A Life In Real Estate

Michelle Gay’s journey to becoming one of the top, real estate agents in Barbados started when she was 22. Working with two well-known international real estate franchises, she was a Team Lead in Property Management then transitioned into a top producing holiday rentals agent and ultimately found home in Property Sales.

After two years, she has become the new Head of Sales at the boutique agency – Barbados Dream Properties owned by Stephen & Leila Grant. The company has a global reach, specializing in the sale of luxury real estate on the island. They offer exclusive buyer and seller representation and have access to most sales listings on the island.

As a young professional, super-competitive, Caribbean woman, Michelle has upended the industry with her accolades for some of the most note-worthy super luxury sales on the island. Her clients and stakeholders have consistently lauded her for her relaxed selling style, effortlessly charming personality and wit. It is beyond doubt that if you are looking for a closer, Michelle Gay is the go to realtor for real estate in Barbados. In between property showing Michelle sat down with us to talk about the industry and her journey.

How long have you been in Real Estate?

Fourteen years ago I moved out of the hospitality industry and entered into real estate in a property management capacity. After four years I then moved into holiday rentals and then finally onto my true love – property sales. Looking back, I could not be happier for that cycle as these roles have curated a very unique selling skillset that enables me to be a step ahead in the game armed with full-circle insight.

Why did you choose Real Estate?

The Real Estate industry is the largest and most important asset class in the world. It is an area of investment that persons can enjoy, see and touch their investment.  It is where we see dreams come to fruition and no matter what part of the process you are involved in, whether you are the developer, the attorney, the realtor, architect, seller or buyer, we all contribute and have the absolute joy of bringing a dream to life. To be a part of that incredible process is what keeps me going every day. It is a career that has forced me out of my comfort zone and is a testament of growth and personal development for me.

Why should people buy property in Barbados?

Securing real estate in Barbados is an excellent way to add to your wealth creation process. It is not just a financial investment that can build rental income but a tool that offers the duality of driving equity upwards as well as be a platform for the improvement and enjoyment of a lifestyle. Apart from our year round warm climate and fabulous beaches, our island offers political stability, wide availability of direct international flights and post pandemic, there is now a window of opportunity for buyers to take advantage of the current exchange rates before property prices are increased. Try finding this combination on the stock market!

What is the process?

As an island we offer a non-restrictive, simple purchase process to foreigners. The first step in the buying process would be to put in an offer on your dream home. Once accepted, we would recommend a local attorney, which is the only pre-requisite for foreigners buying on the island. Your offer is then formalized in an offer & acceptance form to be signed off by the purchaser/s and vendor, which is then passed on to the appointed attorneys. Depending on whether the purchase is cash or financed, you can expect the conveyance to take around 3- 6 months. A non-refundable deposit of 10% is required on exchange of contracts and buyers are expected to cover their attorney fees and then they pay the proportionate amount of Land Tax based on date of purchase. An investment in Barbados means you benefit from no inheritance tax and depending on the level of investment, you can qualify for residency privileges.

What is the advantage of working with Worldwide Dream Villas?

We are expert partners that produce a laser-sharp focus with our bespoke real estate service. As a boutique agency, we are able to cater our attention to our clients needs with speed and increased efficiency. We have found that our model has not only created but also sustained a solid referral network that has led to the success of the most notable sale transactions on the island. Sellers as well as buyers enjoy the size of the agency, our customized service, and the ease of access to our agents it offers, any day of the week, which has formed some memorable relationships that go well beyond the close of our transactions.

What have been your most memorable transactions as an agent?

I once had a client that was looking for land at a specific budget. After listening to his likes, lifestyle back home, preference of architecture in a dream build, I decided to throw out an idea that was more than ten times the budget but exactly the style of property I knew he would love. It was a bit of a crazy call but I had to see that gut instinct through. After pitching how this home could work for him as an asset, we ended up landing a viewing just before his departure to the airport. He ending up loving the property and we transacted the deal on the spot with the vendor the same time. It was truly unbelievable and intrinsically rewarding.

Which moves quicker, renovation projects or move-in-ready?

Move-in-ready homes tend to encourage convenience and can expand your buyer profile. It is important for a buyer to envision what could be theirs so I highly recommend that sellers consider landscaping, de-cluttering, cosmetic repairs, flooring and where possible kitchen and bathroom renovations. These are components that can increase the value of your home; a buyer can appreciate its value thus resulting in a quicker turn over.  Should a seller not be in a position to renovate a home, don’t worry there is a sizeable pool of buyers interested in fixer uppers as we call them, however, be prepared for these profile of buyers to be looking for a deal in exchange for doing the work required.

Do you really need an agent in Barbados to sell or buy property?

Finding a listing online is a very small piece of the puzzle. The world is changing at a rapid pace and you are going to need an agent that can pivot and show you what these worldly updates mean for you and how we the agent, can turn this into an opportunity for you. An agent provides a service that delves into what you cannot find online – the feel of a neighbourhood, the condition of a property, what sales activity and previous offers have the home had. They can ask questions that a buyer may not think of, answer the questions that cannot be found online. They are your meditators, to calm and to guide you. The process can be full of friction and frustration at times and an agent is there to simplify that process and make sense of it all for you.

What can people expect when they work with you?

I have built a reputation for my tenacity, empathy, speed and negotiation skills. The first thing I ask of a buyer is to learn more about their criteria, lifestyle and exactly what are their needs and expectations in a Barbados home. The more that I can think and connect to my buyers’ needs, the more I can pair them with the right home. I am obsessed with the relationship of opportunity to connection. How can I connect this listing to the right buyer and turn this into sold? Which agents can I share this listing with? Buyers need an expert that has their finger on the pulse and knows the shadow inventory, properties that may be back available due to a failed sale, developments that are coming soon or private exclusives. Having an agent that can bridge this connection requires experience, a level of thinking out of the box and quality of relationships with other stakeholders in the industry to bring transactions over the line. As my client, you should think of me as your real estate quarterback.

Any tips for new agents coming to the industry?

There are risks in this industry and some you must take to see a journey through. Get ok with hearing no, many times, understand that a deal can fall completely apart at the last moment and you must still stay committed to your work and clients. Asking a lot of questions and having a mentor or idol in the industry can equip you with valuable knowledge. Experience and repetition will be your best teacher. Real estate is a relationship of service that requires fine-tuning your emotional intelligence and though it may have the moments of disappointment and despair, it is an incredible career that provides a level of autonomy, flexibility and commitment that can be the cornerstones of your success.

What has been a lesson throughout your career?

My most valued lesson in this journey has simply been about believing in myself. Discovering the extent of my potential and creativity, learning to take challenges and changing the perspective, making it fun and finding imaginative solutions has definitely been a game changer and the definition of my success. Real estate tends to be very glamourized and closing a sale is not as easy as it can be perceived; it has led me to some crossroads forcing me to elevate my knowledge, critical thinking but also teaching me to not be afraid of putting forward unorthodox ideas. This industry has been a massive teacher for emotional regulation and removing self-doubt; two empowering tools that can take you unimaginable places.

If you could change two things about the industry in Barbados what would they be?

The implementation of a MLS system would be much welcomed on the island. This is a system that hosts historical public records along with the details of sold properties. You can think of a MLS system as a representation of all the questions that are asked of agents but with greater detail. It is your detailed excel spreadsheet rather than a simple calculator. With this system, it would greatly assist realtors in answering complex questions with real, hard, proven data at your fingertips.

The average process of exchange of contracts to closing is typically 3 – 6 months and in some instances can be longer. If we could see an integration of systems between public and private entities that could drive this process to shorter closing periods, similar to 30day closings internationally, this could be an incredibly attractive added incentive for property investment in Barbados.