With more than 25 years of experience in the real estate field, Mario Carey has sold more than $1 billion worth of property around the world. He began his career in The Bahamas at Bahamas Realty where he enjoyed the position of top sales broker for 18 consecutive years. In May 2008, he founded Mario Carey Realty, a full-service luxury real estate company.
Guardian Business:
What is the biggest challenge facing your business or sector?
Mario: Global economic conditions remain grim, negatively impacting the real estate market and I do not mean just those people who work in the profession, but more importantly, the ability of people to become homeowners. Many governments recognize the importance of real estate to the overall economy, and in those countries, policies foster sales with range of tools that provide a more affordable means of doing business, provide affordable credit and lower the carrying cost of property ownership. Unfortunately, that is not the case in The Bahamas where there appears to be a lack of appreciation for just how vital the real estate market is to the country's overall economic well-being. This needs to change and I would humbly suggest that such change begin with resumption of long-absent meetings between decision-makers and those in the real estate industry. Once consultation has again resumed, we urgently need to look at policies favorable to stimulating the real estate market, moving away from tax increases that hamper residential development toward providing incentives to stimulate growth. Think about selling a furnished house and the taxes involved. Building materials have been taxed a duty, normally 38 percent, then all the furniture has been taxed say 38 percent, then the sale happens and the total price including the furniture is taxed again at the stamp duty rate. This equals double taxation. When market values are on a decline, an investor has little faith he would be able to make a profit due to such high taxation. The developers of a subdivision then get hit with the cost to build a home being stamp duty-charged. With so much uncertainty in the cost to build and other unknowns, developers are understandably reluctant to build spec homes. There has to be a mindset to stimulate and create activity.
GB: Can you describe a life experience that changed how you approach work today?
Mario: For 18 years, I was with another firm as a director/broker. In 2008, I opened MCR and began wearing a number of hats - owner, manager, marketer - while continuing to handle sales at a high professional level and demonstrating leadership with others in the office, wanting them to follow the lead of working smart, being determined and showing initiative. I also wanted to make a positive difference in people's lives. My team knew I was new in the role of leadership. They allowed me to make mistakes. Yet they know I have a high standard of ethics and I'm determined to make a positive contribution to their lives and to the community. My initial thought in 2008 was to be a small, one-man type office and focus on a very specific segment of the market. This lasted for about a month, as I felt a calling to teach, to be challenged and do things I had never done before.
GB: What makes a great boss? What makes a bad boss?
Mario: Until you have been in the position, you do not realize how demanding the role of being a boss is. My approach calls for open discussion and to encourage others to strive for excellence. We focus on goals and the processes to achieve those goals. I get excited by new ideas, and I want the team to feel that same excitement. I want them to share the feeling that there are no limits on ability so long as you stay true to your principles and are not afraid of change. I think providing a safe and professional environment for my team to excel in is critical. I think bad bosses are more interested in titles and power and have a need for their egos to be fulfilled. We are in a very competitive business. There are some 650 registered BREA agents. The important thing is to work as a team. At MCR, we cover each other's backs. We are team-oriented, civic-minded and we have fun at what we do. That's the atmosphere I want to preserve. If I am able to achieve this, then I'm a successful boss.
GB: If you could change one thing concerning business in The Bahamas, what would it be?
Mario: In my case it would be lowering the cost of doing business in the real estate sector across the board, knowing the positive economic domino effect of each transaction and how much of a positive impact it makes on our country. According to a recent report by the National Association of Realtors (NAR), every time a home sells three full time jobs are created. This statistic alone speaks volumes of why the Bahamas needs more sales. Unemployment is on an alarming rise, home foreclosures are increasing and there are no known current adjustments to bank or government policies that address this problem. The economic gap between the haves and the have-nots has recently been shown to be widening. Most of these woes can be aided by more residential sales. More sales would also lead more Bahamians of talent to consider real estate as a career and I welcome new, talented people. Another report by NAR shows only three percent of its members hold a bachelor's degree in real estate. Yet there is so much opportunity for diversified careers beyond selling. The list of jobs includes appraisals, home inspectors, commercial developers, property managers, time share development. I have been attending high school career workshops encouraging students to look at real estate as a possible major.
GB: What keeps you grounded?
Mario: Good salespeople tend to be high income earners because of the risk of working a commission-based job versus a salaried position - the higher the risk, the more reward. With this comes a lot of stress. To offset this, I'm very much into my health and charity work, primarily the autism organization R.E.A.C.H., of which I serve as president. Having a son who's autistic helps you keep life in perspective. You learn that small things really do count. Through my sport, which is triathlons, I'm always representing R.E.A.C.H., speaking about autism or raising funds and awareness. My other interest is spear fishing which is my ultimate passion. I have so many stories of survival, being attacked by sharks and barracudas, having boats sink in shark-infested waters and seeing death, being adrift at sea waiting to be rescued, yet it's what I love to do. Yoga and meditation also help with the day-to-day stress. Diet is such a big part of one's overall health. Currently I'm exploring the vegan diet and having special meals prepared for me. The interest is to lose weight, minimize medical needs and be around later in life to enjoy my grandchildren.
GB: How would you describe the ease of doing business in The Bahamas?
Mario: Doing business in The Bahamas can be both easy and challenging. The process of setting up a limited company and getting a business license is pretty straightforward. However, the process of securing a business loan or settling a matter in the courts can be a huge challenge. Better access to credit would advance entrepreneurship but it's also important for those wanting to go into business for themselves to understand the need for a proper business plan. I am concerned about current trends, that poverty is increasing, the middle class is shrinking and the very wealthy are accruing even more wealth. Any country with this model of social and economic imbalance sets itself up for instability and class tension. This is a cause for concern, but there are remedies if only we recognize that change is needed and opening up the avenues for business will pave the way to a better future for the country as a whole.
Click here to read more at The Nassau Guardian
