'Meet the Agent' - Rachael Correia from Coldwell Banker Bermuda Realty

This month for 'Meet the Agent' we interview Rachael Correia, a sales and rental agent specialising in commercial property at Coldwell Banker Bermuda Realty. Rachael discusses what she enjoys about working in the Real Estate industry and for Coldwell Banker Bermuda Realty, where there is activity in the commercial market currently and also some top tips if you are looking to purchase commercial real estate. 

How long have you been in the business? I have been in the industry for four years while being immersed in Commercial real estate for the past three years. I started working at Coldwell Banker in March 2019.

Why do you like working for Coldwell Banker Bermuda Realty? Coldwell Banker provides growth opportunities and in house training which has broadened my knowledge and skills in order to assist a variety of individuals and companies with Commercial and Residential sales and leasing. I am continuing to learn about the industry alongside the largest real estate company on island, discussing the latest market data and trends happening in Bermuda.  

What’s the favorite part of your job? Real estate is a dynamic industry and there is a great sense of fulfillment being a part of a big decision making process whether looking to rent or purchase a property. I genuinely enjoy meeting new people and developing long term business relationships.  

Where are you seeing activity in the market at the moment? I specialize in Commercial real estate so most of my day to day activity involves interacting with Landlords, Vendors, small-business entrepreneurs to major local and international companies.

The 2018 Economic Substance Acts Requirements set out guidelines for entities to comply with having a physical presence by July 1st2019.  So far I have seen some minor movement in this area while continuing to prepare for the potential demand. 

Overall the commercial market is remaining buoyant.

What is your favorite City living apartment complex on the market? Rosemont City Place - They are spacious 2 and 3 bedroom homes up to 2,100 Sq. Ft.. They are available to companies to purchase as accommodations for their employees or can be used as corporate hospitality.  The proximity to Hamilton while being situated in a quiet residential community makes for a unique cosmopolitan living experience. With less than a five minute walk from shops, offices and restaurants, convenience is unparalleled.  

How do you see the Bermuda Commercial market in 2019? I’m an optimistic person and anticipate the commercial sector to continue steady in rental volumes. I am currently working with a number of large companies assessing the market and am continuing to receive queries from Bermudian entrepreneurs looking to open Nail and Hair Salons, Charities, Restaurants, Retail and Gyms. Last year 2018 was a banner year for Commercial Sales and there are currently 20 + properties on the market ranging in price. The sales market is based on individual’s motivation, economic ambitions and lifestyle changes. 

What are your top 3 tips when looking for a Commercial property to purchase?

1) Work with market experts such as a Commercial Real Estate Agent, Property Lawyer, and Mortgage Specialist who all play key roles within the process of purchasing/selling. Depending on the scale of the building you are looking to purchase this will determine which experts in the field may provide the best advice and assistance.

2) Determine your motivation for investing. There are many buildings categorized within the Commercial sector from retail, industrial warehouses, office buildings and multi-family complexes. Once you identify core reasons for wanting to purchase you can then shortlist properties worth considering. 

3) Be patient! Finding the right location and building is key to supporting your business or investment.  

To contact Rachael you can e-mail: RCorreia@brcl.bm
or call (441) 247-1825

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