Non-Bermudians MAY purchase qualifying properties in Bermuda. In order to be available to a non-Bermudian purchaser a property must have an assessed Annual Rental Value (“ARV”) at or above a set minimum level (in effect disqualifying properties in the middle to lower price ranges). NB: ARV is not a reflection of market value but rather is used as the basis for calculating Land Tax.
14 Reasons to Work With a REALTOR®
REALTORS® aren’t just agents. They’re professional members of the National Association of REALTORS® and subscribe to its strict code of ethics. Kim Sheen is has been a proud member since 1988! This is the REALTOR® difference for home sellers and buyers:
- An expert guide. Selling a home usually requires dozens of forms. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also, there’s a lot of jargon involved, so you want to work with a professional who can speak the language.
- Property marketing power. Property doesn’t sell due to advertising alone. A large share of real estate sales comes as the result of a practitioner’s contacts with previous clients, friends, and family. When a property is marketed by a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally pre-screen and accompany qualified prospects through your property.
- Negotiation knowledge. There are many factors up for discussion in a deal. A REALTOR® will look at every angle from your perspective, including crafting a purchase agreement that allows you the flexibility you need to take that next step.
- Up-to-date experience. Most people sell only a few homes in a lifetime, usually with quite a few years in between each sale. Even if you’ve done it before, laws and regulations change. REALTORS® handle hundreds of transactions over the course of their career.
- Your rock during emotional moments. A home is so much more than four walls and a roof. And for most people, property represents the biggest purchase and sale they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you.
- Ethical treatment. Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism and protection of the public. As a REALTOR®’s client, you can expect honest and ethical treatment in all transaction-related matters. *code of ethics can be found on about me page*
- Neighborhood Knowledge. REALTOR®’s either possess intimate knowledge or they know where to find the industry buzz about your neighborhood. They can identify comparable sales and hand these facts to you, in addition to pointing you in the direction where you can find more data. For example, you may know that a home down the street was on the market for $1,350,000, but a REALTOR® will know it had upgrades and sold at $1,120,000 after 105 days on the market and after twice falling out of contract.
- Price Guidance. Contrary to what some people believe, REALTOR®s do not select prices for sellers or buyers. However, a REALTOR® will help to guide clients to make the right choices for themselves based on what has sold/rented in the past 6-12 months. It's imperative to know location and condition of property. Then based on market supply, demand and the conditions, the REALTOR® will advise of the best possible asking price the market will bear.
- Market Conditions Information. REALTOR®s can disclose market conditions, which will govern your selling or buying process. Many factors determine how you will proceed. Data such as the average per square foot cost of similar homes, median and average sales prices, average days on market and ratios of list-to-sold prices, among other criteria, will have a huge bearing on what you ultimately decide to do.
- Professional Networking. REALTOR®s network with other professionals, many of whom provide services that you will need to buy or sell. Due to legal liability, many REALTOR®s will hesitate to recommend a certain individual or company over another, but they do know which vendors have a reputation for efficiency, competency and competitive pricing.
- Negotiation Skills & Confidentiality. REALTOR®s negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction and because they are skilled. It’s part of their job description. Good REALTOR®s are not messengers, delivering buyer’s offers to sellers and vice versa. They are professionals who are trained to present their client’s case in the best light and agree to hold client information confidential from competing interests.
- Answer Questions After Closing. A REALTOR® will be there way after the closing. Sometimes during the rush of a transaction some things get over looked. Not to worry you can contact Kim Sheen and she will be ready to assist.
- Develop Relationships for Future Business. The basis for a REALTOR®s success and continued career in real estate is referrals. Few REALTOR®s wouldn't survive if their livelihood was dependent on consistently drumming up new business. This emphasis gives agents strong incentives to make certain clients are happy and satisfied. It also means that a REALTOR® who stays in the business will be there for you when you need to hire a REALTOR® again.
- Professionals who have strong ethical practices. They care about their job and they are trained that way. With a skillful REALTOR® by your side you can be sure that you’ll be treated professionally, while your best interests will be put first. Your goal will be attained, as you will strategize together.
Bottom line. So, all in all, either because we talk about price guidance, negotiation skills, networking knowledge or handling the huge amounts of paperwork, REALTOR®s are a must in any real estate transaction you intend to close. Having the support you need, the attention you deserve and the information you require will prove to be valuable as the entire transaction will go smoother. Kim Sheen will be there to help you make an informed decision and handle all eventualities.
I look forward to being with you every step of the way!
Kim Sheen, REALTOR®