Realtor Urges Creation Sector Advisory Board | Bahamas Real Estate

Realtor Urges Creation Sector Advisory Board

A PROMINENT realtor has called for the creation of a Real Estate Advisory Board, believing that it will help unleash the Bahamas’ untapped economic potential and assist decision- making on land development.

“Real estate advisory boards can contribute in significant ways to local economies,” said Mario Carey, president of Better Homes and Gardens Real Estate/MCR Group.

He explained that such boards are widely employed in both developed ; and developing economies, i where they are either an affiliate of graduate business schools or advise the business community and government directly.
With Baha Mar’s re-start imminent. Mr Carey argued that a Real Estate Advisory Board could provide invaluable information and insight for the Government.

“Ideally, in the Bahamas, a Real Estate Advisory Board would interact directly with government, particularly with the Prime Minister, the Minister of Finance and the Minister for Investments, in conjunction with business bodies like the Bahamas Chamber of Commerce, Bahamas Real Estate Association or trade associations connected with construction,” said Mr Carey.

We have tremendous untapped potential waiting in the wings that could assess and advise on matters related to development – whether commercial, resort or residential. A n d after what we witnessed with Hurricane Matthew’s impact on low-lying coastal areas, and the need to look at the possible relocation of vulnerable communities further inland, the work of a Real Estate Advisory Board could be more valuable than ever.

An advisory board would also make recommendations on tax incentives, zoning. Stamp tax, historic properties incentives, green space mandates, subdivision and multiplex planning, multiple-layered financing avenues and Family Island sustainable development incentives, among other topics.

Mr Carey said such a Board could help on issues such as a temporary Stamp Tax reprieve and real property tax amnesty periods.

It could also facilitate joint venture partnerships or investments, and review Environmental Impact Assessments from a business perspective, combining promoting commerce with environmental preservation. It would also be in a position to respond to changing market influences more readily than a legislative body, he added.

“With the exploding short-term rental market being driven by sites like Airbnb, a Real Estate Advisory Board would take a good, hard look at how best to make that market work for the Bahamas, not just for the homeowner and the visitor, but for government to derive an appropriate revenue and for hotels, resorts and restaurants, so that investors, local or foreign, who have made long- term commitments or extensive capital investment are not disadvantaged,” said Mr Carey.

We have more than 700 licensed professionals in the real estate industry, 20 in my office alone, who are always plugged into what’s happening that affects their world.

They generate ideas to create buzz and interest in the Bahamas. They have a wealth of information at their fingertips which they would gladly bring to a cooperative setting. They represent the hugely un- tapped potential we have at our disposal that we are not taking advantage of, and I believe a Real estate Advisory Board could make a significant difference.

Mr Carey suggested that a steering committee be appointed to guide the process, starting with the com- position of advisory board directors, which he believes should include representatives from banking, construction, small and large development, environmental. Ministry of Finance and a minimum of five real estate professionals with different experiences to reflect generational perspective.

Mr Carey suggested that the steering committee could complete its work in four to six months.