It occurred with absolutely no fanfare, no mention not even a nod
of the head – This year, 2018, specifically March, was the 10 year anniversary of the implementation of the Multiple Listing Service into the Bahamas Real Estate Market. All you realtors and agents give yourselves a clap on the back, or the agent with you at the open house or showing or whatever you are doing. It is time for some cake.
The official anniversary would have been March, but it wasn’t until April 2008, when the first sold property was recorded. Since then 21,911 real estate listings have been entered, that’s an average of 182 listings every month or 6 listings every single day for the past 10 years.
The implementation of the Multiple Listing service has had tremendous effects on the profession. It changed the way agents and brokers conducted business in the Bahamas. Buyers were suddenly given hundreds more properties to consider, and all in one place. There has also been a subtle shift in the home values while providing the banks with better understanding of their loan security. The Bahamas real estate business was brought into the 21st, quietly but surely. The Bahamas Real Estate Association, the industry group operated by private individuals with the mandate of the Bahamas government effectively plugged a hole in the economy of the Bahamas. In other modern parts of the world, one can go into the town hall or local tax office and be readily provided with information on real estate values for different areas where you live. This is not the case in the Bahamas, indeed to this day you cannot get any information out of a government department or agency much less the Real Property Tax Office.
The BREA Bahamas MLS has managed to provided this insight on a private platform which has served the industry, the community and the people of the Bahamas exceptionally.
A special shout out to the admin ladies who currently are or have in the past tirelessly worked to maintain the database and keep things running smoothly.