Q: Can you help me sell/buy a home or rental property?
A: Yes, of course we can. We have the largest and full service real estate company in Bermuda with an extensive database to help us price property. Many of our agents are cross trained on both rental and sales services.
Q: How do you find tenants for property?
A: We list your property on our website (www.bermudarealty.com) which receives 65,000 page views per month plus www.propertyskipper.com. Our agents have relationships with relocation companies and HR managers throughout Bermuda plus a wide sphere of influence including repeat customers. We use an array of marketing strategies which may include newspaper advertising, social media and open houses. The focus is to get your property out to the largest audience possible and that includes co-broking with agents across the island.
Q: How do you screen applicants for my property?
A: Screening applicants is one of the most important services we are able to provide to our clients. There are limited avenues available in Bermuda, because of the transient nature of island living, but our process is:
- Completed offer form presented to the landlord consideration
- Completed application presented to the landlord for review
- Identity verification with photo ID and/or work permit as applicable
- Credit check via Bermuda Credit Association
- Employment verification of the applicant by verifying their authenticity with their employer
- In some cases, landlord verification by contacting former landlords to verify payment history, condition of property and any complaints.
Q: What does your service cover and cost?
A: In addition to advertising and marketing your property, plus screening applicants as described above, we…
- Show the property to interested parties,
- Provide CMA (comparable market analysis) to price your property correctly,
- Make recommendations on what improvements to your property may assist with marketability,
- Advise on market conditions,
- Share knowledge of laws and Acts relating to property leasing including The Rent Increases (Domestic Premises) Control Act
- Handle all negotiations,
- Produce a detailed lease that was created by a law firm that specializes in landlord/tenant rights and obtain signatures from all parties,
- Collects funds (first month’s rent, the security deposit, the tenant’s portion of the stamp duty) and distribute
- Stamp the lease as per the Act and distribute
Q: When do I get the proceeds from my property?
A: Once all the funds are collected from the tenant, the funds are processed and paid out within the week.
Q: Who takes care of managing the property?
A: There are basically, two choices here. You manage the property or hire someone to do that. We do offer Property Management services at a 7.5% fee per month this includes collecting the rent, serving notice to tenants, addressing the maintenance issues, inspecting the property twice a year, etc.
There are a lot of reasons you might be thinking about property management services. No matter what the reason the benefits are many. Contact Ahmad Ahad at 247-1834 or firstname.lastname@example.org for more information.
Q: Do all properties permit pets?
A: Pets are as individual as people with some causing little to no damage/nuisance to a property. Unfortunately, due to the potential negative impact that a pet may have on a property, many landlords will not permit animals and some landlords will permit certain types/sizes of pets. It is important to note that a pet deposit may be require in addition to the standard security deposit; plus it may be a condition of the lease to have the property professionally cleaned and fumigated at the termination of the lease. So to avoid disappointment, ask in advance if pets are welcome and give details of all your pets so that the agent may guide you properly.
Q: What does it mean when a property is under "rent control"?
A: Go to the following government website for information about “rent control” … www.gov.bm/what-you-should-know-about-rent-increases-domestic-premises-control-act-1978
Q: How much money do I need to secure a rental and do I pay a fee to the agent for this service?
A: The total funds require vary depending on the price of the rental, but in general, you will need the first month’s rent, a full month’s security deposit (if under rent control security deposit is ½ month’s rent) and ½ the cost of the stamp duty which vary depending on amount of rental. Example: renting a $3,500 property total funds $7,162.50 paid in advance.
With regards to paying a fee to the agent, this is paid by the landlord.
Q: I have heard that I need to paint the interior of the rental before the end of the lease, is that correct?
A: Yes, it is common practice in Bermuda for the tenant to paint in a proper and professional manner as often as may be necessary and in any event immediately prior to the end of the tenancy all the interior walls and ceilings with good quality paint of the same color as painted at the commencement of tenancy. Having said that if you have lived in the unit for a short period of time and it looks exactly as the day you moved in, your landlord at his/her discretion can waive this requirement, but his/her agreement should be in writing to prevent any misunderstandings.
Q: What happens if I run out of water, who is responsible for buying water?
A: Water in Bermuda is a precious commodity and all tenants are reminded to exercise due care in the use so as not to waste water. Should it be discovered that there is a leak in the tank, then typically it is the landlord’s responsibility to repair the tank and fill it to a specified level at his/her expense.
If water is insufficiency due in whole or in part to the use of water by the occupiers of the premises the Tenants shall be responsible proportionately per occupant for the cost of making good such insufficiency.
Q: Can you explain the relationship with Assessment number to car ownership?
A: Due to Bermuda’s limited land mass, regulations have been put in place to limit the number of cars on the island. Therefore, if you wish to have a car, the premise that you rent must have a corresponding Assessment number in order to register your vehicle and you are limited to ONE car per premise. There are also properties that have traditionally not had Assessment number and therefore only permitted to have a motorbike and to date, there is no limit on the number of motorbikes one can own. It has been recently announced that government is going to start assigning Assessment number to motorbikes, but it is too early for us to speak to this matter.
It has been our company policy in general not to take listings that do not have corresponding Assessment numbers.