Wealthy second homeowners are increasingly turning to realtors to oversee the fortunes they pour into upgrading and customizing new home purchases once their real estate transaction is completed.
“Whether its remodeling, maintenance or hurricane preparedness, luxury home buyers want customized, worry-free, time-saving solutions,” said Lamond Davis, president of Sterling Bahamas Realty, a firm that helps high net worth individuals (HNWI) buy and then transform their luxury properties into their version of an island paradise retreat.
Mr Davis’ business model grew from high-end sales and rentals to encompass luxury property management after closing multi-million-dollar luxury home sales in Ocean Club Estates.
“Luxury property management is a new market for the firm. It came on to my radar after a few home-owners approached me to manage the remodeling of real estate purchases my company facilitated,” said Mr Davis who launched the boutique real estate firm four years ago with wife, Robyn.
“To remodel a high-end home can be a very involved process,” said the real estate president. “Once you’ve established trust with homebuyers in finding them the home of their dreams, they have confidence in your ability to transform that home to suit their unique tastes.”
Mrs Davis, Sterling Bahamas Realty’s vice president, said the affluent market want deals. They also look to purchase, renovate or customize a second home in an efficient and cost-effective manner.
“Second home-owners want an experiential return on their investment. They want a convenient retreat which brings peace of mind and pleasure not an onerous obligation,” she said. “Through our luxury project management service, we lighten the load associated with ownership.”
According to Mr Davis, the property management side of the business has provided work for dozens of local vendors both big and small, employing nearly 100 individuals over the last two years.
Sterling has overseen and coordinated truckers, carpenters, electricians, plumbers, tilers, window experts, landscape artists, pool companies, cleaners and others – all in a bid to provide an unsurpassed level of service tailored to meet the needs of the individual property and its owners.
“We know the economy is still sluggish so it’s important for us to spread the work around to as many vendors as possible,” said Mr Davis.
“From the highly-skilled, home-based, sole proprietor to mid-size brick and mortar companies with dozens of workers, we believe in giving everyone a chance once their work is first-rate. On our high-end remodeling projects, we draw exclusively on local talent. It brings such a satisfying feeling knowing we are keeping many young men gainfully employed.”