Search

Cayman Real Estate 101 for Sellers

Since you are interested in Selling Cayman Real Estate you have obviously gone through the Purchasing process, so you already have some knowledge of the process here. The first step in the selling process is identifying a good Realtor.

Finding a Realtor

The biggest difference between the UK & Europe and Cayman is the existence of a Multiple Listing System. Americans and Canadians have them and it is a central repository for listing information and sales data. Here it is run by the Cayman Islands Real Estate Brokers Association (CIREBA). Every CIREBA company (34) and every agent (197) has access to all the CIREBA listings in Cayman. So, you only have to visit one realtor to see anything and everything. CIREBA's magazine, produced twice a year, and its website www.cireba.com showcase many of these listings with contact details of member companies.

Responsibilities of your Realtor

Your Coldwell Banker Agent will offer to view your property and provide you with a CMA (Comparative Market Analysis) free of charge which will identify any deficiencies in the property needing remedy, and using MLS Sold data will provide a range within which your property should sell.  Also included will be a Marketing Plan for your property with our Seller Services Guarantee, which promises you that we'll follow through on our marketing promises in the process of successfully selling your home. Please keep in mind that the pricing should not be "pie in the sky" to influence you to list, but rather the highest range in which you can expect a sale in a reasonable period of time.

Although there are jurisdictional differences the following statement is true regardless of the jurisdiction. There are only 3 reasons why a property doesn't sell: 1. It is in poor showing condition, 2. It has not been properly marketed, 3. It is overpriced. If you obtain a CMA from a Coldwell Banker Agent, it will have properly addressed the 3 issues mentioned above assuring you success in your goal to sell your property.

Once listed, your Agent will field all inquiries, handle all showings, submit all offers received, and will advise you of what type of conditions are reasonable and appropriate in your situation. They will represent you in all negotiations, ensure there are no loose ends, and facilitate the movement of your proceeds to you.

Closing Costs

The closing costs for a Seller are just the Brokerage Fee which ranges from 4% - 10% depending on the value of the property involved, and legal fees which range from ½ - 1% of the Selling Price. You need not be present for closing as documents can be moved via email and FedX, and closing proceeds can be wired.

Finally ...

Almost everyone is sorry to be selling here. Families grow up during their many vacations here and Cayman becomes a memorable part of the lives of each of these families. But time passes, circumstances change, and eventually vacation hideaways are sold. And when that happens, although it can be bitter sweet for long-time visitors, there is usually a bonus at the end -- a healthy profit on the sale.


J.C. Calhoun is the Broker at Coldwell Banker Cayman Islands Realty, a 20+ year member of the CIREBA Board, and President of the Coldwell Banker Franchise for the Caribbean and Atlantic Islands.