NASSAU, BAHAMAS – With a large number of investment properties available today, many people find themselves wondering where to begin. For those investors looking for opportunities outside their area, state or even country, now is the time to truly understand how a professional real estate agent can help you.

Rachel Pinder, principle broker at Island Living Real Estate, a Nassau rental and real estate agency specializing in Bahamas home rental opportunities, says when you are thinking about buying an investment property, you need to ask yourself the following: do you have the time, energy and resources to accomplish this yourself?.

“If you found yourself answering no to any of those questions, you should to turn to a local agent in the area you are looking to buy,” Pinder says. “A local agent can make the whole process of purchasing a villa rental in the Bahamas more manageable with the knowledge, experience and contacts you need for your investment.”

The Buying Process
The process of buying an investment property usually starts with determining your buying power. First, you need to be clear on what you want to get out of your investment.

• Are you looking for something short-term or long-term?
• Are you going to live in the home full-time or are you going to rent it out?
• Are you going to be the landlord or are you going to hire a property management company?
• Are you looking for  apartments, condos or  villas? Bahamas rental opportunities provide a variety of options.

Once you have developed your investment strategy, give your real estate agent some basic information about your available savings, income and debt and they will find you a lender that is best qualified to help you.

Market
Real estate agents are experts on the local market and can show you only those properties that truly suit your needs and preferences. Real estate agents also research the areas you are interested in to find out if it is in an upward or downward trend. They also can  evaluate job growth and tourism so you can determine the likelihood of keeping your property rented.

Properties
Real estate agents have access to various sources of information to give you an objective overview about each property. A local agent has first-hand knowledge about the community such as schools, utilities and zoning.

Once you are pre-qualified by your lender and know the price range you would like to stay in, your agent will begin to sort through properties listed in the area and select ones that best meet your needs. Together, you will begin touring the homes and deciding what you like and do not like.

Making an Offer
While most agents prefer not to name a price for you, you can utilize their expertise to figure out a price to offer.

If you are looking to buy a home in a buyer’s market, you will have less competition for the home. Sellers will likely be more receptive to any offer because there are fewer buyers. However, if you are buying in a seller’s market, sellers may not consider any offer that is less than the listed price.

Your agent can look up comparable sales and use  only the properties that are similar in configuration, age and location to the home you are looking at. Your agent can also pull a trend report to look up the prices homes were listed at compared to the prices at which they sold. Depending on the market, your real estate agent can find out what the sellers paid for the house so that you can make the best offer.

When it comes to negotiating factors including financing terms, date of possession and the inclusion or exclusion of repairs, your real estate agent can advise you to which investigations and inspections are recommended or required.
“Our agents are qualified to handle the trickiest part of the buying process,” Pinder says.

Closing
Every country handles its closing process differently. Your local agent can guide you through this process and make sure everything goes smoothly.

“Real estate transactions are one of the biggest financial investments you will experience in your life,” says Pinder. “It would be a crazy to try and deal in real estate without the professional assistance of a local real estate agent, especially if you are not familiar with the area in which you are looking to buy.”

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