BusinessGrenada.com Issue: 7 2016 -2017 | Page 164

Real Estate Real Estate The Analytics of Real Estate Real estate is a very competitive area and it is no surprise that companies in this field are striving to achieve excellence... R eal estate is a very competitive industry and it is no surprise that companies in this field are striving to achieve excellence. BusinessGrenada met with the Managing Director and co-owner of Terra Caribbean, Mrs. Maria La Touche, to discuss the market. Originally formed as the real estate division of the elite audit company Ernst & Young (E&Y), which was the fourth largest audit company in the world when it was required to separate its divisions and focus on being an auditor, Terra Caribbean began operating from Barbados and Trinidad. The Grenada franchise was first opened in late 2003 and Maria was invited to move from Barbados to run the Grenada office in early 2007. Specializing in valuations, Maria soon brought her skills to the foreground. Trained as an accountant, by E&Y, she soon discovered that the real estate business was more suited to her personality. To apply the methodology for professional valuations she realized a level of precision was required. Terra began to compile its own database of statistics which was felt to be paramount to the success of Terra Grenada. ‘Knowledge is very important to us as a firm,’ she says, and points out that the branch tagline is: ‘We know Grenada’. ‘You need to know what is happening in the market if you’re going to advise your clients,’ Maria says. Consequently, the Terra team spends a significant amount of time collecting data concerning real estate sales transactions and collating it in a useable format. This allows Terra to provide evidence-based analysis to confidently advise its clients about transaction patterns, demand and pricing. Furthermore, valuations in Grenada are especially difficult because there are no template-style buildings: ‘Each house is different, built on different sized lots and by different architects’. This makes valuations more subjective so although ‘sales comparables are the strongest evidence to tell someone the likely value of a property’ Maria La Touche Managing Director and Co-owner PHOTO: TONY MCQUILKIN 164 164 www.businessgrenada.com www.businessgrenada.com 165