In 2017 CIREBA is celebrating 30 years of growth across the Cayman Islands and, as such, we thought we would take a step back in time and look at other notable events from 1987.
The Real Estate Market was already showing unmatched potential, the offshore financial market was growing exponentially, and it was in 1987 that a group of already well established realtors decided to start the Cayman Islands Real Estate Brokers Association (CIREBA). It was their desire to unify the industry and create a higher standard of practice in the local real estate business as they realised that sharing available property listings was beneficial for all parties involved, including their vendors, as it meant they could consult with one agent who had access to co-broke with other agents. Additionally, the association established a set of commission rates which meant all agents were operating on the same rate as other brokerage firms.
The addition of the Multiple Listing System (MLS) took the Real Estate Industry to the next level. This created an actual inventory of all members’ property listings which was easily accessible to each member of the Association. The MLS is based on the North American System and allows agents to locate any available properties that suit their purchasers’ requirements quickly and efficiently.
The Association also created structured commission guidelines implemented a code of ethics and a system of rules and regulations with which to manage the relationship between the public, member brokers and sales associates in order to ensure honest business across the board. These have now become industry standard within CIREBA that also ensures all due diligence is followed for the benefit of all parties involved.
Overall the Association has established unwavering stability and a high standard of real estate practice which is backed by member training courses for new members and on-going training for current members of CIREBA.
Jeanette Totten, current elected President of CIREBA says; “As we proudly look back at 30 years of accomplishments, hard work and success within CIREBA and the Cayman Islands Real Estate Industry, I would like to congratulate each of the individuals who had the foresight to start CIREBA. Today we can proudly say that, thanks to hard work, dedication and a passion for the real estate industry, CIREBA has strong, ethical, well trained and thriving members of which we are so very proud. I am so honoured to be President of CIREBA”
Source Link - https://www.cireba.com/blog/cireba-30-years-strong