The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A former Bahamas Real Estate Association (BREA) president yesterday suggested other colleagues follow his lead and seek appropriate merger partners, adding that he was seeking a market share “as large as we can get”.

William Wong, speaking to Tribune Business following the merger of his business with Chris Darville’s to create Darville-Wong Realty, said such a move was an antidote to “a shrinking market” where all players were “running after the same client”.

Confirming that the two had been discussing a potential business merger for five years before consummating the deal on February 1, Mr Wong said: “We’re both getting older, and it’s nice to have a broker in the office, so when one partner is out of the office, the other is here.

“There’s a great deal of trust between us; we’ve known each other for a long time. We went to school together, and I articled under him. He knows how I work, I know how he works, and that’s a great basis for a partnership.

“This firm can grow a lot faster, will have more resources and more ideas that are batted back and forth. It’s a plus, plus, plus,” he added.

“We share revenue and will grow from them. Our partnership is growing very well already, there is a lot more energy in the business, and it’s motivated me to work a lot harder.”

Darville-Wong Realty will be staffed by 12 agents and two brokers, with the two partners believing there is strength in numbers. It allows them to combine contacts, listings, expertise and a variety of resources.

Mr Wong yesterday said professionals in other sectors, such as accountants and architects, should follow their lead and consider mergers, or partnerships.

He added that too many Bahamas-based professional companies were “splitting hairs” trying to increase their business in a shrinking market, and effectively “trying to cut each other’s throat” in a bid to gain extra share.

Asked how much market share Darville-Wong Realty is bidding to snatch, Mr Wong replied: “As much as we can get.

“We’re trying our best to be a good company, a respectful one and hopefully we will get our share of business.”

“I think my reason [for the merger] is economics and the way I travel today,” said Mr Darville.

“In this business most agencies have basically the same listings, and we just find ourselves with the combined businesses, we bring synergies together and economically it made more sense,” added Wong.

“We’re quite optimistic that with the combined synergies and the staff and our advertising, I think we could enjoy a good share of the market.

“I’d like to see us target more of the commercial properties in New Providence, and also expand our wings more in the Family islands.

“There seems to be an increasing demand for properties in the Family Islands, and also we’re going to have one of the best registers for rentals in New Providence.”

Darville- Wong Realty will offer property management in its services, along with appraisals and sales.

“We will become a one-stop shop. In addition to that, we have a mortgage broker on staff that can pre-qualify and secure financing for potential clients. So you don’t have to go any place else,” said Mr Wong.