GREAT BAY, St. Maarten — With so many real estate agents operating in St. Maarten, there is need to regulate this sector of the economy, and Minister of Tourism, Economic Affairs, Traffic and Telecommunication, Grisha Heyliger-Marten drove this point home when she met recently with a group of real estate brokers.
It was agreed that a Real Estate Policy would be put in place to regulate the Real Estate Industry based on the following criteria: all eligible real estate companies must have a physical office in St. Maarten with proper signage; They must have at least five (5) years in the business, be compliant with regards to their licenses, and be part of the Multiple Listing Services (MLS), an essential tool for data, which is also very important for buyers and sellers.
The MLS is an efficient tool for organizing, marketing, buying, and selling of properties. It is a central database driven website for licensed real estate brokers.
At present, there are around ten listing firms in St. Maarten. The MLS will be recognized and empowered by government. The Kadaster will be approached to work with the MLS to produce accurate data and statistics.
“I am happy to note that the real estate agents themselves are eager to see the sector regulated,” said Heyliger-Marten. She remarked that the current state of the sector does not allow government to obtain the amount of revenue it should be receiving from the sector.
The meeting further discussed the need to have a registered list of agents to protect the industry and to ensure that commission on a sale through a notary can only be paid to a registered broker.
“The idea is to have a real estate sector that functions in a credible, trustworthy, and reliable manner, and that serves both the St. Maarten population and foreign investors in an honest and efficient way,” Heyliger-Marten said.
