Tag: real estate agent

A day in the life of a real estate agent in the Cayman Islands

Have you ever wondered what real estate agents do every day? It’s not an easy question to answer, because there really is no typical day for us. Real estate agents work in a fast-paced whirlwind environment, which keeps things rather interesting. We need to be quick on our feet, ready to respond and react to the incoming needs of buyers and sellers, at a moments notice. In short, no two days are alike. Each day brings its own sets of challenges and an equal share of excitements. It’s one of the things I love most about the job!

Location, Location, Location.

We are not expected to be in the office every day, as our job is first and foremost to sell properties, at the best price, in the shortest amount of time, and that can’t be done from sitting on our butt. We are running around, hopping in and out of our cars, visiting multiple properties and clients, all the while balancing endless phone calls and emails. We are professional multi-taskers and remote working pros.

Real Estate To-Do List.

Here’s a list of some of the things that we do in a “typical” day. 

  • Check CIREBA every morning for new listings that fit buyers’ criteria. 
  • Consultations with new customers
  • Set appointments to show homes 
  • Prepare purchase agreements and present offers
  • Stay on top of conditions to purchase and timelines
  • Schedule inspections 
  • Meet with valuation officers 
  • Stay in close contact with bankers for financing approvals 
  • Negotiate contracts, repairs, etc. with listing agents
  • Monitor transactions through escrow to closing
  • Analyze the market for sellers to determine the market value for their homes
  • Navigate the listing agreement with selling clients
  • Coordinate sign installations
  • Schedule photography and videography session for listings
  • Devise a marketing plan for selling clients
  • Plan, schedule and run open houses
  • Compile pro forma financial statements for income property sellers and buyers
  • Coordinate simultaneous closings for clients who require them
  • Make phone calls… lots of phone calls

Calls are a big part of our day! I mean big. Calls to and from:

  • Lenders
  • Inspectors
  • Appraisers
  • Clients/Customers 
  • Other agents
  • Repair people
  • Our administrative staff
  • Pest control companies
  • Contractors
  • New referrals

Yes, the list is long and makes for long days sometimes. But, we wouldn’t trade what we do for any other job in the world! 

Keep Calm and Stay Organized.

As a real estate agent, we are, in a sense our own “boss”. It is up to us to manage our own schedule and go about our day to day activities, to support our clients and master our to-do list. In my experience, each agent works differently. Some opt for a looser “go with the flow” schedule approach. Others have daily habits and schedules they aim to stick to, such as office work in the mornings and appointments in the afternoon. Personally, I need to plan my days the night before because, well, I like being organized, and it feels damn good to be efficient! Plus, I know I am more effective that way, and my customers appreciate it.

No such thing as 9 to 5.

One of the perks of the job is flexibility. But as you can imagine, a profession with no set office hours can also get tricky. Real estate agents need to be accommodating of the varying schedules of their clients. For example, nurses, doctors, those in the service industry, and other shift work jobs require different hours of attention. As real estate agents, we often find ourselves working very early in the mornings or very late at night, and a lot during the weekend. But it is our job to adapt to the needs and wants of those we are serving, and there is nothing more rewarding than making, what is often thought of as a stressful experience, seem effortless for a client.

Working hard, so you don’t have to.

Your real estate agent should be working hard to make things happen for you at all hours of the day. Property transactions are complex, and there is a lot that goes on behind the scenes that you don’t see. There are a ton of moving parts and people involved: bankers, attorneys, estate agents, valuation officers, home inspectors, administrative staff, deposit or escrow account managers, etc. Each player and task, even if they appear minor, are crucial to the property closing, and the smallest blip could turn a deal on its head. So as a client, you are leaving a lot in the hands of your agent. Frankly, this is one of the reasons why trust is such an important aspect when choosing a real estate agent.

We are on it!

A real estate agent’s ability to be organized, multi-task, and be “on it” is essential. It is what keeps buyers and sellers coming back to us time and time again. Service is everything in this industry, and at Property Cayman, I am proud to say that we take that to heart. We are passionate about connecting good people with great places today, tomorrow and always. Loving what we do and working with fantastic people are two things we luckily get to do, every single day, at Property Cayman.

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Anyway, there you have it! No day is the same. And if you are ever looking for me, you’ll have the best chance of finding me in my car. Or at Bluestone coffee next to our office on Fort Street, grabbing my fifth (or tenth) cup of Joe for the day! 

How to choose a real estate agent?

Let’s call it how it is. Real estate agents don’t have the best of reputations.  We get it.

Unfortunately, like any profession, a few bad apples can ruin it for the bunch.

Such a big life decision, buying or selling your home, deserves to be met with professionalism and integrity.

We care about you, and because we care we’ve compiled a quick checklist to ensure that you get the best possible representation, wherever you are on your property journey.

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Your Realtor Checklist

Whether you are a first-time buyer or an experienced investor, your Cayman realtor should have:

1.      Real Estate Expertise

The property market, particularly right now, is fast-moving. To effectively meet your real estate needs, you need an agent:

  • well versed in the local Cayman property market
  • who understands the financial requirements for purchasing a property in Cayman
  • knows the Cayman stamp duty tax rules and exemptions
  • able to interpret strata regulations and bylaws
  • who is comfortable overseeing the complete property transaction (including contracts, due diligence screening, market analysis reports, disclosures, and other legal documents – effectively managing any roadblocks to ensure a seamless experience for you)
  • who cares about you! Above anything else, choose an agent that has your best intentions at heart.
2.      Objective Real Estate Information

Your agent should easily be able to provide accurate and up to date information on re-locations, utilities, the rental market, zoning, schools, and more. They have objective stats about each property, data that should be shared with you so you can decide how to move forward with listing your home or placing a purchase offer.

3.      CIREBA Qualifications

Real estate laws, regulations, and processes are intricate. You want a realtor who knows the ethical and legal requirements of buying and selling property inside and out. All members of the Cayman Islands Real Estate Brokers Association (CIREBA) must complete specific training and testing to demonstrate their understanding of real estate law, contract law, and their duties as an agent. CIREBA also has a strict code of ethics that all members must adhere to. So by selecting an agent who is CIREBA member, you can rest easy knowing you have a qualified professional in your corner.

4.      Trusted and Candid Real Estate Advice

Life can throw us some unexpected curveballs. It is essential that during these times, you have a trusted and experienced professional that you can lean on. Someone who will tell you exactly how it is and the best way for you to navigate your way out the storm.

“We were about to close on a Seven Mile Beach condo, and then COVID struck. Our household income, like many others, took a hit. And like the rest of the world, we felt uncertain about the economy and the property market. So to say we were stressed about our pending property purchase, was an understatement. I reached out to Jude for advice. We discussed the situation, weighing all the possible scenarios, and ultimately ended up pulling our offer. The feeling of relief was instantaneous. It was the right decision for us, and we can’t thank Jude enough for her honest advice. She put our happiness and security above everything.” – Dr Derek Spence, Property Cayman Client

5.      Real Estate Negotiations Skills

In the property business, there are many elements, unique to each sale, that are up for discussion. You deserve to feel well informed and confident throughout the negotiation process. An experienced realtor should provide helpful insights and knowledgeable advice. They should safeguard your needs throughout the entire property journey.  With the right agent, there should be zero doubt that they have your best interest at heart. Remember, the highest offer isn’t always the best offer.

6.      Professional Networks

Property transactions are complex. There are a lot of cooks in the kitchen – buyers, sellers, agents, attorneys, inspectors, lenders, and often financial or investment advisors. An established, well-connected agent can provide their customers and clients access to an instant network of qualified and trustworthy professionals.

7.      Real Estate Marketing

Believe it or not, houses do not sell themselves. Your real estate agent’s marketing strategy is absolutely critical. How your property is listed and promoted will directly influence the number of buyers walking through your door, and the quality of the offers you receive.

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In a nutshell, a good agent can efficiently manage all the intricacies of the real estate transaction process, protecting their client’s interests and minimizing their hassle.

It is about the client, not the sale.

The business of real estate is about relationships.

We provide candid advice, helping clients avoid costly pitfalls, allowing them to minimize the headaches of selling while maximizing their profits.

Thinking about buying or selling? We’d love to chat.