The number of people interested in a real estate career in Jamaica is booming right along with the sector; so over the last few years the Real Estate Training Institute (RETI) has seen a significant increase in enrolment for its courses. RETI, which falls under the Real Estate Board, certifies industry practitioners.

“Prior to 2020, on average, we were training 500 to 600 individuals per year with eight pre-licensing courses and one dealers’ course every other year. Since 2021 we have seen our numbers increase to about 700 to 750 persons annually,” RETI Principal Dr Tina Beale told the
Jamaica Observer.

“On average, we would have about 30 to 35 persons come to do each dealers’ course. But the last offering — which was in 2022 — we had 73 persons who did that course. And we currently have persons who have been calling, waiting on us to open applications for the dealers’ courses, which we are going to do by the end of [January],” she added.

She views this spike in the number of people who want to move up from being real estate salesmen to dealers as an indication that the local market is not only growing but becoming more layered. As companies add more branches, they need more dealers that are qualifying directors who can supervise their growing sales teams.

“If you look at what’s happening in the real estate market, you’d realise that today we have more large firms with different corporate structures and franchises coming into the market. If it is you have larger companies, more complex corporate structures, more franchises, then you’re going to need more people operating as qualifying directors,” explained Beale.

She said the majority, about 70 per cent, of professionals operating within the sector are locals. It is expected that interest will not wane any time soon. In a recent release, RE/MAX Elite Realty projected that the real estate market would reach a value of US$93.95 billion this year. Residential real estate is expected to account for the bulk of that, with a projected market volume of US$76.73 billion. Predictions are for four per cent annual growth, resulting in a market volume of US$109.90 billion by 2028.

Beale is convinced that there are still many career opportunities in real estate.

“We see numerous developments all across Jamaica. It now becomes an opportune time for us to delve into real estate finance, real estate development as niche areas of real estate,” she said.

“Because, if you’re looking at real estate finance, you’re basically looking at how it is that assets or investment options that are linked to real estate — or backed by real estate — are performing. And it’s something that persons who are interested in business, or finance, accounting, or even economics that would want to get into the real estate sector can pursue,” she added.

She also pointed to the need to identify careers that can be pursued when the market is not as vibrant as it is now.

“One of the things that readily come to mind is valuations and appraisals. Because, even if it is that the market isn’t doing so well, persons will still need an appraisal — even if it is going to be for the unfortunate incident of foreclosures or properties have to be auctioned, etc,” she said.

“So, I think we — including Real Estate Board, of course — need to be in a position where whether the market is buoyant or not, as persons in the industry, you can still survive and thrive,” she added.

Beale joined RETI in 2023 and the institute restructured its programme offerings last July. Options to pursue under its pre-licensing dealers course include real estate agency — which encompasses sales, leases, rentals, auctioneering — appraisals or property management.

The pre-licensing salesman course is a stepping stone to the dealers’ course, and with hundreds of certifications being completed each year, it may appear that the market is saturated. However, Beale explained that not everyone immediately gets licensed after certification as a salesman.

“About 20 per cent to 25 per cent of those who come and do the course actually go through with getting the licence after passing the exam,” she revealed.

She attributed this to the time it takes to get through steps needed for licensing: getting a police record and proof that you have never filed for bankruptcy.

Beale said the other 80 per cent who have successfully completed certification typically try to become licensed before the law says they have to do a refresher course. That kicks in three years after certification if no licence is obtained.

For anyone considering a career in real estate, the RETI principal urges a long-term view. Even before enrolling in a course, Beale stressed the need to understand the industry and be clear on the role you want to play.

“I would also tell persons to think and structure their lives ahead. So even if you’re starting out as a salesman, think of yourself — whether it’s in two years, three years, four years’ time — as somebody who would want to be a real estate dealer. And think about what are the steps that you will need to take to get to that point. We have a competency framework on dealership, which basically sets out and tells you what are the skills you need to have for each area of real estate business, in order for you to get a dealer’s licence,” she said.

“The real estate market can be quite dynamic. So the best thing that you can do for yourself is to ensure that you’re equipped with as much knowledge as you can have, before starting that process. At the Real Estate Board, what we’re trying to do, we’re trying to make the process more clear. So that anybody who wants to come in can come in, essentially,” she told the
Sunday Observer.