BulgarianProperties CEO: We Deliver on Our Promises

Velimira Dimitrova

On April 15th and 16th Sofia hosted the Balkan Real Estate Conference. Mihail Chobanov – the co-founder and CEO of BulgarianProperties – the leading real estate agency in Bulgaria specialized in servicing foreign buyers, moderated one of the panels - “The Holiday Property Market – Sea, Mountain, Spa or Golf” so we decided to receive additional information and advice about the holiday market in Bulgaria.


Mr. Chobanov, in connection with the current changes on the holiday property market what is the strategy of BulgarianProperties when choosing developments for sale?

We know that when a potential buyer is looking to buy holiday property they look for good location, for quality construction and for at least basic facilities. But most of all they look at the price, the return on the investment and the possibility to resell the property with a profit at some time in the future. Therefore I would answer this question as follows: we choose the developments we sell by looking through the eyes of our potential buyers, we try to know what they would like to receive for their money and we give it to them. As so far we have been working only with reliable partners who make no compromise on quality our strategy will be to continue satisfying our clients and to continue surprising them by pushing the boundaries and offering them those little extras that make them feel special.

What are the most important conditions which a holiday home must satisfy?

Firstly, this is the location because when the potential buyer looks at the offer they look at two things – the location and the price, and in that order, too. And my opinion is that when a property offers the perfect balance between these two elements it does not stay on the holiday home market for long. After that come all those smaller things that add to the overall picture, like the construction materials (the quality of the construction), the facilities, the interior design (if such) and, of course, the surrounding area. What is also vital to mention is another important facet of the holiday property market which has become both necessary and sought in the last couple of years – property management, as this leads to another key element of the holiday home market. When a person buys a holiday home they stay there a month a year at the most and this person thinks why not rent the property out during the other 11 months and accumulate some profit. Here is where the property management company comes in. I believe we were one of the pioneers in this sphere and today our company PropertyManagement BG manages successfully a great number of developments around Bulgaria. So, in a nutshell, the most important conditions are the location, price, property management, facilities of the complex and all those extras that make the client smile when signing the deed.

You say your clients are very satisfied with the product you are offering to them. Why is this so?

In the years that we have been on the property market we have tried to offer to our clients only the best possible quality and services. We choose our developments carefully – our partners are construction developers with rich experience and excellent reputation, we are picky about the locations and the materials used in the construction process.
Another thing we try to offer our clients is honesty – we deliver on our promises. To back this up with facts I will give the following example: many of the complexes we have sold are already built and functioning. Our property management company rents them out on behalf of the clients and during the 2007/2008 season we have achieved quite a good level of occupancy and very few of our clients want to sell at this point.
There is also one very important thing – apart from selecting projects of reputable builders that use quality materials, we work only with those builders that put the real price on the title deeds. This is something every property buyer should be careful about as it may cause future problems not having the real price in the deed.

Do BulgarianProperties have a strategy for attracting Bulgarian clients and buyers from abroad?

I think that the moment a company stops changing and adapting to this dynamic world we live in this company will be no more. BulgarianProperties try to predict the market and the tendencies and this has made us start focusing on a wider circle of target clients. We launched new language versions of our site bulgarianproperties.com the new main ones for now being Russian and Polish because we know that this part of Europe is becoming more and more interested in the holiday property market in Bulgaria.
We also know that more Bulgarians will start investing in a second home in the years to come and we are adapting to the changing tastes and resources of our fellow countrymen by offering as much diversity as possible.
Another thing we will do this year is change the face of our site because we believe that we must take into account the trends and people’s taste and opinion and adapt quickly.

Do you think the holiday property sector has good development potential?

Most definitely. We know that the winter and sea resorts will always attract the main attention of the potential buyer and we think that the resorts will develop for the better. The investors and builders are already starting to increase the quality of materials and construction, and offer more facilities in their projects because this is now a buyers’ market and the buyers have high requirements and expectations.

But we also know that there is a hidden gem which has not yet been fully discovered. I am talking about the rural house sector. Bulgaria has amazing nature and I cannot thing of another place in the region that can offer everything: sea, mountains and spa and all among beautiful surroundings. One of our clients and my personal friend – the managing director of PWC told me that inland Bulgaria resembled southern Italy 25 years ago with the beauty and opportunities it offers. What I can add to that is that we offer great rural properties in amazing surroundings at unbelievable prices. And as you know it is those that have the pioneer streak that profit the most.


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Copyright: 2008 Bulgarian Properties Ltd. All rights reserved. For further information or advice please contact us on tel.: +359 2 9 11 50 or e-mail: info@bulgarianproperties.com. The use of this article by third parties is allowed only with proper quotations of the source www.BulgarianProperties.com and the Author of the article. The data in this material has been collected by the Author and Bulgarian Properties Ltd. and is presented for information purposes only. We have made every effort to ensure the accuracy of the data. However, Bulgarian Properties Ltd. cannot be held responsible for loss or damage as a result of decisions made based on the information presented in this article.
© Bulgarian Properties Ltd. 2008.


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