The second part of the interview with “Il Colle Degli Arcieri” ex-owner: Mr Paduano’s opinions about The Best Price system, the cooperation with Great Estate and Stefano Petri and the beautiful relationship with the current owners of the farmhouse.
For the estimate of your property, our CEO used The Best Price system. In the beginning, what did you think about it? Given that the property’s final price turned out to be exactly the same as suggested by this first estimate, which is now – a year later – your opinions about it?
In the beginning, when we met Stefano Petri and GE, they created a very detailed estimate of the house. The Best Price system identified the real market value of my property. Maybe it could have been higher but, in a so particular market situation, Stefano’s estimate identified the exact price at which we finally sold our property. So, fundamentally, it was a fair property estimate.
This result – which is probably the consequence of the research and investments aimed at the estimate systems – is something I have to give Stefano the credit for and that brought us an easy negotiation. In the end, we realized that a possible and further price decrease, as well as the current general situation of the market, were suggesting us to sell “Il Colle Degli Arcieri” at a value that, even if lower than our first expectations, was a very fair goal.
Despite the final possible success or failure – something very difficult to do in this case because of the connection between the market values and the concrete sales done –, I think that the value highlighted by The Best Price was the closest to the reality we had ever received.
During the “scientific” identification of the sale price of a property, it objectively represents a valid support for both Stefano Petri and his Group. Indeed, as I said, this tool is able to convince the vendors about the validity of the GE proposals.
I consider The Best Price a very interesting a precious tool: a device aimed to create a way to convince the vendors and, for this reason, a very effective marketing tool for the entire agency.
Those elements produce both a higher volume of concrete sales and something like a guidebook towards the sale values as well.
We know that the negotiation included also a company shares transfer. So, from the very first moment, Stefano Petri told you about the possible complications you could have had to face. What is your opinion about the consultancy you received by the Group during the whole process?
Yes, the sale included all the shares of the real estate company that owned the farmhouse. We had both to estimate the property and create a company due diligence. This complex process brought also several difficulties to face.
Luckily, we found some speakers – the buyers – able to understand the value of this sale without focusing just on the complexity of the analysis itself. Indeed, they are some highly educated people with very important jobs: they were not frightened by this negotiation. Probably, it would have been very different with other buyers.
Surely, Stefano Petri and Great Estate created a very detailed technical and economic report of the company. Moreover, they supported the buyers during the estimates: they were able to make them understand the Italian evaluation system. This had surely simplified the sale.
So, all my congratulations to Stefano Petri and his staff. They created some very good bases for the company share transferring. As already said, this is something a little more complex than the “simple” sale of a house.
At the moment of the property acquisition, Stefano Petri asked you for property due diligence. What do you think about it? Moreover, we know that the buyers did it too. From these reports, some discrepancies had emerged. Do you think that, if done before, property due diligence may have simplified this negotiation?
Personally, I think that it depends a lot on the vendors’ situation: if it is easy for them to create a property due diligence if they can afford it, etc. In our case, if we had created due diligence before, it probably would have allowed us to save some costs. However, the fact of paying that money before or after was not so different. Maybe we could have entered the property into the market while aware of some small discrepancies, but they were almost irrelevant if compared to the whole operation.
We knew everything about the situation of the property because I had personally dealt with it. However, I did not know that the Architect missed some small details. I think this is something arrangeable, both before and after the assignment of the work itself. It has been solved after, but it could have surely been done before.
How would you comment on the months between the negotiation starting and the sale closing? During this period, have you always felt the presence of the agency?
To be honest, we have always felt supported by Stefano Petri: his work was really perfect. Moreover, we have also created a very good personal relationship with each other.
The buyers were managed by Fabio Lima Battistini, a “Via Dei Colli Immobiliare” – a GE partner agency – real estate consultant. What do you think about him?
He was amazing: as Stefano, he created a very good relationship with us. He also perfectly managed the buyers.
So, we have to congratulate him too: he was very professional, kind and able to manage different aspects, creating the right premises for the final purchase.
Talking now about the buyers, what do you think about them?
We are friends: some very exigent but open, polite and professional people. To us, this was something clear right from the beginning: it was easy to get in harmony with them. They have a very large family, 7 children.
When they came to visit the house for the last time, we organized a king of open day with a small party in there. The whole family was present. It was a very beautiful day, during which we offered both the ping-pong table and swimming pool to their children. Everybody had the possibility to do a 360° visit to the property: they could enjoy every detail of it as if it was already theirs. So, a very pleasant day at the end of which they also tasted our products and were able to appreciate the beauty of the landscape around them.
We are always in contact with the buyers. This is also because I am still the Property Manager of the building. I personally dealt with the transfer of every contract. Currently, I manage the cleaning, gardening, swimming pool cleaning and all the contacts with the surveyor dealing with the small maintenance works needed.
However, our families have also remained in contact because of our friendship. Last month, they were back to the farmhouse so, together, we organized a dinner in a traditional Umbrian restaurant. I am very pleased about that: obviously, the knowledge of the people goes over the sale of the property itself.
Our Group took less than a year to identify the right client for your property: a US couple. Mr. Francesco, according to your CEO experience, what do you think about the result achieved? What do you think about the GE general organization? Do you think is there something to improve?
The achieving of this kind of result is very laudable, and I have to give Stefano Petri this credit for: the approach he has towards the vendors, the relationships and the way he has to convince them about his estimates and tools, to his ability to communicate them all those experiences that, after all, are precisely what convinces a person about the prices he proposes.
Professionally and commercially speaking, I think that Stefano is a very valid person and I believe that his professionalism has been rewarded! Moreover, he has always had a very funny approach towards us, becoming so a real friend.
Talking now about the considerations based on my professional experiences, I think that the closing of the sale of my farmhouse in just a year frame is to be considered related to the price with which GE advertised it.
Moreover, it must be also underlined another important aspect of GE: its marketing and connections quantity among the highest international luxury estates market targets.
So… many connections and a fair price, but without ever neglecting the human aspect that, as Stefano knows, I deeply appreciated.
To conclude, at the end of this experience, are you satisfied with the consultancy that our Group and Stefano Petri had offered you?
We are really satisfied with Great Estate. In particular, I am very happy about Stefano’s work and glad to have found a new friend in him.
Francesco Paduano
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