CIREBA, 30 years Strong! - CIREBA

1. CIREBA, 30 YEARS STRONG! In 2017 CIREBA is celebrating 30 years of growth across the Cayman Islands and, as such, we thought we would take a step back in time and look at other notable events from 1987. The Cayman Island made their debut at the Pan American Games in Indiana There were already 508 banks, including 42 of the 50 biggest banks in the world. The Merchant Shipping Law and Labour Law was passed. Eastern Airlines begin daily service to Cayman Cayman airways began twice weekly services to Atlanta and Tampa A nursery wing was added to the George Town Hospital Cayman celebrated the full opening of the Hyatt hotel The Harquail Theatre opened The Sports Complex officially opened          The Real Estate Market was already showing unmatched potential, the offshore financial market was growing exponentially, and it was in 1987 that a group of already well established the Cayman Islands Real Estate Brokers Association (CIREBA). It was their desire to unify the industry and create a higher standard of practice in the local real estate business as they realised that sharing available property listings was beneficial for all parties involved, including their vendors, as it meant they could consult with one agent who had access to co-broke with other agents. realtors decided to start

2. Additionally, the association established a set of commission rates which meant all agents were operating on the same rate as other brokerage firms. The addition of the Multiple Listing System (MLS) took the Real Estate Industry to the next level. This created an actual inventory of all members’ property listings which was easily accessible to each member of the Association. The MLS is based on the North American System and allows agents to locate any available properties that suit their purchasers’ requirements quickly and efficiently. The Association also created structured commission guidelines implemented a code of ethics and a system of rules and regulations with which to manage the relationship between the public, member brokers and sales associates in order to ensure honest business across the board. These have now become industry standard within CIREBA that also ensures all due diligence is followed for the benefit of all parties involved. Overall the Association has established unwavering stability and a high standard of real estate practice which is backed by member training courses for new members and on-going training for current members of CIREBA.