Johnette McNeil has been a real estate agent for the past five years, during one of the most challenging housing markets ever in Bermuda.

But helping young Bermudians join the ranks of first-time home owners, while having the flexibility to help her husband with his business and watch her three young sons play sports, has kept her passionate about her career.

"Since I first started out, I have seen a tremendous change in the local real estate market, she says. "I've seen the whole economy change, to where many people are just not buying."

She says it's always been tough for Bermudians to own a piece of the rock, but with the banks' recent scrapping of 100 percent financing, and interest rates nearing seven percent, it's now even harder.

"Now you have to come up with at least a five percent down payment," she says. "Things like the stamp duty break have helped, but we just aren't seeing as many offers on homes as we used to." Ms McNeil says she often shows as many as ten homes to prospective buyers, and it can take several months longer to sell a property, even in the low $300,000s-$500,000 range.

She also notes that people have become more cautious about location, and try to avoid areas where they feel crime has risen, especially if they have small children.

Ms McNeil owned a hair salon for several years before making the decision to become a real estate agent. She is now one of about five agents working under WJ Seymour Real Estate, owned by MP Terry Lister. They do have an administrative assistant, but she says she often ends up making advertising flyers and doing much of the paperwork for a closing in order to meet the deadlines.

And sometimes she is out showing properties all day.

"It is a lot of work, but it does pay off!" she says. "You just have to stick with it and put in the hard work."

Ms McNeil would like to see Government and the private business sector assist more in offering low-cost or affordable housing to Bermudians, but not just condominiums. Many people prefer stand alone cottages, she points out, but they are the hardest to afford.

"The average cottage is about $900,000, so you are looking at a substantial payment, even with a downpayment," she points out.

She says she would also like to see interest rates more in line with the lower US interest rates, and a return of 100 percent financing by the banks.

Despite the challenges, McNeill says she enjoys educating Bermudians about home ownership and how the sacrifice of an extra $1,000 a month can be worth it to own your own home, and avoid continuing to pay high rents and moving from one apartment to the next. "I really enjoy the satisfaction of helping people get into the market and to make the investment of owning a home they really like," she says.

The job also gives her the flexibility to take her sons to karate and other activities and to attend their sports days and other events at or after school during the week. She says she does try to keep Sundays for doing something together as a family, such as a movie.

How to become a real estate agent

Ms McNeil says to become a real estate agent, you need most of all to be personable, flexible and someone who really enjoys working with people.

She says it can take a while to make your first few sales, and you need to be financially prepared for that. She says it important to be as knowledgeable as possible about the market because buyers have lots of questions.

She says typically agents make a five percent commission on the sale of a property, or half that if it's a "co-broke" listing with another agency. While you do not need a college degree, you do need to pass the Bermuda real estate exam, which can be taken at Bermuda College, or through the Registrar of Companies, by studying the real estate handbook.

Once you pass the exam, you then have to find a company willing to apply to license you as a real estate agent.

Once you have had your sales licence for at least two years, you may pursue a licence to open your own realty company.