Cayman Islands Real Estate Brokers Association

CIREBA

The Cayman Islands Real Estate Brokers Association (CIREBA) is a not-for-profit Association that was set up in 1987 to provide a professional network for the different real estate companies in the Cayman Islands.

CIREBA is also the largest Real Estate Brokers Association in the Cayman Islands, their members owns aproximately 92.8% of the property listings for sale (estimation based on current listings at easyCayman).

Crighton Building, Crewe Road
P.O. Box 1977, KY1-1104
Grand Cayman, Cayman Islands

Tel: +1 (345) 949-7099
Fax: +1 (345) 949-6819
Email: cireba@candw.ky
Website:

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CIREBA Commission Rates

Commissions charged to the seller(s) by Members shall be those set by CIREBA. Such charges shall be paid to the Listing Broker Member on the gross selling price. Commission rate mimimums are based on the gross listing price in the Listing Agreement. The commission structure to be used is as follows which applies to US or CI dollars.

Price FromToCommission
0$94,99910%
$95,000$494,9997%
$495,000$994,9996%
$995,000$9,994,9995%
$9,995,000no limit4%

For sales relating to businesses the commission rates shall be as follows:

Price FromToCommission
0$94,99910%
$95,000no limit7%

About CIREBA

With the vision of several local real estate agents, all with the desire to unify the industry and create a higher standard of practice in the local real estate business, The Cayman Islands Real Estate Brokers Association was born.

Those original founding members, most of which are still members today were Kent Eldemire of Tropical Real Estate Ltd; Rex Crighton of Crighton Properties Ltd; J.C. Calhoun of Coldwell Banker Cayman Islands Realty and Bobby Bodden of R. C. Bodden Realty Ltd.

The founding members united and realized that sharing available property listings was an extremely smart idea, beneficial for all parties involved including the customer. The members researched other successful jurisdictions and pulled from resources in places like Australia, the US and Canada to see how they had modeled their real estate industry unification and the overall business. After discussions and agreements between the founding members, the Cayman Islands Real Estate Brokers Association (CIREBA) was born.

The establishment of CIREBA meant that each real estate agents listings were made available to all other member agents. This was beneficial as the customers could then see all properties available for sale, and not just their agents own listings. It also meant that customers could consult with one agent, instead of 3 or 4. Additionally, the association established a set of commission rates, which meant all agents were operating on the same rate as other member agents.

The addition of the Multiple Listing System (MLS) took the Association to the next level in 1991. This created an actual inventory of property listings of all the members, 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 customer’s desires instantly - very quickly and efficiently.

The Association also set up guidelines and implemented a system of checks and balances with rules and regulations to rigidly manage the relationship between the public, member brokers and sales associates, which have become industry standard in the Cayman Islands. Each property transaction completed by member agents are reviewed by CIREBA to ensure all due diligence is followed and that every legal process is completed. This gives clients and agents an extra sense of well deserved security on their transaction.

This includes a regulated procedure that encourages the public when dealing with any member of CIREBA to report any and all incidents that they may consider not in the best interest of CIREBA member companies, agents and of course themselves and can be assured that all complaints are professionally and promptly adjudicated to not only protect the integrity of CIREBA and it’s members but also the inalienable rights of the consumer, our client whether they are buyers or sellers.

The Board of Directors, elected annually, and agent members of CIREBA are constantly upgrading all the rules and regulations and protocols that govern CIREBA and it’s members, in order to be current with the changing Laws and times that we encounter year by year and to be fully compliant at all times with the laws of the Cayman Islands.

Overall the Association has established unwavering stability in the real estate market in the Cayman Islands. The Associations Rules and Regulations as well as their Code of Ethics has proven over time that the industry is one of the highest regarded locally. CIREBA further enforces this with agent training courses for new members and on-going training for current members.

Credit: CIREBA | To find more information visit CIREBA website at www.cireba.com

CIREBA in the News

CIREBA Members

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