The Bahamas MLS Goes Public
June 23rd, 2010
Two years ago the Bahamas Real Estate Association (BREA) launched its first Multiple listing Service (MLS). An attempt was made by BREA approximately 15 years ago to provide its members with an MLS, however, this was before the World Wide Web and the service was through a dial up system that was cumbersome, frustrating and never caught on. While BREA has recognized that this is a service that would benefit its members tremendously, it took some time and many membership forums before the majority of the general membership were receptive to launching a new web based MLS. It is interesting to note that the strongest opposition to the MLS came from Brokers with very small offices… one and two person operations. Ironically, it is these very members who stand to benefit the most from the MLS as they now have access to all of the listings of the larger brokerage offices, which they did not previously have.
With the launch of the MLS in February 2008, approximately 80 agents signed up at of a total membership in BREA of 548. This was a disappointing number, but it was a start. Gradually over the period of the past two years more members have joined and at present there are a total of 153 members of the MLS. It is surprising that more agents have not joined, however, this represents approximately 27.9% of the BREA members and is not too far off of the often quoted 80/20 rule that says that typically 20% of members do 80% of the business. I do not doubt that this is the case here.
For the period April 11, 2008 to April 10, 2009 the average days on the market for sold properties on the MLS was 152 and the average sales price was $397,445. A total of 124 properties sold during this period. For the period April 11, 2009 to April 10, 2010 the average days on the market for sold properties was 200 and the average sales price was $464,822. A total of 282 properties sold during this period. Currently there are a total of 1,015 properties listed on the MLS.
A few months ago T
he Bahamas MLS launched its public site www.thebahamasmls.com and now anyone can login and view properties on The Bahamas MLS. Login and take a look. I know that you will like what you see. While at it I would like to invite you to login to my web site at www.bahamasrealty.bs where you will find most, if not all, of The Bahamas MLS listings and more.
Posted by: 
Larry Roberts
