Giacomo Migni, a real estate consultant from the GE partner agency “Le Case Sul Lago”, is going to tell us about the sale of “Podere San Sebastiano”, signed in August, 9th and for which he dealt with the vendors.
I met the vendors about 4 years ago: they are two Bolivian sisters who lived in Italy for a very long time. They purchased “Podere San Sebastiano” during the ‘80s when they also had renovated it. For the first years, they used the property as their holiday home. Then, they turned it into a touristic accommodation.
When they gave me the assignment for sale of “Podere San Sebastiano”, the property was already on the market with at least three agencies. Indeed, the owners gave us a non-exclusive assignment for sale.
I think it is a very interesting property because of many reasons: first of all, the location (not too isolated but with great privacy). Then, the buildings themselves: a farmhouse, a guest house, a swimming pool, 17 ha of land a small lake (click here to discover the property). Finally, the final asking price.
Talking about that, I would like to underline that this price has been reached during the last periods of our cooperation only. In 2015, we advertised the property at € 980.000; after about a year and a half, we decided to decrease it at € 850.000. The final asking price was reached a year later: € 750.000.
After more than 50 property visits done with international clients and their consequent feedbacks, I was finally able to convince the vendors to decrease the property asking price. Indeed, everything brought us to the conclusion that the “non-sale” of the house was caused by the too high selling price.
I would like to underline that, thanks to the important partnerships net of GE, the so many property visits done are precisely the element that allows us to better understand the strength of our Group. By leveraging this strength, we were finally able to make the sellers understand that, often, the price they request is really too high.
I have to admit that this negotiation was not so easy: indeed, it included also a company-shares transferring. Moreover, another element of difficulty was also the distance: indeed, during the first period of the negotiation, the owner was abroad.
When we received the assignment for sale, we did a property due diligence too. For this reason, even if with some discrepancies, the urbanistic situation was immediately clear to us.
However, during the process, they decided on a company-shares transferring too. This modality includes a completely different approach and a different documentation need – something I had to trouble with, especially with regards to the financial statement of the company.
With the aim of a positive negotiation conclusion, this is a further confirmation of how important it is having a fair property price and all the documentation needed right from the first moment.
Giacomo Migni
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