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Realtors call for better market statistics

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Penny MacIntyre, chairwoman of the real-estate division of Chamber of Commerce and partner at Rego Sotheby’s International Realty (Photograph supplied)
Shivani Seth, host of the RG Business Navigate Series podcast (Photograph supplied)
Buddy Rego, the president of Rego Sotheby’s International Realty (Photograph supplied)

Not enough statistics are publicly available to accurately assess the state of the market, according to Bermuda’s leading realtors.

It means industry professionals are left to their own devices in estimating market indicators.

While there is no guarantee they would all agree on specifics with regard to market flow, they generally are aligned in the market’s direction.

But typically they agree that more readily available statistics would be beneficial not just to market operators but also to buyers and sellers of property.

The topic came up during the latest RG Business edition of the Navigate Series — the podcast episode which was published this morning.

The series, hosted by Shivani Seth, examines sectors that lead Bermuda’s economy.

The latest in the series, which examines real estate and the challenges faced by the industry in today’s market, features Rego Sotheby's International Realty president Buddy Rego and the firm’s partner Penny MacIntyre.

Mr Rego pointed out: “It certainly would be more advantageous if there was more of a clearing house of sales data.”

He said: “Knowing what has sold, to whom, and certainly more about volume of business, together with average pricing, would be very valuable. And knowing just what’s really happening in the market. What is selling? Is it houses, condos or land? Residential? Hotels?

“We are left to our own devices to try to pull that information together, based on our own personal experiences in many cases.”

Market players jealously guard their personal information, but realtors see opportunity if some portions of government-collected filings were made available on an anonymous basis.

Ms MacIntyre said for Bermuda to compete internationally, island-wide data is essential. She believes there is a need for industry access to a central database.

She added: “It’s very difficult because we don’t have that real-time data. The relationship side between agencies, and agents individually — you try to reach out to get some information, particularly if you were not involved in a transaction.

“You’re seeking an overview of how it’s performing, island-wide. And you are relying on someone sharing something personally with you. That doesn’t always happen. And you certainly don’t always get full information.

“So, it is very siloed, and, in Bermuda, unless you have a repository of real-time data, the island does not have a real indication at any point in time of accurate information.”

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Published February 13, 2023 at 8:02 am (Updated February 14, 2023 at 4:10 pm)

Realtors call for better market statistics

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