Over 74,000 properties up for auction in a year: the ‘property ombudsman’ is launched

Over 74,000 properties were put up for auction in a year, averaging around 204 properties a day. The figures from the latest report by the Rina Prime Research Centre paint a picture of a phenomenon linked to the financial and debt-related difficulties that can affect the property assets of individuals and households. The residential sector accounts for 51.39 per cent of the total, whilst the remainder comprises commercial, office and industrial properties, land, garages, warehouses and other types of property.

When mortgage repayments or other debts that may affect the property, such as service charges, start to mount up, it can become increasingly difficult to manage the situation. If you are unable to find a solution, this may eventually lead to repossession and the compulsory sale of the property, which does not always yield sufficient proceeds to cover the debts in full. This is why it is important to understand your situation and assess in good time which options are realistically available to you.

In situations of this kind, people may turn to specialist professionals only once their debt problems have already reached an advanced stage, thereby reducing the time available to understand the full picture and assess the possible options.

This has given rise to the need for a new managerial role: the property advocate, a point of contact to whom individuals can turn when facing debt difficulties linked to their property, finding a space where they can be listened to, receive guidance and discuss their situation. The property advocate does not replace professionals or their specialist expertise, but takes charge of the situation as a whole and coordinates the various professionals whose services may be required. As the process leading to property repossession often unfolds over time, consulting this professional from the very first signs of difficulty allows individuals to gain clarity on their position and, together with the professionals involved, assess the possible courses of action. The role of the property advocate has taken shape within Casa in Bonis, a project conceived by engineers Giulia Casadio and Filippo Marcon.

The starting point is a change of perspective: a property being put up for auction is not necessarily the root of the problem, but may be the consequence of financial difficulties and debt that have built up over time. The aim, therefore, is not to defend the property at all costs, but to offer the individual a point of reference to better understand their situation and, with the support of relevant professionals, assess the possible courses of action.
“In our work, we have seen how financial difficulties linked to property can clash with a complex regulatory and procedural system,” explains co-founder Filippo Marcon. There are specific tools and professionals to turn to, but for those facing a situation of debt, it is not always easy to know where to start, who to turn to and how to coordinate the various areas of expertise. The ‘property advocate’ was created precisely to offer this point of reference: a managerial figure who listens to the individual, understands the overall picture and coordinates the professionals involved in the process.”