Fox reports.

Realtor, Rego Ltd., is being positioned for the more active real estate market and next week will change its name to Rego Realtors (Bermuda) Ltd.

It comes after the firm sold more than $40 million worth of Bermuda real estate last year, and, as a market which languished for years in the absence of liquidity, is being spurred by more interest at the high end.

That interest, said Rego president, Buddy Rego, is coming from executives of top international companies domiciled here.

But he noted, "We have been significant in servicing the non-Bermudian market for sales. We have been very active in the sales of residential properties to non-Bermudians.

"That is largely attributable to our aggressive attempt to become much more aware of client demands.

"The interest by non-Bermudians in buying residential property is significant. These are not people buying a summer house, but residents working in the Island.'' Mr. Rego said that with more top international company executives interested in permanent residency here, more properties in the non-Bermudian sector are being sold to people as a primary residence.

The Bermudian rental market is bein He said, "This development has benefits.

For one thing, it is a clear signal that these companies are not fly-by-night operations, but are here for the long term.

"Secondly, the more this happens, the better it is for the Bermudian rental market. Bermudians are having a hard time right now with rents. That's because non-Bermudians have been sitting in rented accommodation that they have never been able to own.

"The more they buy, the more it will take the upward pressure on rental values off the market.'' With a staff of 17, the company has recently established significant market research to better outline the desires and requirements of clients.

Mr. Rego said, "We have undergone management changes over the last two years as we prepare for the new century. Our name change now more clearly identifies our industry focus.

"It also underscores the fresh, new approach we have been undertaking. We will have a new letterhead and a new logo and a new sign should be erected at our office by Monday. The new name is also more Internet-friendly, because it positions us in Bermuda and in a specific industry.'' Mr. Rego assumed control of the family business from his father, Benjamin Rego, 12 years ago.

He said, "The real estate market has definitely returned. People in the industry would report good solid activity over the last two years. There's liquidity in the market. There is mortgage money available.

"We acquired Mid Ocean Realty Ltd. a couple of years ago, taking over a significant rental management business.

"We have also been aggressive in staff training. Gone are the days when people could just hang a shingle outside an office and be competitive in the real estate business.

"It has become much more sophisticated, requiring marketing programmes and sophisticated technology. I mean today, we can take a picture of your house and produce a colour brochure that day.'' There are some 46 listed real estate agencies and Mr. Rego has predicted many will close.

He said, "I would forecast that in time, you will see fewer agencies. In some regard, there has been the formation of new companies in recent years, but they are being started as splinter groups from the existing organisations. It is not new people coming in, but existing staff of one organisation, forming another.

"But like most jurisdictions, 80 percent of the business is probably being done by 20 percent of the companies. Ten or 15 years ago, it was more evenly spread across the industry.'' Specialising in real estate sales, rentals and management, Rego Realtors (Bermuda) Ltd. also offers insurance, finance, valuations and auctioneering.

More homes in the non-Bermudian market are being sold as a primary residence, says realtor Buddy Rego. It spells benefits for the Bermudian rental market.

David Fox reports.

Mr. Buddy Rego