US recovery seen aiding real-estate market
A Bermudian real-estate firm has drummed up business in Las Vegas.
A team from Rego Sotheby's International Realty has just returned from a major event in the Nevada city for members of Sotheby's International Realty network.
And the firm's Ben Rego said: “In terms of referrals, we really drive business that way.”
He added that on his flight home he spoke to two people who had also attended the conference who said they knew an American family in Bermuda who wanted to sell their home.
Mr Rego said: “We can also refer Bermudians to purchase abroad and connect them with the top agents worldwide to assist with their real estate needs.”
He added that the conference also highlighted the latest in video technology and growing networks.
Mr Rego said that it was also valuable to judge the state of the real-estate markets in other countries.
He added: “I certainly think worldwide things have been hit. It's not just the Bermuda market.”
But he said: “The good news is that our main feeder markets, the East Coast of the United States, Canada, and the United Kingdom, are also seeing strong signs of recovery.
“The metropolitan areas of many of these locations have seen their markets stabilize and in many situations they are seeing growth.
“The hope is that this renewed confidence in the industry from our key referral markets will encourage more foreign investment coming into Bermuda's stabilizing market as well.”
Mr Rego added that the firm had seen three successive rises in both sales and average prices between 2012 and last year — signs that the market was recovering.
The Las Vegas conference attracted around 2,300 members of Sotheby's International Realty from more 165 of the brand's companies from 40 countries.
Rego Sotheby's chief Buddy Rego said: “Attending allowed us the opportunity to connect with the world's most talented real-estate professionals and to learn more about the industry on a global level.
“We realise the endless advantages offered through the Sotheby's International Realty network and the brand's vision for the future, all while creating lasting friendships and a valuable global referring business.”
Philip White, the president and CEO of Sotheby's International Realty Affiliates, added: “This year's conference was our most attended ever and it is incredible to see how members of our network continue to utilise the resources we provide, take the reins and develop their own new opportunities and continue to grow their business.
“We are proud of our network, our heritage and our future and the success of this year's global networking event is the culmination of it all.”