So you have decided that you have had enough of the mainland, traffic, cold winters, etc., etc., and want to move somewhere that is a little closer to nature. Or perhaps you are looking for a second home in the Caribbean. After deciding that it would be best to look in the U.S. territories, you search the web until you are thoroughly confused. Finally you are able to decide on a possible location. After many attempts you find a real estate agent who answers your email and sets up a date to show you properties on St. Croix. A substantial investment is made in accommodations, airfares, and car rentals. Some goodwill has been established and you expect the agent to work on your behalf. But even if they are not the listing agent, in most cases they are "sub-agents". A sub-agent owes their loyalty, and are bound by law to negotiate in the best interest of the seller, not the buyer.
We never work as "sub-agents". We reveal all known facts affecting the value of the property, avoid all conflicts of interest, safeguard our client's confidential information and act at all times in their best interests. We also help our clients with negotiating prices, arranging financing and managing the closing. We work with builders and For Sale By Owner properties as well. There is no cost to you for our services. Our Commission is paid as a cost of sale, the same way that traditional agents are paid.
The listing double dip.
One of the most common complaints about realtors is, "They showed me the properties they wanted me to see, not the ones I wanted to see". This problem comes about when the listing agent has the opportunity of receiving twice the commission if they can "sell" you one property (the property they list) over another. Assume you are a Realtor and are showing two $500,000 properties, one you listed and one you didn't. If you sell the one you listed, you get a $30,000 commission (both the Seller and Buyer side commission) and if you sell the other, you get a $15,000 commission (only the Buyer side). Which one would you want to sell? Exactly. But that property might not be the best property for the buyer, therefore it is a conflict of interest. We always show you the properties that are best for you without the pressure of gaining additional commission.
Agency:
Before you disclose confidential information to a real estate agent regarding a real estate transaction, you should understand what type of business relationship you have with that agent. You are entitled to not only have the type of agency disclosed, but also the negative aspects of that agency (informed consent). Does your agent have the duties of Undivided Loyalty and Full Disclosure. Undivided Loyalty requires the agent to be loyal to you, to be an advocate for you, and to look out for your best interests throughout the entire process. These are pretty important duties, and if your agency relationship does not allow for these duties it should be fully explained to you as to what you are giving up. Agents should also disclose any additional profit they might receive on a property you are interested in and disclose any other conflicts they may have.
| By locating your business or part of your business in the United States Virgin Islands, you may be eligible to receive a substantial reduction in, or exemption from your business and personal taxes through the Economic Development Commission. |
