The Cayman Islands has a multiple listing association that is the envy of the Caribbean
How the Multiple Listing Service ( MLS) of The Cayman Islands Real Estate Brokers Association ( C.I.R.E.B.A ) Works for You
The Cayman Islands Real Estate Broker Association ( CIREBA) is comprised of 32 Real Estate member companies who are licensed to conduct business in the Cayman Islands. CIREBA has spent considerable monies and effort to create, organize and maintain a professional Multiple Listing System for the member companies to better serve their client, the listing property seller or “vendor” and their customer, the potential purchaser.
The strength of the MLS lies with its computer-based service that provides member real estate professionals with detailed listings of all homes and properties of all its members. This vast data base of all available inventory properties joins together the marketing efforts of the member companies in the pooling of their respective listings onto this data base. This is in exchange for a potentially larger audience of buyers for their client “vender” and for this the members agree to share commissions at no additional charge to the purchaser.
This means that any member of CIREBA, has direct access of all information at their finger tips for all the thousands of members property listings. A member from one company can provide information and show any property that is listed with any other member. There is no need to contact multiple real estate companies or agents when looking for real estate in the Cayman Islands.
In general, MLS access is restricted to licensed real estate agents of the members. The general public only gains access to a portion of the overall listing database via a portal. This portal only displays content that has been approved for display to the viewing public according to the Rules and Regulations of CIREBA. The MLS also includes information about property that has sold. Members use multiple listing service data to determine market value of a particular property and in their preparation of Comparable Market Analysis (CMA).
(This document was prepared by Cayman Luxury Property Group Ltd.)
Can anyone explain what the realtors do that is worthy of the high commissions they charge? Running a website with a database in the background does not explain it. They show a property, arrange a contract, hold you deposit, take their commission. Is that worth 7%? I think not. Seems more like greed to me. They just drive up prices and contribute to the high cost of living.