Turks & Caicos Islands Real Estate Summer/Fall 2023
This magazine contains MLS listings from the Turks & Caicos Islands Real Estate Association members. It is the most up-to-date magazine of local real estate. It also includes features on the industry.
This magazine contains MLS listings from the Turks & Caicos Islands Real Estate Association members. It is the most up-to-date magazine of local real estate. It also includes features on the industry.
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Understanding the MLS System<br />
What does MLS stand for? I notice<br />
it is mentioned everywhere in this<br />
magazine and on your web site.<br />
MLS stands for Multiple Listing System. It is a system<br />
managed by the <strong>Turks</strong> & <strong>Caicos</strong> <strong>Real</strong> <strong>Estate</strong><br />
Association. MLS means that every piece of land and<br />
property that is for sale through a TCREA agent in<br />
the <strong>Turks</strong> & <strong>Caicos</strong> <strong>Islands</strong> is sited on a single database.<br />
Each piece of land and each property has an<br />
MLS number (which you will see noted after every<br />
property description in the magazine and on the web<br />
site) and is therefore easily identifiable in the system.<br />
How does the MLS help me buy<br />
a property in the <strong>Turks</strong> & <strong>Caicos</strong><br />
<strong>Islands</strong>?<br />
It makes it a lot easier! All properties on the MLS can<br />
be viewed by all TCREA agents on all of the <strong>Islands</strong>.<br />
So, instead of spending your time going from agent to<br />
agent to find out about properties that you are interested<br />
in, you can choose just one realtor. Through them<br />
you are able to view not just that broker’s listings, but<br />
all listings for all properties with all TCREA brokers<br />
in the country. So you can spend more time relaxing on<br />
the beach while your agent does all of the footwork to<br />
help you find your perfect property!<br />
What happens when I decide to view<br />
and then want to buy the property?<br />
Do I have to deal with two brokers?<br />
No, not at all. If you want to look at a property that<br />
is listed with another agent, your agent will simply<br />
arrange a viewing appointment through them. When<br />
you decide to purchase, the procedure is just as simple<br />
whether you choose a property under your estate agent<br />
or under another. Your agent will draw up all the necessary<br />
paperwork and you will continue to deal with<br />
only your agent throughout the entire buying process.<br />
Does having access to the MLS cost<br />
me anything? Do I have to pay commission<br />
to either broker?<br />
Access to MLS is free. And if you are a buyer you<br />
pay no commission on a sale. It is the vendor who<br />
pays commission as set by the <strong>Turks</strong> & <strong>Caicos</strong> <strong>Real</strong><br />
<strong>Estate</strong> Association – currently at 6% of the sales price<br />
on developed properties and 10% on undeveloped<br />
land. The commission is no greater if two brokers are<br />
involved in the sale, they just “co-broke” and share the<br />
commission.<br />
How does the MLS help me sell my<br />
property?<br />
As a seller, you can still choose the real estate agent<br />
you would like to deal with, but your property gets<br />
maximum exposure by being available to all agents to<br />
pass to their clients. So hopefully it sells faster!<br />
Can I view the MLS database myself<br />
online?<br />
Yes, as well as viewing the listings in this magazine,<br />
you can also see all MLS listings on the TCREA<br />
website: www.tcrea.com. Just go to the “Listing/<br />
Map Search” tab and you can scroll over a map of the<br />
<strong>Islands</strong> to find the properties available in each area.<br />
There is also a section detailing all of the TCI’s major<br />
developments and the listings available within, along<br />
with 360 º virtual tours.<br />
Properties are placed on the MLS within three<br />
days of an agent receiving a listing and removed within<br />
three days of sale completion. The website will state<br />
whether a property is pending sale.<br />
If you see a property that you are interested in, you<br />
can then contact any real estate agent in the <strong>Islands</strong> to<br />
view and help continue your property search. Interview<br />
different agents to see which one you feel most comfortable<br />
with; there are currently almost 140 agents<br />
and 16 broker companies under the TCREA banner,<br />
so you have plenty to choose from. You will need to<br />
have absolute trust and confidence in your chosen<br />
agent’s ability, especially if you are in the country for<br />
only a few days, and they will continue negotiations<br />
while you are away.<br />
One positive aspect of the COVID-19 pandemic<br />
is the increase in digital connectivity through video<br />
conference applications such as ZOOM, along with<br />
the latest technology for virtual showings, a tool long<br />
in use in this island nation where the majority of clients<br />
are outside of the country. v<br />
If you have any further questions about the MLS or<br />
any other property matter, please feel free to contact<br />
any real estate agent through the contact information<br />
listed in this magazine.<br />
10 <strong>Turks</strong> & <strong>Caicos</strong> <strong>Islands</strong> <strong>Real</strong> <strong>Estate</strong> – The Official Magazine of the <strong>Turks</strong> & <strong>Caicos</strong> <strong>Real</strong> <strong>Estate</strong> Association
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