Posted on 19 May 2011
In October 2009 we revealed our new system of developer checks to aide buyer security. Basically we began producing a series of reports on each of our vendors – developers – using data and reports from reliable and independent third party sources, such as the British Embassy in Turkey. At the time, our director 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.”
The reports detail whether the company is legally registered, when it was registered, past and present directors, senior staff, development history and completion status, annual profits, and an opinion on their status. According to Julian we are currently trying to increase the security of purchasing with Spot Blue even further by conducting even more checks, but the process is a lengthy one.
Julian also reiterated that this is by no means Spot Blue saying buy with your eyes closed, stressing that buyers should always conduct their own due-dilligence. “This is just us using our contacts and knowledge of the Turkish market to make gathering intel on developers easier for our clients,” he said.