiors. In some instances, an agent may arrange for a home to be staged, to enable buyers to visualise themselves living there.

Agents pre-qualify buyers

In a sellers’ market you could easily find yourself overwhelmed with enquiries if you sell privately. But which ones are serious buyers, and which are nosy neighbours simply wanting a peek inside your home? An agent will qualify buyers for you, and filter out the time wasters, so that you don’t have endless showings that lead nowhere.

Agencies have marketing power

An agency has an established marketing strategy and can reach far more potential buyers than you can alone – and at no extra cost to you. An agent will organise professional photography, videography and marketing copy. They will add your property to the MLS and list it on their website. They will promote it on social media, in print and online ads. They may even offer virtual tours and open houses – all things that private sellers may well not have the time or expertise to do.

Agents know the sales process

Real estate agents are familiar with the process of buying and selling property. They know how to handle the multiple moving parts and professionals involved in a transaction and will smooth the process for you and save you time so that you can close the sale faster.

Agents have expertise in negotiating offers

It may be that you receive multiple offers. Which one should you take? Can you do better? Agents will study the conditions of different offers – there’s more to it than simply the price – and advise on which is best for you. Agents are experienced in the art of negotiation and may be able to present a counteroffer and ultimately secure you a better deal. Your agent will also prepare the sales contract for you, saving you significant legal fees.

Advantages for buyers of working with an agent in the Cayman Islands

Agents have local knowledge

Whether you’re new to Cayman or not, your agent likely knows the islands’ different districts better than you. They will be able to provide information on the characteristics of different neighbourhoods, the services available and the most suitable areas depending on your budget and circumstances.

Identify potential pitfalls

Agents know properties and so are well placed to flag up potential issues early on in the process. This may be issues with the property itself, asking prices that are too high, or discrepancies in the documentation.

Agents help to craft an offer

In a competitive market buyers need to be prepared to move fast and with conviction. The seller may be considering several offers at the same time, so your agent will help you craft the most attractive offer to purchase.

Agents have access to information

Not only do agents have access to all the properties on the MLS but they also know how and where to get important documentation, such as copies of covenants, boundary information, past sales history, copies of strata by-laws and more that you will need but may not know how to find.

Local contacts

Your agent is also an invaluable source of information on all things property-related and will be able to put you in contact with all the best professionals – from lawyers and mortgage officers to surveyors, appraisers, contractors, handymen and property managers.

Many buyers and sellers in the Cayman Islands form lasting relationships with their agents, returning to them time and again to buy or sell properties. At CENTURY 21 all our agents have specialist knowledge and will work relentlessly in your best interests. Contact us today to get started on your property journey.