Ferimmo: How a Unique Proptech Startup aims to shake the European holiday real estate market
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Marios Christodoulou, CEO
There has been an increasing interest among the European, and in particular German population to invest in and own holiday properties in Greece. The long-term strategic partnership between Germany and Greece in commerce, tourism, and investments, recent stabilization of the Greek economy, generation of attractive investment perspectives, Greece’s beautiful landscape, and excellent weather conditions fuels this trend. Identifying this, Ferimmo strategically leverages its technical edge in bringing to the table, a state-of-the-art, cutting-edge, proptech platform which currently features modules that successfully links Germans’ real estate demands with the holiday homes market supply in Greece. “Our long-term goal is to become a web platform for business transactions with a focus on the holiday real estate in Europe, beginning with the markets of Greece and Germany and all other German-speaking markets in Europe,” says Marios Christodoulou, CEO of Ferimmo.
The sharp decrease in property prices in Greece following the economic and financial crisis has also become an important incentive for foreign investors, who see opportunities for higher future yields for investments in Greek real estate. Our web-based platform features holiday homes in Greece for sale or rent, addressing potential customers in Europe, initially German-speaking countries. In the near future, we plan to expand all over Europe offering holiday homes from all countries,” says Christodoulou. It is an online ad-supported business model that generates revenues through online real estate ads submitted by realtors and professionals.
The sophisticated, user-friendly platform is designed with several unique features such as map integration in listings, search by area, search by map and analytic search with many advanced criteria capable of adding value to the entire operations. Ferimmo incorporates key information about properties, real estate markets, updates on purchase processes in Greece and general articles on legal, geographical, historical and cultural topics in German and English.
Ferimmo’s instant benefits, including a series of premium services, are a click away from customers. Through the mobile-friendly outlet, users can receive notes and realtor notifications on interested properties, and get notified about new listings via e-mail. The firm’s novel real estate platform allows users to hide uninterested listings and assign properties to specific real estate agents. Leveraging big data analysis, Ferimmo simplifies searches with several options, including “recently viewed properties,” “similar searches,” and “direct searches.” “With our solution’s outstanding features, we offer real estate agents and professionals a unique opportunity to expand their business, by promoting and listing their real estate property and services in the largest markets in Europe,” adds Christodoulou. In addition to realtors, the firm targets business professionals including lawyers, notaries, architects, civil engineers, banks, insurance companies, and asset management companies who provide services and are directly involved in the real estate markets.
Zealous in ensuring smooth, seamless, and integrated service that covers its customers’ needs Ferimmo is always endeavoring to establish strategic partnerships. Engagement with the Greek- German Chamber of Commerce and Industry—one of the firm’s important partners—allows it to provide guaranteed, top-quality services offered by the Chamber’s specialized members. To this end, Ferimmo is also cooperating with the German-Hellenic Business Association. Recent strategic cooperation with the biggest real estate agent association in Greece, “The Athens Real Estate Agents Association,” allows the Association’s real estate agents to have access to and enjoy promotion in the largest markets in Europe.
Envisioning the future, Ferimmo is planning to incorporate VR and AI into its product stack to simplify the buying/selling process and provide additional information and services to both buyers and sellers. Additionally, what the firm has on the anvil is the plan to make more prominent use of big data analysis, which would allow it to form customized proposals that better match its customer requests. It is also planning to widen its service portfolio with mortgage services, insurance, professional photography, video & 3D tours, and professionally written property descriptions. The firm’s technical team is on a drive to develop a new Ferimmo mobile app which is compatible with Android and iOS. “As a long-term strategy we want to evolve from a search engine to a service engine,” concludes Christodoulou.