Coldwell Banker Cayman Islands Realty has expanded, adding a property management arm to its real estate business.
Cayman Property Management got started late last year after months of planning said Sales and Marketing Manager Jerry Arnold.
‘The idea was for us to become a complete real estate provider,’ he said. ‘In today’s market, the more services you can give, the better it is.’
Owner J.C. Calhoun, who has been in the Cayman real estate business for 27 years, said the property management business is very difficult to do well, so starting the business wasn’t so much about economic opportunity.
‘It was just that I felt that we owed it to our customers,’ he said. ‘We started this because we had so many customers that were asking for the services.’
Although the company opened in mid-October, it was not until it moved into its new offices on West Bay Road across from the Great House condominiums in January that business picked up. The choice of the high visibility location was a homecoming of sorts because it served as Cayman Islands Realty’s office for most of the 1980s.
The company also hired Ann Marie Powell, who had experience in the property management sector at Cayman Reef Resort condominiums and with Rainbow Realty.
Mr. Arnold said the interview process for the property manager was very arduous, and that the company felt they really hired best candidate in Ms Powell.
‘We really wanted a very, very top flight person for the job,’ he said.
Once the business was fully up and running with its new office and Ms Powell on board, the company also had Coldwell Banker Cayman Islands Realty add a rental section to the menu bar of its website.
‘The response was immediate,’ Mr. Arnold said, adding that the worldwide Caldwell Banker website gets 2.8 million views per month and there are direct links from that website to the Cayman website.
Caldwell Banker has over 4,000 offices on six continents in 29 countries.
‘It’s an unbelievable network,’ Mr. Arnold said. ‘The advantage for someone to list their property with us is phenomenal because of our network.’
Ms Powell said the rental side of the business started to become busy over the last month. From the residential side, many of the people who have rented apartments or houses are new residents coming to the island.
In addition, the company has started doing more commercial leases, she said.
Mr. Calhoun agreed that the commercial rental market was another reason for starting Cayman Property Management.
‘We’re getting more and more into the commercial side of things and this gives us some specific expertise,’ he said. ‘Stacey Kirkconnell and Danny Soto, among others, are really doing a lot of work in the commercial area.’