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“Remove market uncertainties”, Bertrand Martin (Casavo)

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With a fundraising of 400 million, Casavo, a platform specializing within the assured sale of actual property, has simply landed on the French market by shopping for Proprioo. Its managing director, Bertrand Martin, is the visitor of Mon Podcast Immo. Chosen excerpts.

My Realty Podcast: Introduce us to Casavo…

Bertrand Martin : Initially Italian, Casavo was created in 2017 by Giorgio Tinacci on the mannequin of ibuying, that’s to say the quick buy of products from people who want to promote. After Spain and Portugal, we arrive in France, on the power of a fundraising this summer time of 400 million euros meant to finance our progress in Europe and our financial mannequin based mostly on the assist of sellers. This fundraising additionally allowed us to purchase Proprioo in an effort to speed up our launch in France.

Bertrand Martin: Immediately, the extent of uncertainty in the actual property market could be very excessive – attrition charges, rising rates of interest, inflation. Therefore our need to reply to this uncertainty with our assured sale provide which permits the vendor to learn from the power to promote at the most effective value, by attaching to the mandate a purchase order provide whose sale value and date are predetermined. upon signing the mandate. No matter occurs, the vendor is aware of that he can promote his property to Casavo if, inside kind of 5 months of selling, he doesn’t discover a purchaser.

Mon Podcast Immo: What’s the low cost between the preliminary value and the value you assure after 5 months?

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Bertrand Martin : The target is to outline with the vendor the best market value which shall be based mostly on latest transactions and the experience of Proprioo brokers who know their sectors very effectively. Based mostly on this value, we are going to apply a small low cost on the acquisition value by Casavo, if any, of roughly 1% lower than the online vendor. Thus, if we take a market value of 100, with a 5% payment, we arrive at 95. The acquisition value by Casavo will due to this fact be 94.

Mon Podcast Immo: Is not it too dangerous to land in France on a market that’s at its highest?

Bertrand Martin: It’s tough to foretell what the state of the market shall be in 3, 6 or 12 months. The assured sale makes it attainable to get rid of this issue of uncertainty for the vendor. And it’s all of Casavo’s know-how to grasp this monetary engineering to manage the extent of danger so as to have the ability to relieve the vendor of it.

Mon Podcast Immo: In Italy, redemption is instantaneous. In France, the 5-month interval is due to this fact an preliminary evaluation of the chance that you’ve got recognized?

Bertrand Martin: Completely. In Italy as in Spain, the market could be very completely different. It is rather tough to promote in sure areas with delays generally 50% greater than these that may be present in France and plenty of properties require a variety of renovations. This explains why Casavo will instantly purchase a property at a essentially greater low cost.

Mon Podcast Immo: What are your growth goals in France?

Bertrand Martin: We’re beginning in Paris with after all the target of overlaying as many areas as attainable by counting on the presence of Proprioo in Ile-de-France, Marseille, Good, Nantes and Lyon. We’re aiming for 1% market share within the areas the place we’re beginning, i.e. the ninth, tenth, eleventh and twelfth arrondissements of Paris.

Mon Podcast Immo: Together with your fundraising of 400 million euros, how a lot do you assure to purchase again property?

Bertrand Martin: Already, 100 million are meant to finance analysis & growth, the expansion of groups, the acquisition of Proprioo. The opposite 300 million, which is debt, will probably be used to have the ability to purchase property in France, Italy, Spain or Portugal. A major half is meant for France exactly to ensure our skill, if essential, to purchase items to resell them.

Mon Podcast Immo: At Casavo, you apply 5% charges, which is about common. Is that this the top of recent cut-price companies?

Bertrand Martin: We’re certainly witnessing consolidation results, however I feel the mannequin is destined to proceed. As for Proprioo, the target is much less to chop costs however rather more to ensure a really excessive degree of service, with superb agent coaching. However, the mix of a assured sale provide with the companies of a brand new company like Proprioo meets the necessity for patrons and sellers to have an entry level with a number of choices for companies and gives.

Mon Podcast Immo is a each day and impartial podcast, produced by MySweetImmo.com. To assist him, subscribe and go away stars or feedback in your favourite podcast platform.

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