Bhms: Cutting the ground out from under them

Bahamian real estate agents and the local industry as a whole are presently facing a tremendous challenge from foreign agents who illegally sell Bahamian real estate, says Bahamas Real Estate Association (BREA) President Pat Strachan.
...
"We are losing anywhere from 10 to 15 million dollars in commissions [yearly] to these foreign agents coming to our country and selling Bahamian real estate. Basically how its done is (that) the foreign agent will come from Florida. He brings his prospect over here and he solicits listings, and he may contact landowners and homeowners directly, and basically cut out the local agent."

Mr Strachan points out that such behaviour is criminal, under the Real Estate Brokers and Salesmen Act 1995. With regards to this issue, the BREA president says, "We haven't received the cooperation that we feel we ought to be getting from the various authorities, inclusive of the government."