MASSIVE projects, such as a US$350-million development under way in Montego Bay, are just the tip of the iceberg when it comes to what’s ahead for Jamaica’s real estate sector, according to country manager/director of growth and expansion at RE/MAX Jamaica, O’neil Kirlew.

“The Pinnacle is just a taste of what’s to come. The amount of approvals that are there already — for not just the high-rises in Kingston, but right across the country — is staggering. And you’re seeing now quality investment,” he told the Jamaica Observer.

“Money is moving across the world and it just so happens that we’re getting a taste of it — and I do believe the taste is going to be a spoonful pretty soon. The hoteliers already had the concept, and we have seen that evolve over the years. Now what you’re seeing is more private and commercial investment in luxury properties and commercial real estate,” Kirlew added.

In his view, there is no danger of the boom screeching to a halt anytime soon; there will just be a shift in focus. Even if there is a slowdown in apartments and townhouses, which he does not foresee, he thinks the market will simply pivot.

“These guys are ‘segueing’ into commercial [real estate] to support the housing. And then when you look at the vast amount of land we have, going any direction from Kingston, all that is happening is that there’s movement within the location — but certainly it’s not that there is any indication that there is going to be a slowdown in the construction sector,” said Kirlew who has decades of experience in the business of building material sales.

“The truth is that policy direction from successive governments has been helping this process so what we’re seeing now is not by chance. We have seen the policy direction where infrastructure is concerned, and wherever you see infrastructure going up it’s usually followed by development — private and public — and you’re gonna see more of that. You’re going to see bigger and more massive projects,” he predicted.

In April last year Kirlew became RE/MAX Jamaica’s point man for its ongoing expansion. Confident that Jamaica is perfectly poised to welcome Jamaican investors/clients living in and outside the country, as well as a healthy dose of interest from other nationalities, he is just hoping the local real estate sector’s supply of skilled labour will be able to keep up. Referencing the ongoing debate about the need to import workers in the construction industry, he said there are similar concerns in real estate.

“The same gaps are emerging in the real estate field where you find that some of these professionals that are needed, as we expand our reach and our quantity and our quality of construction, that they’re just not in place,” he said.

In response, RE/MAX has rolled out scholarships for its employees and their children who want a career in real estate, and what makes this even more attractive is that the qualifications obtained are transferable beyond Jamaica’s borders.

But for now Kirlew is hoping the courses will provide the local industry with a steady stream of professionals in areas that may not come readily to mind when one thinks of real estate. Classes are offered by University of the Commonwealth Caribbean, whose group investment subsidiary, Spectrum Capital Partners St Lucia Limited acquired RE/MAX Elite in 2021.

“Yes, we’re getting now a lot more real estate salesmen trained but it’s going to need to be supported. You still need people in the finance side of things; you need property managers; you need people who understand auctioning, for example, and the nuances behind that. And it takes going to school to train [for these things],” he stressed.

For companies like RE/MAX, which is opening up a slew of offices across Jamaica, they need everything from sales agents to tech support.

“You can’t have sales agents without the proper back office support… We need data compliance people, we need what you call agent support. It’s not just customer service; it means you’re someone trained in the area of real estate to support the business of running a real estate [office]. You’ll probably need sales managers to man the process,” Kirlew said when asked about current job opportunities at his firm.

He added that there is also a need for more brokers, who play the role of gatekeepers and ensure that industry regulations are followed.

Looking further ahead, when RE/MAX eventually launches its much-talked about IPO, additional skill sets will be needed.

“That will include analysts — people with different levels of banking and finance-related skill sets that would be brought to bear — so that is probably how it will play out in the near future,” said Kirlew.

“As we grow we think we will pull up the market with us. At the end of the day it’s not just about RE/MAX; it’s about the industry and ensuring that there’s sustainability,” he said.