'Meet the Agent' - Margaret Young from Rego Sotheby's International Realty
This Month for ‘Meet the Agent’ we interview Margaret Young from Rego Sotheby’s International Realty. Margaret has been in the business for almost 40 years and will mark her 18 Year anniversary with Rego Sotheby’s International Realty next year. Margaret discusses her career in the industry to date, favourite part of the job and also some top tips for buyers and sellers.
How long have you been in the business? I’ve been a realtor since 1979 starting off with Geoffrey Bird trading as Geoffrey Bird & Co. That was an exciting start as he was the developer of condominiums from Roxdene all the way through to Mount Wyndham. He was developing the 3rd phase of Mizzentop when I joined him, and the perk of me selling condominiums meant that I met buyers who had houses to sell, so that was how my real estate career started. Later we merged with two other real estate agencies to form The Property Group. I have been with Rego Sotheby’s International Realty since February 5th, 2001. Next year will mark my 18-year anniversary with the company!
Why do you like working for Rego Sotheby’s International Realty and what’s the favourite part of your job? What I love about working at Rego Sotheby’s International Realty are my teammates! We all work hard, laugh together, share knowledge and help each other not only with work-related issues but life in general. The Sotheby’s Brand is also significant to me as it means that I am part of a much bigger world and constantly learning which I think keeps me young! The favourite part of my career is meeting people from all walks of life and sharing my wisdom and knowledge to help them to make the right decisions whether buying or selling - and to make the process as much fun as possible – because it is one of the biggest decisions people make and it shouldn’t be stressful. Then the icing on the cake is when they renovate and call me to see what they’ve done.
Where are you seeing activity in the market at the moment/ How do you see the Bermuda property market going forward? The real estate market is still in the process of finding itself again in the wake of the America’s Cup - according to a recent report released by the Department of Statistics, real estate activities reached $1 billion in 2017. 2018 has been a slower year, but there is still strong interest, and people continue to look for properties. Interestingly, in 2008 the average price for homes on the local market was $1,220,000 and now in 2018 it is $1,121,000. However, the house you buy today may include a swimming pool, or some investment ‘add on’ but that same house 10 years ago may not – so basically you are getting more for your money! The fact is, everyone needs to have a home and it is always a good idea to buy when prices have taken a dip.
What is your favorite property on the market right now? There are many properties on the market right now – and there’s something for everyone whatever your price range. We at Rego Sotheby’s International Realty give “white glove” service to all – and I feel that luxury is defined at all levels – buyers can decide what it means to them. As far as good value is concerned – what might be good value to one may not be to another! It is a fantastic thing to show the same property to say 3 or 4 different customers, each seeing it with different eyes – it is almost like getting into their soul and watching how they see themselves living in that particular home. To me, it feels like showing 3 or 4 homes!
What are your top 3 tips for purchasers when looking for a potential new home?
#1: Pick a knowledgeable agent! An agent will get to know you by listening carefully to things that you wish to share – like family life, your occupation, sports, what makes you happy and what type of home you would like to find. Then when something is about to be listed that may suit you, that agent will put you at the top of their list! Property Skipper is an amazing tool for browsing properties already on the market – but remember that the price you see listed often isn’t the price for which it will sell. You don’t have to call the listing agent of a property you’d be interested in seeing – you can call your agent of choice.
#2: The next most important tip is to have your financing approved by your Bank or private lender. You will be advised how much you are able to spend so that when you find that special property you can confidently make an offer. Don’t be tempted to look at properties that are far above your budget – not good for the soul!
#3: Location, Location Location. Remember you may want to sell it someday and that is very important! It is not always advisable to buy the best house in a less desirable area. Visit the area at night and at the weekends to see what your neighbours are up to.
Sellers – Find an agent you trust and have a consultation with them. Open communication between a seller and agent goes a long way. One thing you’ll be advised and encouraged not to do is to overprice your property. If you do you may have to wait for a long time for it to sell and eventually it gets stale – and it gives the impression to buyers that it isn’t desirable. Your agent can guide you – they can offer you information on sold prices comparable to your home and the facts don’t lie! A little bit of staging goes a long way! That doesn’t mean buying cut flowers every day, but it does mean putting away some of those personal items that might distract potential buyers. Making sure the house is clean, freshly painted in neutral colours so buyers have a blank canvas to let their imagination flow. Clean windows and tidy the garden. Don’t worry, we can assist you with this.
You can contact or connect with Margaret on any of the below:
Facebook: Margaret Young – Bermuda Finest Homes
Linkedin: Margaret Young