TCREA - Turks and Caicos Real Estate Association
There are currently about 18 real estate brokers in the Turks and Caicos Islands and over 107 real estate representatives. This is a multiple listing service under which both sellers and buyers are working together with the agents to buy or sell their properties. Any real estate agent that is registered with TCREA can show and sell any listing that is on the MLS multiple listing service.
Commission rates are set by this Association with 6% being the set on the sale price on developed properties an the 10% commission set for undeveloped land. These commission are usually paid by the Vendor although there is a contract available for the Purchaser to pay commission to an agent who is acting as a Buyers agent.
The sales price of an property that is advertised by the TCREA included the commission fee and it is assumed that the Vendor will pay that commission to the Broker. The commission is split on a 50-50 basis between the Selling Broker and the Listing Broker.
Giving back to the community is an integral part of the Association and this happens with children, the elderly, handicapped and with national disaster work. With the multiple listing service an agent can show listings from any company which is much different than buying in the United Kingdom where only the estate agent can show and sell the listing.
