Andrew James, CEO of A S James and Associates Limited, current chairman of the Real Estate Board and a former president of the Realtors Association of Jamaica, has introduced a platform for auctioning property in Jamaica, sharing with the Jamaica Observer that it was born out of pandemic conditions and has been getting more referrals from local banks.

The auctioneer said that properties for auction are now increasing, as while in 2020 most of the banks gave those who owed them moratorium, they are now seeking to recover what is owed. “We are seeing both more properties and more bidding,” he stated.

AS James & Associates Limited provides services in the area of sales and rentals, property management, valuation land surveying, auctioneering and Geographic Information Systems (GIS). James told the Business Observer that an online auction portal was added at AS James & Associates Ltd ( asjamesrealtors.com) because of the conditions caused by COVID-19.

He said, “We have always thought about having an online auction, but when the pandemic hit I was motivated to try an alternative. Persons no longer have to come to a physical place where you can stay anywhere in the world and buy one of these properties.”

Auctions are done on behalf of local banks. James explains, “We do auctions for local banks. When individuals owe money to the bank and seek to secure what is owed there is a process involved. A valuation is done and then we have a physical auction where bidders can come to the Kingston office.” If the property remains unsold in the physical auction, then those registered on the online platform can bid.

James commented, “Sometimes we start out with 18 properties and by the time it reaches online only there are only eights. People are clearing their arrears.”

Bidders must register on the platform, and provide a pre-approval letter which shows their ability to purchase the property. Registrants also need to submit identification and all other documents needed when buying property.

One properly registered client will be sent a ticket with a number.

James states, “Nobody will know you are buying. When the bid is made it is the number people will see.”

Bids below the property’s reserve price will not be accepted. The auctioneer explained, “ We have reserve prices that we can’t sell below. Once 12 noon comes and the bid is above the reserve price, you will have won.”

Depositors have 24 hours in which to make a deposit on the property and to lodge all other required documents. The site which was launched in 2020 has seen activity from all over the globe, with James stating that it has permitted non-Jamaicans to buy local property, especially from Canada and the United States.

“We have seen an increase in the number of bidders because clients include overseas,” James said.

He said that the auction is held with proper precautions, with suspicious bids removed. No ticket is issued without the pre-approval letter.