Who we are

Tecnocasa Advisory Group (TAG) - the company of Tecnocasa Group – offers institutional investors specialized real-estate advice.TAG aims to provide superior services by leveraging on its management’s wealth of experience and on Tecnocasa’s network of more than 2.600 branches throughout Italy.

Tecnocasa is the leading company in Italy in real estate brokerage, both in the residential and in the non-residential market. The Tecnocasa Data Base stores millions of data on actual purchases and sales of properties together with the macro level information generated by the Tecnocasa Research Department.

TAG’s management team - until recently part of Archon Italia (Goldman Sachs Group) - has an extensive experience in valuing real estate and providing in depth advice to some of the leading real estate investors both in bidding for real estate and non-performing loans portfolios.

The valuation activity is the core-business of TAG, because of its central role in any investment decision in the field of real estate. TAG can provide different types of valuations, according to the customer’s needs and to the portfolio’s features:

• Desktop Valuations.These are carried out utilizing the Tecnocasa Data Base and the advice of the Tecnocasa Research Department.
• Review and updates of past appraisals. These are performed via desktop analysis and with the support of the most recent information from the Tecnocasa Data Base and the advice of the Tecnocasa Research Department.
• Drive-by appraisals.These are carried out utilizing actual comparables and the advice of the local Tecnocasa broker. In addition to providing a Fair Market Value, these valuations indicate a realistic time frame for the sale of the property.
• Drive-by valuations.These are performed for more complex and interesting assets by applying the Discounted Cash-Flow method and with an in-depth analysis of the state of the property and of the local real-estate market.

The Due Diligence activity allows to assess the fair value of NPLs Portfolios through the analysis of a sample, selected in order to analyse the largest amount of GBV. The review is performed line by line, in relation to the amount of the credit, the state of the foreclosure, and the value of the collateral. The Due Diligence activity is performed through the following steps:

• Managing the data-room process, through a team composed of internal staff and external resources, in order to gather all the available data about the Portfolio
• Collecting and transmitting all the data to the Central Staff, that is in charge of the Business Plans of the main files and of the valuations of the collaterals.
• Performing the valuations, through the Valuation Department, either drive-by (with a visit to the asset, usually performed for the most interesting credit lines) or desktop (usually performed for the least interesting credit lines, in agreement with the Client). The drive-by valuations are performed involving extensively the over 2.600 branches of our Commercial Network (Tecnocasa/Tecnorete). The desktop valuations are performed with the support of the Tecnocasa Data Base, based on actual transactions and constantly updated, and the advise of the Tecnocasa Study Department.
• Preparing the Business Plans in order to assess, in relation to the amount of the credit, the state of the foreclosure, and the value of the collateral, the expected amount of money to be collected for each file, with the relative timing. The BPs consider also the legal fees and the management fees.
• Scheduling a Property Tour, in order to allow the Client to visit the main assets.
• Putting all the data in the cash-flow model in order to get the fair price of the Portfolio.

TAG can help servicers or institutional clients manage the real-estate auction process, in order to defend the value of the credit, avoiding deserted auctions. TAG can support the entire process, through the following steps:

• Picking the risky auctions to attend to in order to defend the value of the credit.
• Marketing the asset at auction, through the over 2.600 branches of our Commercial Network (Tecnocasa/Tecnorete), through the website www.tecnocasa.it (over 160.000 contacts/week), and through the Tecnocasa Magazine (100 millions of copies distributed in 2004).
• Participating to the auction and eventually winning the asset.
• Managing the won asset.
• Marketing and selling the asset through the Network.

Activity for the servicers

• Besides the valuations and the auctions-managing activities, TAG can support the NPLs management, helping the Servicers find investors for small NPLs portfolios or for agreements out of the Court. Also this process is performed through the over 2.600 branches of our Commercial Network (Tecnocasa/Tecnorete), through the website www.tecnocasa.it (over 160.000 contacts/week), and through the Tecnocasa Magazine (100 millions of copies distributed in 2004).

Market Analyses

• One of the main problems international investors may experience in Italy when investing in the Real-Estate or in the NPLs is the low transparency and the lack of actual data about the real-estate market, mostly in the small-medium cities. TAG, thanks to the cooperation with the Tecnocasa Study Department, can provide thorough analyses, either short or long-termed, on local or national level, concerning the residential and the non-residential market, the lease-market, the mortgages. The Tecnocasa Study Department can do this collecting and processing all the data coming from the Tecnocasa/Tecnorete brokers. Every broker, twice per year, provides the Study Department with market data about their own area, while once per year, gets interviewed to provide additional informations and a global overview about their own area. The Study Department also focuses on the analysis of the demand, split for typology (1,2,3,4,5 rooms) in the main Italian cities. Through the requests put in the Tecnocasa Data Bank, the Study Department recognizes the typologies preferred by the market and the average expense capacity of people addressing to our Network. The analysis of the offer is performed through the assets put online by our Network. Every year, in November, the “Osservatorio Immobiliare Tecnocasa” is published, attached to “Il Sole 24 Ore”.

Real-estate advisory for Private Banking clients

• TAG’s management can be the ideal advisor for the clients of Private Banking, to define the strategies for building up, managing or selling Real-Estate Portoflios. TAG can provide the clients with a thorough valuation either of the single asset or of the entire portfolio (based on the Discounted Cash-Flow method), can pick assets worth buying or suggest eventual sales, finding the best buyer.