CAM Rent-to-Buy Program Grows, Sees Success in Overseas Property Market
|January 28, 2011||Posted by Sandie under Real Estate, Rent2Buy Concept|
In early October, we wrote about a new rent to buy program launched by Caja Mediterraneo (CAM), the fifth-largest financial institution in spain. The CAM bank has been selling repossessed properties to buyers from the UK, Russia, and the Benelux countries.
Alfredo Milla, international commercial director at CAM, said “the rent-to-buy product is fairly new and innovative from our point of view, and people like the idea of renting a villa or apartment in Spain from our books for two years before having to consider the option of buying the property.”
With the rent to buy program, potential buyers rent a property of their choice for two years and get a chance to experience firsthand what it’s like to live in the area. They can see what the schools are like, get a feel for the community, and make a calculated decision about whether or not they want to ultimately purchase the home.
According to Milla, CAM sold almost 4,800 properties in 2010, 480 of those properties going to international buyers. The majority of sales outside of Spain in 2010 were to buyers in the UK, while the second-largest group of properties sold to Russia.
What’s making the CAM rent-to-buy program so successful? According to Andy Lister Cope, head of business development, it’s the program’s comprehensive reach and CAM’s ability to offer excellent service to consumers, aiding them in every aspect of the transaction. “We give a full service” says Cope. “We sell, we do after-sales and we have all the infrastructure in place. We have the keys to every property ready for inspection, and we take selling these properties seriously.”
The real key to their success? Making sure consumers view the CAM Bank’s rent to buy program as a respected and legitimate way to achieve homeownership. Though some other Spanish institutions don’t have the best reputations at the moment, CAM takes seriously its role as a provider of quality housing and affordable solutions for individuals in the housing market. Says Cope: “If you get a client who wants to buy from us, we will have all the details ready to complete. All our properties are fully owned by CAM and registered in the name of the bank, all of the paperwork will be in place, and nothing will be offered for sale on illegal land.”
In the coming year you can expect to see CAM continuing to expand its sales of rent to buy properties both in Spain and abroad. CAM has entered into strategic partnerships with TUI and the Clydesdale and Yorkshire Bank. CAM has also entered into an exclusive overseas sales partnership with a UK agency called Connells.
Read the original article in the Overseas Property Professional.