How to start a Successful Real Estate Business in Jamaica?PHCS
How to start a Successful Real Estate Business in Jamaica?
Starting a real estate business in Jamaica can be one of the most lucrative and profitable business ventures anyone can ever do.
Jamaica is one of the most favourable places in the Caribbean you can start a real estate business.
The real estate market is now booming in the Caribbean and the Jamaican market provides a perfect opportunity to have a share of the market profit.
The good news is that there are very few players in the real estate business in Jamaica. Another major advantage of starting a real estate business in Jamaica is that you don’t need to have a university degree.
With the steps provided here, anyone with great zeal and ambition can start a real business in Jamaica.
Types of Real estate business in Jamaica
There are basically, 4 types of real estate businesses you can start in Jamaica today.
a). Land flipping
This is the buying of landed property from owners at a cheaper price and selling to a potential customer at a higher price.
b). Residential real estate business
This is the construction of houses such as studios, villas, apartments etc by landlords and landladies or an organisation and renting them out to the public at a specific monthly payment (House rent).
This form of real estate is more profitable in populated cities in Jamaica such as Kingston, Spanish Town and Portmore.
c). Commercial real estate
This form of real estate business involves the construction and renting of hotels, office spaces, retail shops, car parks, gas stations etc.
Similar to residential real estate, commercial real estate is also more profitable in big cities with high populations. It’s also often carried out by an individual or group of persons or an enterprise.
d). Industrial real estate
Industrial real estate in Jamaica content refers to all lands and buildings whose purpose is for industrial activities such as production, manufacturing, storage facilities, distribution centres or research centres. Industrial real estate is often carried out by government or private enterprises.
Steps were taken to start a real estate business in Jamaica
The steps provided here would guide you on how to start a real estate business in Jamaica. These steps would apply to individuals (real estate agents) who link potential customers to property owners and earn a reward for each successful transaction.
You don’t need a degree to operate this form of business. The most important skills you need are negotiation and deal-making abilities along with good social media handling.
1). Carry out a feasibility study
The first step to take before you start a real estate business in Jamaica is to conduct a feasibility study about the real estate business in your area. Find out what type of real estate business is operational in your area, which is absent. Find out which is more profitable and which type of real estate would you do better if you start now.
2). Choose a niche within the real estate
After conducting your feasibility studies on the type of real estate business, the next step is to decide on which you will start. Will you do land-flipping real estate?
Or will you link landowners to potential buyers? Or do you want to link tenants to landlords and ladies?
Or do you want to link tourists in need of guest houses to hotels and property owners?
Or you may want to be a jack of all trades, linking land owners to potential buyers and same time linking tenants to landlords.
It, however, is advisable to specialize in one form of real estate venture.
3). Choose the best location
Location is everything when it comes towards starting and operating any real estate business. Choose the right location for your business. If, you decided to have an office space, make sure your business is located near the road, so that potential customers can easily locate you at all times.
When it comes towards starting a real estate business in Jamaica, certain towns and cities are more favourable to operate in. They include:
Kingston, Spanish Town, Portmore, Montego Bay, Mandeville, May Pen, Old Harbour, Linstead and Half Way Tree.
4). Study your competitors
No one starts a business without knowing who their rival or competitors are. This also applies to the real estate business.
Study all your competitors, learn what they do best that attracts them, and customers, and learn what they perform poorly so that you improve it in your real estate venture. Find out how much they charge for a particular service.
5). Choose a great business name
Choose the right business name for your real estate business. Let your business name be unique and one that can easily be remembered by everyone. There are many ways you can name your real estate business. You can name it by type or form of real estate you are operating.
For example, if you are into the residential real; estate, you can name your business after your name and attach the type of real estate business you want to operate. Examples can be Femi Rental Services, Femi Housing Services, Femi Real Estate, Femi Residential Real Estate etc.
If your real estate business is location specific, you can name it by adding the location of the city or town where you live. An example can be Montego Bay residential real estate, Mandeville Housing service, Old Harbour Commercial Real Estate Ltd. etc.
6). License your real estate business
If you want to increase trust in your business, you will need to register and license your business. If, at the start, you wish to remain solely online, then, you might not need to worry much about this step.
Otherwise, if you have an office space, you must register your real estate enterprise. If you don/t know how to go about the registration process, you can contact a lawyer to help you with the process.
7). Build a great team
Build a great team for your real estate business. Have a team on the ground that is active. If, you are planning to start a residential real estate business (linking tenants to landlords and landladies), you will need to have a team that takes pictures of the house (Studio, apartment, villas etc.) that will enable you to publish online on social media or website.
If you are based in Old Harbour but your business extends to Kingston, then you will need to have a team member active on the ground in Kingston that would help link customers to property owners.
This, build a great team, that will help you to scale your business and is not limited to one location.
8). Build a website
To reach everyone in Jamaica and out of Jamaica, you will need to have a website for your real estate business. If you have no money to build a website, create a social media page on Facebook. With time, you can establish a website.
A website builds trust and allows you to reach many people. Almost everyone today uses a mobile phone and thus conducts an internet search for almost everything they need. Build a great website and promote it to get to all potential customers.
9). Promote your business
The last step towards starting a real estate business is to learn to regularly promote your business. Promote it using local newspapers, using social media, ads, stickers and flyers etc.
Promoting your real estate business will give you an upper hand over your competitors who are not promoting their businesses.
Right now is the best time to start a real estate business in Jamaica. The market is very fertile and there are very few players in this business venture.
The high number of tourists in the Caribbean islands and Jamaica has made the real estate business on high rise.
Choose the type of real estate business that you understand. Build a solid team and get an online presence to help you promote and market your real estate business.
If, you have any questions or suggestions, please feel free to share them with us in the comment section below.