What Does a Real Estate Agent Do Exactly in The Cayman Islands?

Do not believe the reality real estate shows.  We do not drive expensive cars or have drivers take them to an already-prepped home. We do not show up in the latest Versace or Gucci dresses and have fancy cocktails for lunch! Usually, we grab a quick salad or sandwich in between showings. In my 25 years of selling real estate, I have never seen a buyer look at three homes and decide to buy one on the spot. It is a significant investment, whether a piece of land for $40,000 or a $40 million luxury mansion on Seven Mile Beach.

We make our job look easy, but there are stressful situations throughout the sales process.

It is an incredibly involved process. A real estate agent must ensure that everyone involved in the transaction is fulfilling their assigned job, from the buyers and seller, the other agent, the other broker, lawyers on either side, the home inspector, and the mortgage lender. We must be ready to shift gears quickly to make this sales transaction run smoothly and get to closing.

What is a Real Estate Agent?

A few words that describe a real estate person are action-taker, coordinator, scheduler, personal concierge, analytical person, mediator, transaction manager and just make-it-happen officer. Cayman Property listed for sale in the Cayman Islands.

Realtor vs. Real Estate Agent

An Estate agent or a real estate agent needs a license to help people buy and sell residential and commercial property like in CIREBA (Cayman Islands Real Estate Brokers Association). The term “Realtor” is an active National Association of Realtors (NAR) member, which does not apply to the Cayman Islands. Engel & Volkers are real estate agents, but we are also called advisors because that is what we do; we advise you to help you make the best positive decisions in your financial life.

What Does a Real Estate Agent Do?

1. Communicate With Everyone

The successful real estate agent or Advisor responds quickly and accurately. We do not have a day off. People are always looking at the internet and educating themselves about real estate in Cayman. Engel & Völkers has a real estate office worldwide, so if someone in Hong Kong, Los Angeles, Germany or Monaco is searching, they will send a message and expect an answer quickly. Also, if another agent wants to show a listing, we get back to them promptly and work to accommodate everyone’s schedule.

When we get an offer on a property, we must submit it to the seller as soon as possible.

Follow-up and communication are vital in any sales process but are even more critical when buying a residential or commercial property. Advising the seller, the feedback on the showing, updating them on the progress of each step along the way. As real estate agents, we cannot shut down communication ever. We can work anywhere if we have a phone and internet service. We do not have to work in an office; we work in the car, on vacations and in the airport.

2. Review MLS activity

Professional Agents study and review the MLS activity for any new listings that hit the market, and we think of which of our customers and clients would like this new listing. We keep an eye on properties of interest to their buyers and sellers; we look for comparable listings, price changes and if the property is now under contract or has come back on the market.

3. Keep a current database

A full-time Agent must have a successful and complete database and a CRM to assist them with new customer information; we use a CRM to update our current customer contact information.

4. Schedule Showings

This is an art; the experienced agent knows how to manage their time. Are they folks who race through the house and say yes or no? Or the buyers who love to sit on the sofa and take in the place? Is the property a massive home with an impressive yard or a small 2-bedroom condo? Also, traffic: if you are showing properties in West Bay and your other showing is South Sound, you must factor in drive time. All these factors are considered when scheduling the agents and your buyer. You must have the house staged and prepped if you are the listing agent. Are there dirty dishes in the sink? Are the beds made? Most sellers we work with are serious about selling their homes and ensuring they are ready. However, at the time, we, as listing agents, must deal with tenants who might not want that condo to sell.

5. Set and Attend Appointments

We meet with the buyers and sellers and tour properties before bringing our customers to see them. We liaise with building inspectors, appraisers, stagers, photographers, and Virtual reality and Video productions. We are constantly on the phone and organizing people by text messages, phone calls or email.

6. Negotiate Offers and Manage the Sale

Once you submit an offer, your agent will be with the other agent to get your offer accepted or sometimes a counter-off. Once that is settled, the property goes to Pending/Conditional. That is just the beginning of a month or more protracted process. This is when your experienced full agent will be so worth it. They will be working on getting things done. This is where anything can go wrong. The agent must be sure that everyone is doing their job and promptly. If the sale is contingent on the buyer getting a mortgage, then constant and frequent communication is the KEY to keeping the loan process on track.

Agents will check in with the attorney who the bank chooses to take care of the loan documents. They will arrange to meet with the buyers and sellers and have the land transfer documents executed.

7. Problem-solve

Problem-solving and crisis management are what a full-time Advisor does. Again, some things can be taken care of before a crisis. Other times, issues come up that no one expected, and you must calmly work through them so as not to bring stress to the other agent and their parties. Remember that we, as Advisors, do not bill for our time. We share our market knowledge for free and hope we eventually get paid for it when you buy or sell your property.

8. Marketing

At Engel & Volkers, we are all ready for marketing and assisting our Independent Contractors or Advisors. We have many marketing pieces they can use to make the brand consistent. Our Website, social media posts, and excellent photography help set Engel & Volkers Cayman Islands apart from other Brokers. We do not have to consider engaging in marketing. It is all done for us. However, an Agent still has to apply them to their business, and they can track the results.

In conclusion, being a real estate agent is not a 9-to-5 job. Monday to Friday. You have to nurture your small business and run it like a business. You must balance it with kindness and gentleness for your buyers and sellers and be firm when your client gets pushed around. In this profession, you must follow up and follow up again. You must learn to prioritize, juggle, evaluate, advise, coach, research, and problem-solving.   It’s a hard path to start, but you can do well once you are up and running after 3 to 4 years.