The Role of CIREBA in the Cayman Real Estate Market - A Brief Look

The Role of CIREBA in the Cayman Real Estate Market - A Brief Look

The Role of CIREBA in the Cayman Real Estate Market - A Brief Look

The Cayman Islands Real Estate Brokers Association (CIREBA) is a not-for-profit association and plays a unique role in the Cayman Islands housing market. It is the only professional Association of Realtors in the Cayman Islands and is made up of 175 agents. In operation since 1987, the past 30 years have seen it grow from humble beginnings into a comprehensive self-regulated body. Born out of a vision to unify, improve, streamline and provide a better experience for buyers, sellers and real estate agencies collectively. It has in effect revolutionised the Cayman Islands real estate market and industry.

What does CIREBA do?

CIREBA’s goal it to facilitate fair, straightforward and trouble-free property transactions for those that use the system. The CIREBA website has the largest multiple listing system(MLS) on the island. The MLS includes all commercial and residential inventory and Cayman Islands property records from all its members. The concept is essentially to share all available listings between those members.

CIREBA has also developed a strict Code of Ethics, regulations and rules for members to adhere to and it is strictly monitored. CIREBA expects all members to maintain exemplary standards and comply with all policies.

Here is quick look at CIREBA’s active, new, pending and sold listings for 2016

CIREBA - Listings and Listing Values 2016 graph


How does CIREBA self-regulate?

CIREBA is dedicated to reviewing, developing and revising all policy that it is governed by. It aims to ensure it remains current with changing times and is fully compliant with laws of the Cayman Islands. The end goal being to maintain the highest levels of professionalism in the industry.

To become of a member CIREBA all agents and brokers complete a mandatory professional training programme. Training covers topics such agency law, contract Law, due diligence requirements and business ethics plus how the industry operates. Attendees must pass an examination demonstrating their knowledge and understanding of the real estate business to qualify as a member. CIREBA also regularly conducts ongoing training for current members.

CIREBA’s tight regulation of the industry also contributes to making the Cayman Islands stand out from the crowd as an attractive and safe option for investment when looking for property for sale in the Caribbean.

An Image of a beach in the Cayman Islands

 

What are the benefits for buyers and sellers?

Whether, you are buying or selling a property when you choose a member of CIREBA you can be confident that you are dealing with a qualified professional working within strict Rules and Regulations, bound by the CIREBA Code of Ethics.

CIREBA’S Multiple Listing System (MLS) offers buyers an opportunity to search for listings in one place. Normally, the buyer would need to deal with individual realtors about individual listings. However, when using a member of CIREBA the buyer can select a single preferred relator and stick with them throughout the process. The result is faster, more efficient real estate transactions.

In addition, Cayman Islands realty transactions conducted by its members are subject to review by CIREBA which offers an added level of confidence. CIREBA also has regulated procedures to professionally manage any incidents or complaints that may occur.

The Role of CIREBA in the Cayman Real Estate Market - A Brief Look

 

What are the benefits for members?

The members of CIREBA are currently responsible for around 74.5% of property listings and sales volume on the Island.

Benefits for members include access to all real estate agent’s listings. The ease and accessibility of the system means that realtors can search and find the best property match for their clients in fast and efficient manner.

CIREBA has also created a sliding commission structure based on the value of the property and where the real estate agent is different from the listing agent then the commission fees are split equally between the two agents.

 

 

 

Cayman Islands Real Estate Brokers Association