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BEAVA News Newsletter
BEAVA Adopts Multiple Listing System
MLS to real estate rescue
A win-win situation for both persons selling their properties and real estate agents across the island. This is the description being given to the Multiple Listing Service (MLS) system soon to be introduced to the Barbadian real estate landscape.
Speaking to the media yesterday at the Hilton Barbados, President of the Barbados Estate Agents and Valuers Association, Suzanne Davis, stated that the MLS would be extremely beneficial to these professionals, outlining that it would place those within the association with a wider framework to get the property sold.
It would be of great advantage to our agents because they just need to go on one website and they have access to all the properties in Barbados, once the agents are members of BEAVA and have gone onto the multi-listing system, so their client doesnt have to go picking and choosing on all these different websites looking for properties and hunting with various agents, so it saves them time and is a win-win situation for everyone, she stated.
The system, which has existed in Canada and the United States for 70 years, works on the premise that a real estate agent would have access to a website where all property listings for sale, rent or lease across the island are listed, therefore giving their client whether buyer or seller, maximum exposure.
President of the Realtors Association of Jamaica, Howard Johnson Jr., said the system, which was introduced in that island two years ago, had revolutionalised its real estate sector.
Our industry was different as you can imagine because of the global recession and we found that in order to be successful, we had to be more collaborative rather than competing and when you have a system like MLS you are now able to have one central database with the information and that allows and empowers the agent to have one resource where they are educated on what is happening in the market, thus we can now inform the buyers as to how to price properties. It also helps valuers as they may be tapping into a resource with credible information as to how to price the property, he added.
Johnson Jr. further outlined that in the open listing method, agents were not motivated to sell as they were not guaranteed a commission, but through the MLS, sellers were able to give their clients maximum exposure and were assured payment.
Approximately, 120 members and non-members of the association were present at the event. (JMB)
Online system to improve property sales
Barbados is hoping to have a new online Multiple Listing Service for the sale of properties in place by early next year. The disclosure came this morning from newly-elected President of the Barbados Estate Agents & Valuers Association, Suzanne Davis, at a seminar designed to introduce the computer software tool to industry stakeholders.
Davis said Barbados wanted to follow in the footsteps of Jamaica, whitch operated a very successful MLS. The service was expected to make it much easier for all estate agents to sell property in Barbados. Davis explained that hundreds of agents would now be able to have access to the same properties, and with so many trying to sell at one time, would result in quicker sales. One of the presenters at today's seminar, Managing Director of Realty Server Systems Incorporated in Canada , Wayne Berthin, said the MLS would allow all who go online to access the same listings of properties.
It would also provide wider exposure of properties to everyone and remove the individual approach to searching. Berthin said the benefits include greater chances of the buyer signing the contract, agents getting paid, maximum market exposure and the faster sale of properties.
Product Manager of the same Canadian firm, Sarah Reynolds who shared the presentation Berthin, told stakeholders that the MLS provided three online tools to help sell properties. Reynolds listed them as Interface Express, Pocket Interface using a mobile phone and the Private Client Services. She said the Interface Express would allow for searching of listings online, editing of listings, which include photos, videos and documents and viewing of thumb nails.
The President of the Realtors Association of Jamaica, Howard Johnson, said when that country introduced the MLS in May last year, it completely changed the market which had been depressed due to the recession. Johnson pointed out that the service was effective because it provided for collaboration and common access to one central data base. He said the MLS provided a wealth of information that educated the agent on how to price properties as well as the buyer.