Real Estate Sales
My husband and I are top of our firm in the states. Could someone provide insight into selling real estate in the Virgin Islands. We are hoping to relocate to St. John but it seems there might be more potential deals in St. Thomas. We currently specialize in Commercial Real Estate.
There is a million real estate agents in the VI fighting for a limited number of sales. It would definitely take some time to get established.
But you should come down for a month or so and check out the scene and see if you can make it.
Thank you for the quick response. There are millions of agents in every location and only a few at the top who actually produce. The number of agents in the states seems to be dwindling with this recession.....only the strong survive!
There are 60+ licensed Realtors on STJ right now (hubby and I are among them) Last year, 20 homes sold and all but a couple were sold by agents with a 15+ year career on STJ - but come on down especially if you have a second job lined up 🙂
Real estate is a bit of a different animal here. It's a throw back to the 70's stateside. The VI is a Seller Agency market. Dual Agency, Designated Agency, and Transactional Brokerage do not exist here. There are a few Buyer Agents and at least one buyer agency firm here but it's a tough row to hoe. Some of the larger firms actively discourage Buyer Agency or simply refuse to work with, or compensate, a Buyer Agent.
There is no Agency Disclosure requirement in the VI. The Agency Disclosure is typically written into the Offer to Purchase. Many buyers are unaware that "their agent" was actually a sub-agent of the Seller throughout the entire transaction.
This is the only place under a US flag that a test for competency is not required to get a real estate license. A temporary license can be obtained simply by paying the required fees.
Although the inventory is relatively small here, the turn over is relatively high. Many folks buy homes here to live the dream. If the dream of living in "paradise" doesn't line up with the reality of living here, they sell. So, where but here can an agent have a realistic possibility of selling the same house half a dozen times during their career?
Thank you. That was very helpful. I have worked in real estate since the 70's. Commercial Real Estate in the State of Maryland is a Good Ole Boys Club and I had to kick my way in. The State Agency laws only apply to residential. I can sell a multi million dollar shopping center with a 10 page contract and I believe the state contract is up to about 40+ pages.
We want to semi-retire to blue water and I can't even imagine not selling; it is in my blood. I even thought of yacht sales because we have had such a poor response to our desire to purchase a yacht in the Virgins. We flew over last year to look at a boat and the agent wasn't available even though he knew we were coming. We are coming over in a few weeks to do more research.
Thank you for your input!
If you're familiar with the 70's market and Good Ol' Boys Clubs, you'll be on familiar turf here! 😀
I can sell a multi million dollar shopping center with a 10 page contract and I believe the state contract is up to about 40+ pages. ...
I even thought of yacht sales because we have had such a poor response to our desire to purchase a yacht in the Virgins. We flew over last year to look at a boat and the agent wasn't available even though he knew we were coming.
Not too many multi million shopping centers. And this is the first place I have ever seen where the real estate offices are all closed on weekends!
No one who comes here really makes money, right? You can come here and enjoy life, and maybe break even, but it is unlikely that you will make money. Just FYI.
"What's the best way to make a million dollars in the VI?"