KINGSTON, Jamaica – As the high demand for Jamaica’s real estate remains steady among the Jamaican diaspora, industry professionals are emphasising the need for them to procure the expertise of local real estate experts. This is especially important when purchasing property in Jamaica.
At a recent webinar organised and hosted by the JN Group, called Securing Your Piece of the Rock, experts shared key advice. They said buying or investing in property in Jamaica takes more than money. They added that a relationship-based approach works best. It should be supported by carefully chosen professionals. This can help you navigate the market and avoid costly mistakes.
“You need to have certain property professionals on your side,” shared Elizabeth Stair, real estate broker at JN Properties and former chief executive officer (CEO) of the National Land Agency (NLA). “I’d start off with the real estate agent and then I’d go to an attorney-at law, a commissioned land surveyor and probably a valuer, but there’s a whole series of professionals who can give you the advice to make sure you’re on the right track,” she added.
Choosing the Right Professionals
Echoing the point, Gabrielle Grant Gilpin-Hudson, president of the Realtors’ Association of Jamaica said, “we’re very sophisticated in Jamaica in terms of our real estate framework.” She stressed the importance of choosing the right professionals, particularly a realtor, early in the process. Furthermore, she explained that although many buyers may want to be “Google or AI warriors” and try to figure it out on their own, “the truth is to work with a realtor is free to you the purchaser because generally they are going to be paid from the selling commission at the end.”
She added that engaging multiple agents could also create challenges. This can affect the process of finding that ideal investment.
Pick A Good Realtor
“You should pick a good realtor and one that is familiar with the area you’re interested in,” she said. “You want to build a relationship and have some loyalty with a realtor professional who understands and really knows you so they can guide you because when you are going all over the place and speaking to multiple realtors, sometimes that muddies the water.”
Equally critical, she said is getting legal guidance from a competent attorney especially as “every property transaction is different in Jamaica.”
“The landscape, especially if you’re living overseas, you may not necessarily be familiar or au fait with and that attorney is going to hold your hand and make sure that the documentation is protecting your best interest, that everybody is licenced, regulated and registered. The title and all of that due diligence that goes into purchasing, your attorney also guides you through all of that.”
Home-buying Journey
Dwayne Berbick, assistant general manager, corporate affairs at the National Housing Trust (NHT), also cautioned that the home-buying journey should not be treated as a race. Instead, he encouraged prospective buyers to approach the process with patience. He advised them to “hire the competent professionals who are going to guide you and bring you from just a dream and a hope to actually having your keys.”
“It’s a journey,” he said. “You want to see the finish line. It’s a lot of paperwork, you’re tired of signing and all of that but don’t sprint it. Take time to go through the process as it is. We’re protecting your interest, so don’t try to cut the corners,” he added while also cautioning prospective buyers that “if it seems too good to be true, it probably is.”
Adding to the discussion, Karon Lewis, acting business relationship and sales manager at JN Bank, moderated the session. She said success in Jamaica’s property market depends on the right team. She added that buyers must stay actively involved throughout the process.
“It requires a team effort and as the purchaser, you are required to do your part because the professionals are doing theirs,” he said. “You need to do your research to find a competent realtor you’re comfortable with, an attorney and research also from the bank’s perspective in terms of requirements, as each institution has its own set of rules and you want to be guided by those as you move through the process,” he said.
11th Biennial Jamaica Diaspora Conference
The webinar, held on May 21, comes as the country prepares to welcome Jamaicans overseas. They will attend the 11th Biennial Jamaica Diaspora Conference. The conference is scheduled for June 14 to 18. It will be held at the Montego Bay Convention Centre in St James. In addition, JN Group is co-chairing the conference. JN Group has been a legacy sponsor since 2004.
The conference and webinar focus on research done earlier this year. The Ministry of Foreign Affairs and Foreign Trade carried out the research. It surveyed members of the Jamaican diaspora around the world. The session also drew Jamaicans from the United States, Canada, and the United Kingdom. It also drew people from the Caribbean and other diaspora communities. Many were looking to retire, relocate, or invest in Jamaica.
