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July 19, 2024
PI Global Investments

Investing in Real Estate from Overseas? Consider a Property Manager

JN Properties’ General Manager, Lieutenant Colonel (Retired) Garfield Sean Prendergast is encouraging Jamaicans living overseas who are interested in taking advantage of the current real estate boom in Jamaica to consider hiring a property management company to protect their investment.

Property management companies are entities that oversee residential, commercial, or industrial real estate. They are responsible for the ongoing maintenance, security, and upkeep of properties and usually work with owners to preserve and improve the value of the properties while generating revenue.

JN Properties is licenced and registered with the Real Estate Board of Jamaica to provide these services, in addition to real estate purchases/sales and rentals/leases on behalf of clients and customers.

Lt Col (r) Prendergast explained that by employing property managers, Jamaicans overseas save themselves the hassle of making multiple trips to Jamaica and other challenges that may arise from overseeing their investment.

“The benefit of engaging JN Properties as property managers, is that we are and part of the JN Group and come with the professionalism for which JN is known.  We are very proactive in making sure you get the best advice and service and are updated on the performance of your properties.  Engaging a property manager, such as JN Properties would take much of the risk away and ensure that services and projects are done on time and within budget.”

“We have all heard horror stories of individuals living overseas who send money to relatives and friends in Jamaica to build or renovate houses and it doesn’t go as well as they had hoped for various reasons,” Lt Col (r) Prendergast told the UK-based audience. “This (having a property manager) would certainly take away the headaches an investor would have in acquiring or managing any property in Jamaica.”

Lt Col (r) Prendergast was speaking during the JN Properties Webinar titled, Jamaica Property Boom: Innovations, Regulations and Opportunities, on June 6. The event provided information onthe ins and outs of the Jamaican real estate sector, and outlined the benefits of employing property managers to protect investments.

The general manager emphasised that another benefit of hiring property management services was that they are able to manage projects whether they are new construction or renovations.

“The property manager, who would be operating as a project manager in this instance, would find the right professionals, such as the contractors and architects, to undertake to project,” he explained. “We would get the agreements for the necessary scope, timelines and cost of the work before it begins and also get the necessary approvals from the local authorities to make sure that the costs are fully identified and planned for before we start.”

“We also ensure that we have very strict contracts that we use to ensure that there are milestones that must be met before contractors are paid, and penalties that are applied if the project goes beyond the deadline or over budget. It is all designed to ensure that our clients get the best value for money,” he added.

Pointing out that several Jamaicans overseas often opt to construct homes instead purchasing pre-constructed homes, Earl Samuels, Assistant General Manager and Chief Development Financing Officer, The Jamaica National Group, who was keynote speaker, advised that when it comes to real estate investment, building on own land offered exciting prospects. But, he urged persons to engage the services of “competent professionals” to avoid challenges.

“If we engage the services of competent professionals along the way and don’t try to do it by ourselves we can be guided to overcome and easily deal with some of these challenges. If you are not living in Jamaica, investing and managing real estate while abroad can sometimes be stressful. But, having a property manager such as JN Properties can make it stress free because they can do all the work for you and save you money in the process,” he informed.

He cautioned that when conducting construction projects, “unexpected delays can test your patience.”

He said it is wise to have all permits in place prior to commencing the project to mitigate risks such as legal, financial, environmental or physical challenges that may impact project timelines, and an independent project manager is best positioned to help. 

“These delays can be similar to what was experienced recently with the supply chain problem caused by the pandemic because a lot of the inputs for the construction sector is imported,” he outlined. “There can be delays and you need to plan with that in mind,” he added.

“Our property managers at JN Properties can do all the work for you and save you money in the process.”

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