Sale Process of Building

2021-05-13 22:21:35
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Pmd is a certified real estate agency that is based in Glyfada, Athens in Greece. The company has a dedicated and professional staff that offers sale, acquisition and rental services that mirror the interest of their clients. The case study below illustrates Pmds sale process of a building which is located on 40 Grigoriou Lambrakis Street by illustrating the steps involved.

Procedure

Step 1: Gaining Exclusivity

The property marketing team prepared a listing presentation that included the proposed marketing price of the property. This was aimed at getting an exclusivity from the seller. The price was based on other similar properties that had been sold in the area and the Pmd Real estate marketing plan both locally and internationally. The team then presented the terms of exclusivity in real estate mandate to the owner of the property at the Pmd offices. The property owner was also offered the details regarding the follow-up procedures of the selling process. Finally, the team consented to offer additional services to the owner. The services included legal and technical check services for the company.

Step 2: Acknowledgment

Once the presentation was complete, the company was contacted by the owner of the property, granting the company a three months exclusivity to sell the property. This was contingent on the performance of the property, after which the company could extend the exclusivity. A 1,350,000 Euros starting price was mutually agreed on by both the company and the owner, with the expectation that it would close at 1,150,000 Euros.

Step 3: Marketing Plan

As the team prepared the marketing plan for the property, the company employed the services of a civil engineer who checked the property and provided a comprehensive technical report of the property. This was conducted concurrently with the legal inspection of the property that was conducted by a lawyer also assigned by the company. The marketing plan employed the following marketing channels:

Online Marketing

Primarily, Pmd proposed the property to potential buyers through its website and also marketed it through social media as well as real estate portals.

Local Marketing

This involved the distribution of leaflets containing the properties detail to the neighboring property owners as well as an advertisement in the local newspapers.

In-House Marketing

This involved a presentation of the propertys details to the existing company clients through the companys client database.

Sales Team Representatives

An incentive was offered to the sales team to find potential buyers provided they met the three-month deadline.

Step 4: Sale of the property

The company received an offer for the property after three months from an existing client for the company. The negotiations resolved at an agreed closing price of 1,150,000 Euros, down from 1,350,000 starting price. This agreement meant that the owner of the property met his goal of liquidating his assets at the initially pre-determined price. The investor acquired a freestanding building that guaranteed a gain in value in the long run.

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