Peter Dupuch is the president of ERA. Buying and selling property for more than 20 years, he is a former director of the Bahamas Real Estate Association and holds the elite distinction of Certified International Property Specialist. Peter is also a commercial pilot and once worked for Bahamasair.
Guardian Business: What is the biggest challenge facing your business or sector? What measures need to be taken in The Bahamas to solve it?
Peter: The two biggest challenges that I have in my business:
1. Maintaining and managing our website and keeping it competitive in the search engines. It's a never-ending effort. I told somebody the other day, "I remember when I used to sell real estate. Now I do websites."
2. The increased government stamp tax. It's prohibitive to investment and commerce and it's unfair to the lowest income sector. Their stamp tax was doubled from 2 percent to 4 percent overnight for property under $25,000. Facts show that it's stifling the real estate market. Moreover, property tax rates are astronomical and modes of valuation seem random and antiquated.
We should be trying to stimulate a lagging economy (especially in the Family Islands) by facilitating the purchase of residential single-family properties. Instead we double the tax rates of those who can least afford it.
GB: How has your business or sector changed since the financial crisis?
Peter: The real estate business was one of the hardest hit by the financial crisis worldwide, but luckily we weren't hit as hard as our colleagues in other parts of the globe. Because our banks lent money more conservatively than abroad, we didn't have a complete real estate collapse. But we suffered because the foreign markets suffered, especially the U.S. market. But I feel blessed. My business has remained strong throughout the years.
GB: Can you describe a life experience that changed how you approach your work today?
Peter: Learning to fly 31 years ago changed my life forever. As a kid I dreamed of flying, but was scared to death of getting in a plane. On my first introductory flight in a little sardine can with wings, I was so scared. I reconciled with myself that I was going to die and I just accepted it. I've never looked back since that day.
I went from a first time pilot to a commercial pilot in seven months and eventually was hired by Bahamasair and flew their B737s. I still fly today and feel as comfortable in a plane as I do on my couch.
Flying has taught me to take calculated risks, set goals, to not be distracted by things I can't control, but to be competent and knowledgeable about the things I can control. It's taught me to concentrate, to prioritize and to take life head on. Learning to fly gave me the confidence to do anything I put my mind to.
GB: What are you currently reading?
Peter: I read a lot. Right now I'm just finishing "Pillars of the Earth" by Ken Follett. I read more fiction than non-fiction. But, I like non-fiction that relates to business. One such books I read recently was "Steve Jobs", the biography. He was driven! Was he a good boss? I wouldn't have wanted to work for him. But he was the most successful businessman in history - and against immeasurable odds. He was confident, competent and knew everything about his industry.
GB: Has the high cost of energy hurt your business? What solutions have you initiated or considered to combat it?
Peter: No, the high cost of energy hasn't hurt my business as much as other factors. Luckily we are a small footprint and don't burn a lot of energy. But I'm an impulsive light extinguisher. I'm famous for plunging our lunch room into darkness not realizing that people are eating in there.
GB: What makes a great boss? What makes a bad boss?
Peter: A good boss listens. I am guilty of being hard headed when I feel sure about something, but a good boss cares about his employees and tries to make the workplace a fun, fair, and happy environment. Most of my workmates went to school with me and we are lifelong friends. We're a team. Like family. We talk openly; we argue passionately. We have fun. But we work hard. We work together and we look out for each other. Our weekly sales meetings are loud and emotional but we're always laughing. I'm not saying I'm a good boss, but my team stands beside me.
GB: If you could change one thing concerning business in The Bahamas, what would it be?
Peter: I've never done business anywhere else so I don't have anything to compare it to. But, in my sector, I'd like to see better access to complete and accurate public and historical records through online computerization. Business license, drivers license, property tax records and payments, maps, plot plans, chain of title, national insurance etc. should all be available online. I want to be able to see everything from my desk without having to drive anywhere in my car. To research something in The Bahamas takes a team of people running all over the place sifting through volumes of paper records at multiple government departments. People want information "at the speed of light", as Bill Gates says, but we're still writing out car licenses by hand. Thousands of man-hours wasted standing in line.
GB: What keeps you grounded?
Peter: My wife. Who else? And my children, who are three, five and seven. I feel I have a responsibility to protect them and provide them with the best I can give. That's not easy in the world today. It's a very daunting task. But it keeps me grounded. I need things to keep me grounded though.
GB: Do you have any major interests other than work?
Peter: I love playing music on the piano and guitar. I've recently been teaching myself the drums and bass but I'm not there yet. I don't read music well and that's another of my goals but I'm impatient and always throw the book down and just play from my head. I also enjoy tennis, flying and boating.
GB: What should young businesses keep in mind in this current economic climate to survive?
Peter: Cut unnecessary costs and spend money wisely. Save for the rainy day and be prudent at any outlay of cash. I always ask myself - If we spend this dollar, what will we get back for it and when will we get it back? If I can't answer that question, then I don't spend it.
I probably get 50 emails and requests per day from people trying to sell me something that I don't need. It becomes overwhelming. So you have to pick and choose and be wise in your decisions when it comes to capital outlay.
GB: How would you describe or classify the ease of doing business in The Bahamas?
Peter: Well, I am a Bahamian and I'm used to doing business here. I've lived here all my life. I love it because I know everybody and everybody knows me. In larger countries, you're just a number - another salmon trying to swim upstream. We have our challenges with inefficiency and red tape in The Bahamas but I feel we have more personal and lasting relationships between colleagues. I like walking into a business where I know the owner or manager or employee. We have big city problems here in Nassau but there is still a certain small town feel to doing business. I like that a lot.
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