Howard Johnson, President of the Jamaica Realtors Association addressing the audience at the launch of MLS.
Business Monday: Increase transparency in real estate sector
5/7/2012
By Nadia Brancker
PRESIDENT of the Jamaica Realtors Association, Howard Johnson, believes the Barbados Real Estate industry’s main challenge is that it needs to be properly regulated by the Government.
Johnson, who visited Barbados last week for the Barbados Estate Agents and Valuers Association Inc (BEAVA) launch of the Multiple Listing System (MLS), praised the efforts of BEAVA in leading the real estate industry in Barbados in becoming more transparent.
Speaking to Business Monday he added, “I applaud the efforts of BEAVA for organizing themselves in such a manner that rather than Government re-inventing the wheel they can adapt the model BEAVA has implemented and ensure their operations and manuals speak to the overall good of the country and once that is done they just need to implement that regulatory body”.
In Jamaica we have two regulatory bodies, what Barbados needs to have is an all in one scenario where BEAVA stands as a regulatory arm of the Government and also the association would recognize the professionalism of the industry”.
Johnson explained the impact of the MLS, “MLS creates more co-operation than competition, especially coming out of a recession you would want to collaborate with your colleagues to move the inventory that you have. Surely, Jamaica MLS has improved the real estate industry and has been successful.
Rather than competing and having properties sitting in your office six months are more, if you collaborate you can satisfy the needs of the home owners by disposing of that property quicker and at a higher price because you are doing your job properly from inception”.
Richard Sealy, Minister of Tourism in a brief statement at the official launch of the MLS added, “It will enhance the opportunities of the real estate agents by putting listings in pool and sharing resources and take the confusion out of the industry”.
“The efforts of BEAVA to step up and implement this tool will develop the entire profession by properly regulating the industry. In Barbados we still have a fairly loose arrangement in this industry and efforts like this are moving us in the direction to have this professionalism and to a more productive, efficient, professional and transparent”.
The Minister recognised the relationship between Tourism and real estate. He said, “Many visitors are interested in villas, condos etc. In essence as you step up it does a lot to enhance the destination and many repeat guests are interested in investing in real estate. However, other areas explored such as the free hold because we don’t want to sell it all off, therefore the push towards regulation and a more professional industry lead by BEAVA is timely and important”.
“MLS also helps to promote the destination to a wider market and the opportunities are definitely there and we have already started to work on the relationship with real estate and tourism as this is a component in the Tourism Master Plan because it is a part of our accommodation offerings,” he noted.
