If you are thinking of starting a real estate career in Jamaica, you need to understand that this is different from regular 9 to 5 jobs. To be successful, you need to generate good leads, which will provide you with paying clients. During your interview with any of the top Jamaican companies, it is a must to be asked about your sphere of influence (SOI) or pipeline. Basically this means the leads you currently have, for example if you wanted to focus on commercial properties in New Kingston you would need to have strong connections to generate good leads.
The New Kingston area of this city is considered the commercial capital and is home to virtually every business, hotel, top-notch restaurant, foreign embassy, apartment, bank and more. So you immediately know that the competition would be strong in this location and will require you to work harder to get paid.
If your sphere of influence is empty and you can’t get properties to sell or maybe get investors to rent or buy, then you definitely can’t generate a solid income. A real estate agent lives off the commissions they earn from rentals, sales, or referrals, so basically no client equals zero dollars. The real estate market in Jamaica is currently experiencing a recession, with high interest rates and fewer people able to purchase property.
So it may not be a good time to enter this field, especially if you’re not equipped with some serious sales skill, some good leads, and a lot of patience. It can be quite difficult to break into this market, particularly in the Kingston and St Andrew areas. This is where you’ll find most of Jamaica’s real estate agents and brokers, so it wouldn’t be an easy playing field.
However, if you really want to give it a try, go ahead as the market is likely to pick up in the next few years. The best way to do this is to start as a part-time agent and have a job that can provide some additional side income. But, as soon as you get started, you need to start collecting leads and learning as much as you can about this business so you’ll be ready when the market picks up momentum.
You can get leads from different mediums and not just from people in your immediate circle. Good leads can come from emails, newsletters, flyers, newspaper ads, referrals from previous coworkers, dinner parties, grocery shopping, or just about anywhere. The possibilities exist, sometimes they can go unnoticed, but if you are proactive and eager to work, it will happen sooner than you think.
One of the best places to look is in the real estate classifieds featured in the Sunday Gleaner. Most of the time, people trying to sell on their own will appreciate the help and you might get 2-3 new customers every week. Keep in mind that some are up to date with market events and will prefer to sell on their own or simply to avoid paying commissions.
You’re more likely to encounter this resistance for high-end properties, such as a prime north shore oceanfront lot that’s suitable for resort development. But, the bottom line is that they may not be knowledgeable with the entire sales process and you may be able to convince them to give you the listing. Good luck!