Stories by NICK NUNES THIS IS A WELCOME and a call to be a part of a totally nuanced experience, a different way to interact with your entire world. For years, technology has pervaded lives more vastly and rapidly than in centuries before. Now, the virtual world and reality have found a seamless blend with the introduction of augmented reality (AR). This is a first of its kind feature that introduces the AR Code via the medium
of a new world of real estate. This keepsake guide to real estate, through Caribbean Island Properties and BestQodes, is bridging a new way to see the world. Searching for options of living and going through ads that briefly allude to a property for sale or rent has now been booted up and brought to the fore of the 21st century with the ability to interact with the digital world overlaid onto the physical. Anywhere on this feature that you see the little lightning in a circle, the AR
Code, is a call to pick up your smart phone and enter into the augmented reality experience. Simply download the free Zappar App from Google Play or Apple App Store and point the camera of your smart phone at the code to Zap into the experience.You can also download the free CIP App which will be available next week through the App Store. Caribbean Island Properties owner and guide David Coombes is pioneering this journey into the link of the virtual
and the physical with the help of Dwight Fortune of BestQodes to bring this nuance into the lives of those seeking a more thorough real estate experience. A wealth of years in real estate has brought Coombes to this realisation of innovation and bringing a new and fresh medium to the way we not only look at the world, but specifically property
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2. A KEEPSAKE GUIDE TO REAL ESTATE
FROM PAGE 1. guides. Fortune has partnered with Coombes to introduce augmented
reality and its limitless possibilities. Augmented reality is a technology that takes the world
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around you and adds virtual content on top of the physical reality. Through the use of a
smart device’s camera and display, the AR experience brings the digital world into the
realm of the real without the need for any red or blue pills and long black coats. This vision-based
augmented reality is crafted to give the user a fluid and rich 3D experience with diverse interactive platforms allowing for immersive game-play, the ability to link through to other digital experiences online, and the sharing of photos or videos. “As Barbados aims to move forward out of a period of considerable economic discomfort, a period that continues to linger for many, in part due to the global recession that started over eight years ago in the United States, we must set our sights on building ourselves a brighter future. Aiming towards 2020, we need to open our minds and let our imagination and creativity flow. We need to find new ways to engage with our audiences and our customers, to make their experience of using our service or our product more satisfying and appealing than it has ever been, so that they will be inspired and they will want to return to use it again and again,” said Coombes. He added: “We constantly strive to improve in each area of our business, reinvesting in the company and seeking out new and innovative ways to offer a better experience to our customer. “In keeping with this vision, we are very excited about the interactive visual experience that augmented reality (AR) brings to our business and we wanted to share this excitement with everyone who is considering buying, selling or renting real estate in Barbados. It’s so easy, download the Zapper App to your smartphone for free, start scanning, and watch the information on the page in front of you come to life.” Before you can begin to search for a new home, you need to determine your budget and estimate how much you can afford. One of the most important factors in figuring out your financial budget is knowing what you want and what you have to work with. To rent, to buy or to build – that is the question.
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BEFORE YOU START climbing the ladder towards owning your dream home, most of us start out by renting our own place. Many people simply prefer avoiding the commitment of a mortgage and the flexibility that renting offers. Whatever your reasons for renting, the renter’s world can offer unique challenges for both the tenant and the landlord. The first consideration is the same for both parties – what are you looking for? For renters, your budget will determine what you can afford in a new place and where you should start looking. For landlords looking to lease out their property, the first thought should go towards what kind of tenant you are looking for. Top tips to consider when renting out your property: • Negotiate a firm but fair lease. Get professional advice and make sure that your lease is carefully thought out and is clear and understandable. • When negotiating with your tenant give a little more than you get. That will go a long way towards a happy landlordtenant relationship. If someone feels that they’re getting good value for money, they will be more inclined to then be fair, generous, and look after your property in return. • Request a rental figure that is competitive in the market. If you get greedy and try to get too much money,
MONCRIEFFE RIDGE, ST PHILIP they might feel that you should come in and change the light bulbs because they’re paying for it. • The property should be marketed well. This is where a real estate agent would come in, and you should also make use of the other resources available and options to market your property. • Have the property kept clean, fresh, and presentable. Stage it the way you would if you were selling your home. • Screen your tenants and ask for references. Should I rent out my property furnished or
unfurnished? It would be best to have furnishings to show the property and include in the rental as you might be able to remove and store the furnishings if you get a tenant who has their own. If they don’t then you are limiting yourself to tenants who have their own furnishings. It is best to make the house available furnished/unfurnished. It’s more important to get the right tenant at the right rental price than it is to limit yourself over particular items of furniture – unless, of course, we’re talking very expensive items. Ideally, you have the furnishings but you are flexible.
As a tenant, what should I look for in a lease? • You need to check what your responsibilities are as a tenant. • Be sure that the landlord’s responsibilities are clear and also included in the lease. • Be sure that the property is insured by the landlord. • The terms of the lease • How much notice you have to give. • Is your deposit refundable within a reasonable period of time once you vacate the premises? Two weeks is fair.
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TO BUY or to build? For the first-time buyer, the market can be intimidating and that means looking around for what’s available and affordable. The first step in any major purchase isn’t simply looking for what you want but addressing the concern of what you can handle. Put yourself first • What do you really need? What are your priorities for your next home? How important are public transportation, community facilities, on-street parking, lot size, privacy? How many bedrooms and baths will you need? Will you need a space for a home office? How important are quality neighbourhood schools? • What can you afford? Don’t overextend yourself, it always costs more than it appears. Check out the market • Most people need approximately three months of looking through the market before they are ready to make a purchase. If someone makes an offer to you, discuss it with someone knowledgeable or persons with business acumen who can advise you on the best course of action, investment-wise.
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A KEEPSAKE GUIDE TO REAL ESTATE
CANE GARDEN PARK, ST THOMAS Don’t buy the first property you come across • First time buyers beware. Research before action. If you have knowledge of the market, then you might be able to make an educated decision as to whether or not it’s a good deal. Always get a second opinion. Timing the market can be tricky • If you are living at home, not paying rent and just
OCEAN CITY, ST PHILIP
SUNSET CREST, ST JAMES
GETTING YOUR property sold requires a lot more than just planting a “for sale” sign in your front yard and waiting for masses to arrive cash in hand, especially in this challenging buyer’s market. You must make yourself aware of what is involved and the course of action to take, especially if you have never done this before. Should you sell your property as is or fix it up? How should you market your property and to whom? Do you need an agent or can you sell it yourself? These are all questions you need to ask yourself before diving in the deep end. Firstly, it’s important to consider what is going on in the market in your area and what personal needs and concerns you have about beginning this venture. As with everything in life, doing research is the best way to start a journey, especially when it involves selling the biggest asset you will ever own. Property selling tips from Caribbean Island Properties: First impressions count. Besides competitively and realistically pricing your property to get viewings and interest, you must have good quality photos to attract potential buyers. Price your property wisely and realistically. A look around the market can help you determine what price to list your property at. You need to know that your price is being set correctly and competitively so that you can maximise the property’s potential. Consider the market value of similar properties in your area and the state of the economy. How long is it taking other houses for sale in your area or around your price point to sell? Setting the price too high can be just as
much of a disadvantage as setting it too low; if the price is too exorbitant, you won’t get any viewings then where will your offers come from? Potential buyers won’t look at your house if your price is too high. Don’t get caught chasing the market. ‘chasing the market’ happens as a result of incorrect pricing. If you price your property above its realistic value/asking price, you can make other properties that are priced realistically look more attractive to potential purchasers. In other words, you end up helping the competition get their properties sold which is great for them but bad for you. Market well. Marketing your property in places where the general public will go looking for properties (newspapers, magazines, websites et cetera) definitely helps. In the case of a real estate agent, he or she should have a database of potential clients who have already been and/or are currently looking for properties such as yours. Keep it clean and tidy. Once you do have people coming to view the property, it must be kept clean and presentable. The buzzwords that we use to describe a good property include “clean, fresh, airy, breezy, well kept, well maintained, clutter-free” and that’s the kind of thing prospective buyers like to hear and also see when they are viewing. The more you put into staging your property, the more attractive it will look to a potential purchaser. • Get rid of the junk and clutter. • Make the rooms open, spacious, light and airy. • A coat of paint can work wonders. Freshen up the walls every now and then to keep the property looking attractive and inviting.
waiting to leave the nest, it may be better to wait than to jump the gun. Do your research • Don’t just look around the market, pay special attention to it, ask lots of questions and compile all the information – everything that is relevant to your decision. Property prices now are mostly where they were six years ago and opportunities are tremendous. There are great deals available. If you have the money now is your time to buy. Consider the benefits of owning your own home: Owning a house makes you a low risk client for loans. Owning a property not only satisfies your basic human need for shelter but it also puts you on one of the most important steps on the ladder towards creating wealth. This house is something you can borrow money against. Remember, at the end of it all you should feel confident in your decision to purchase property. If you’re not fully confident in making these decisions on your own then you should seek the advice of a professional real estate agent or someone else in the know. We have listed 17 steps on the CIP website to guide first time buyers. If you have decided to work with a real estate agent these are questions you should ask: • Do you represent the buyer or the seller? • What are your fees and who pays them? • How much time will you have to help me look for a new home? What tasks will you perform for me as my representative? • How often will you communicate with
me, and how can I reach you? • Will you refer me to some buyers you have represented recently? • Do you have access to the area multiple listing service, foreclosed listings and other sources of information about available homes? • Will you show me all the available homes in my price range, even if they are listed by another company? • Will you give me a comparative price analysis for any homes I am considering? Before you start looking at homes for sale, be sure you do some homework. Here are some of the questions for which you’ll need answers: • Check out interest rates • What are current local mortgage interest rates for 15-year and 30-year fixed rate mortgages, and for one-, threeand five-year adjustable rate mortgages? • Shop for the best loan • Which type of loan is best for you? Will you be in the house several years and benefit most from a long-term fixed rate, or do you want a lower, short-term rate because you plan to move soon or expect your income to increase rapidly over the next few years? Look carefully at the rates of different lending institutions. • Determine how much to budget for • How much of a mortgage can you qualify for? The loan amount plus your down payment tells you how much house you can afford. • Investigate neighbourhood prices • What neighbourhoods feature homes in your price range? • Separate needs from wants – think about what matters most.
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ROWANS PARK, ST GEORGE
HASTINGS, CHRIST CHURCH
Buying: • Do inspect property carefully. • Do ask a lot of questions. • Do create a checklist of wants and needs prior to looking. • Do seek out professional advice (whether checking the quality of the construction or talking to a real estate agent). • Do research the neighbourhood and the neighbours themselves. • Do try to find out about the history of the property. When was it built? Who built it? What materials were used in the construction? • Do ask about termite treatments (Has the property ever had a termite treatment?) • Do ask about any flooding in the area. • Do ask the owners why they are selling. • Do have your finances in order before you look. • Don’t rush a viewing. • Don’t buy the first place you come across without doing your due diligence. Selling: • Do open the curtains and windows to encourage a breezy, cool atmosphere. • Don’t clutter. • Do freshen up the house with a coat of paint if possible.
• Do tidy the garden or improve the landscaping as often as you can. • Don’t have the house full of people during a viewing. • Do create a good first impression. • Do be proactive in addressing viewer’s concerns. A crack in a garden wall can easily be misinterpreted as an insecure foundation rather than just a gardening accident if not pointed out. Renting: • Do research the market. • Do make a list of what you’re looking for. • Do have a budget in mind. • Do ask questions about the landlord. • Do inspect the property thoroughly. • Do ask about the neighbours. • Do check out the neighbourhood. • Do read the lease carefully. • Do understand your responsibilities as a tenant/landlord. • Don’t show the property unless it’s clean and presentable. • Don’t clutter. • Do keep the place cool and breezy. Open curtains and windows. • Do allow the property to be fresh, and light and airy.
Email: james@solardynamicslimited.com
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ALWAYS STRIVING to be on the cusp of innovation and improvement in the field of real estate, Caribbean Island Properties (CIP) is comprised of a progressive group of individuals that together boast a long history of selling and renting real estate. Helping clients find the right buyer for their property and being a fair, no-nonsense team are part of what drives this group to the top tier in the real estate market. Caribbean Island Properties is focused on helping clients to achieve their goals in real estate and has the interest and the expertise to help its clients fulfil their property dreams. All of the sales team members have bought, sold, rented, or converted properties themselves in the past and therefore have personal experience in how to help clients go through the process.
CEO David Coombes (centre) with his Caribbean Iisland Properties teammates, (from left) Danielle Thorpe, Cindy Coombes, Rosemary Inniss and Suelan Hart. (RC)
David Coombes, owner and CEO of CIP, is a board member of the Barbados Estate Agents and Valuers Association (BEAVA), which is the local association for real estate agents. Cindy Coombes and Suelan Hart have completed training courses with BEAVA and Rosemary Inniss has completed a diploma in real estate from the Barbados Community College. With a team like this, CIP is the small company that packs a powerful punch when it comes to the real estate game. David, having earned a wealth of knowledge through many years of sales experience, even running a real estate company on the Isle of Wight, closely heads up the sales team as a very hands-on leader. From being a top salesman at HR Owen in the west end of London to handling international sales at Paramount Pictures for Russia, Eastern Europe, Scandinavia and the Middle East, David started Caribbean Island Properties with his wife Cindy in 2007 and blossomed the company into what it is today. Cindy Coombes, the administrative director of CIP, boasts a diverse background of administration and support roles stretching across the Caribbean and into Western Europe. From working in an international
clients’ needs.
Tremendous team at Caribbean Island Properties telecommunications company in France to legal and offshore companies here in Barbados, the administrative arm of CIP is held firm by Cindy’s diverse experiences. Although her experience in sales dates back to the early 1980’s, Rosemary Inniss joined the CIP team in 2008 when her youngest child left for college overseas. She is currently a member of BEAVA and holds a diploma in real estate. “It was probably the worst time to go into real estate as the market crashed and nothing was selling. I was determined to make this change work for me and have persevered through the bad times, and I’m happy to have been a part of the growth story at CIP” said Rosemary. Suelan Hart, real estate agent and sales team member with a background in math and business from the University of
info@gajah.design
www.gajahhome.com
Waterloo in Canada, had worked in marketing in both Canada and England before joining the CIP team in 2010. She has been a key team player in growing the business in both the sales and rental areas. Having been exposed to various cultures over the years, this has worked in her favour when it comes to understanding and fulfilling her
The newest member of the CIP team is Danielle Thorpe, who is also involved in the day to day administration with Cindy and handles the company’s PR and marketing. Having worked in a diverse range of fields from tourism to media, with an educational background in political science and psychology, Danielle has demonstrated a strong influence and drive with her keen interest in the business of real estate. “There is no question that because of the economic climate, right now we are in a buyer’s market. When people feel confident in the market then they are happier to invest or grow their business. When confidence in the economy returns then the market will improve” said David. David added: “Seeing people fulfilling their dreams of purchasing or owning a new home gives a tremendous sense of satisfaction. I enjoy seeing properties come back to life when they find a new owner with vision. Seeing someone buy an uninhabited home or an older property, and breathing new life into it, is a very enjoyable part of what I do.” Together, the team at Caribbean Island Properties is well versed to advise and guide all tiers of clients to the bright future that we all look forward to as the market turns to more favourable days. CIP has the knowledge and gumption to help tailor a new world of real estate for all.
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