Posted on 01 October 2009
Turkish Property Agent Spot Blue Announces Developer Checks Spot Blue have become one of the first UK based Turkish property agents to run due-diligence checks on all the developers they work with in Turkey, and to have detailed reports drawn up into the developers history and potential for trustworthiness.
Director of the company Julian Walker said:
“Many people in the UK wouldn’t buy a shirt without knowing it was from a trusted brand. Yet many people have paid many thousands of pounds in deposits and stage payments for Turkish properties without having a clue who they are paying that money to.
“Spot Blue has built up a good reputation since we started trading in Turkish property in 2003, we have now moved to secure that reputation by commissioning reports into all the developers histories and reputations, as well as a opinion on how good a company they are and whether they can be trusted with our client’s money.”
Julian told me that the reports will tell people whether the company is legally registered, when it was registered, past and present directors and senior staff, development history and completion status, annual profits, and an opinion on their status.
This isn’t Spot Blue saying that people shouldn’t do their own research before buying a property in Turkey. It is simply a process to make it a little easier by doing the due-diligence on the client’s behalf.
“The old saying goes there’s a first time for everything, so a solid development history doesn’t mean a developer can’t make a mistake. So we still recommend that people make property inspection trips to Turkey to meet the builders,” said Julian, adding:
“These checks that we have performed will simply take all of the work out of checking into a developer, because it is all there in black and white and from independent sources. Of course, after seeing these reports we would have removed any bad ones. However, our strong Turkish connections and knowledge meant we didn’t have any anyway.”
To contact Spot Blue, call 020 8339 6036