Selling a property in the Bahamas can be done either by engaging a licensed Bahamian estate agent or directly by owner using a portal such as the International Property Directory (IPD). Using a local estate agent usually means listing through The Bahamas Real Estate Association's Multiple Listing Service (MLS), which gives your property broad exposure across licensed agents and cooperating firms throughout the islands. Licensed agents must comply with the Real Estate (Brokers & Salesmen) Act and hold a current license from The Bahamas Real Estate Association (BREA), the statutory body governing real estate professionals. BREA members adhere to a strict code of ethics, continuing education, and uphold standards that protect both sellers and buyers in real estate transactions within the Bahamas.
To sell through a real estate agent, you typically sign a listing agreement granting the agent authority to market, show, and negotiate on your behalf. Commission rates are generally established by BREA, with developed properties often around 6%, and undeveloped land around 10%, though terms can vary. When listed with MLS members, your property gains visibility and the benefit of professional negotiation and legal guidance facilitated by agents familiar with local procedures.
If you prefer to sell by owner, the International Property Directory (IPD) offers a platform where owners can list their properties directly without agent commissions. This option can reduce costs and give you full control over pricing and negotiations. However, you will still need to manage local legal compliance, draft contracts, and may want the assistance of a Bahamian attorney to handle title, taxes, and transfer documentation. The IPD listing categorizes properties by "listed by agent" and "listed by owner," allowing direct interaction between you and potential buyers.
From a legal perspective, all real estate transactions in the Bahamas involving licensed real estate services must include a BREA-licensed agent if an agent is earning a commission or offering real estate services. Foreign sellers and buyers must also consider registration requirements under the International Persons Landholding Act, which governs non-Bahamian ownership and may require a certificate of registration post-sale.
In summary, whether selling through an estate agent or by owner on IPD, it's important to understand local requirements and leverage the appropriate channels. Licensed agents and MLS listings offer professionalism and market reach, while by-owner listings on IPD can save on fees but require more personal involvement in the sales process. Always consult local legal professionals to ensure compliance with Bahamian property law and investment regulations.
