Pre-sale renovation is one of real estate’s hottest trends, and using a pre-sale renovation firm is becoming one of the most powerful tools for real estate agents to win more listings.
Despite higher mortgage rates, the lack of inventory in many markets has kept competition for new listings fierce. However, savvy agents know that having a conversation with every potential seller about using a pre-sale renovation firm can boost their success rate.
Here’s a comprehensive list of 23 distinct benefits sellers can reap when collaborating with a pre-sale renovation firm such as Revive:
- Increased property value: Pre-sale renovations can significantly increase the property’s value, resulting in a higher selling price. For example, Revive sellers net an average of $186,000 more profit. It’s a win-win as you help your sellers create more wealth, and you’ll benefit from a larger commission.
- Faster sale: A renovated property is more attractive to potential buyers, often leading to a quicker sale. Research from Revive shows renovated homes sell 72 percent faster.
- Greater return on investment: Strategic improvements can give the seller a higher return on investment. At Revive, the average ROI is an astonishing 258 percent.
- Professional expertise: A pre-sale renovation firm brings specialized knowledge and experience to the project, ensuring high-quality results. And not all pre-sale renovation firms are created equal: Revive’s team includes QC or quality control, in-house designers, immediate access to engineers, and a network of vetted local contractors.
- Time-saving: Hiring a pre-sale renovation firm allows the seller to focus on other vital aspects of the sale process while the renovation is completed. When it’s a turnkey solution, both agents and their sellers benefit.
- Better marketing: Renovated properties can be more effectively marketed, with high-quality photos and compelling descriptions showcasing their move-in ready state.
- Enhanced curb appeal: Improving the exterior appearance of a property – from landscaping to a new front door, for example – can make a solid first impression on potential buyers.
- Improved functionality: Upgrading the layout or features of a property can make it more functional for prospective buyers.
- Energy efficiency: Many pre-sale renovations include energy-efficient upgrades that lower utility costs and monthly expenses, attracting analytical and eco-conscious buyers.
- Compliance with regulations: A pre-sale renovation firm ensures that all improvements are up to code and comply with local regulations. Agents and sellers won’t have to worry if the proper permits are filed.
- Increased buyer pool: A renovated property appeals to a broader range of buyers, increasing the likelihood of a sale. Research shows that nearly 80 percent of millennial buyers prefer move-in ready homes, and Millennials comprise the largest share of current and future home buyers.
- Minimized stress: When your sellers work with a pre-sale renovation firm, it means less stress, as the pre-sale renovation firm handles and manages all aspects of the renovation process.
- Customized solutions: A pre-sale renovation firm knows the local design trends and the features selling in each market, which can vary. By understanding this, the firm will tailor the renovations to the specific needs and preferences of the target market. This ensures the right improvements are made.
- Staging expertise: Professional staging services can showcase the property’s full potential and increase its appeal to potential buyers. Part of the services a seasoned pre-sale renovation firm like Revive can provide is expert staging services. Research shows that professionally staged homes sell for more money – and sell faster.
- Warranty on work: Reputable pre-sale renovation firms work with vetted contractors who back their completed work, offering peace of mind to sellers and buyers!
- Project management: A pre-sale renovation firm handles all aspects of project management, ensuring that the renovation is completed on time and within budget. That’s rarely the case with do-it-yourself renovations.
- Access to resources: A pre-sale renovation firm, like Revive, has a network of vetted contractors and suppliers, ensuring quality work and materials at competitive prices. This is one-way sellers avoid running into supply chain issues for building materials, as pre-sale renovation firms have ready-to-deliver vendors and suppliers.
- Cost savings: By leveraging their industry connections, a pre-sale renovation firm like Revive can buy in volume and offer contractors operational efficiency to save on labor.
- Efficient use of funds: Because a pre-sale renovation firm knows how to select and prioritize the most impactful upgrades, the renovation is more efficient and effective in increasing the ROI.
- Inspection readiness: A renovated property is more likely to pass inspections, reducing potential issues during the closing process.
- Clear communication: Working with a pre-sale renovation firm ensures clear communication throughout the project, avoiding misunderstandings and surprises. Revive’s award-winning app, for example, helps sellers stay abreast of the progress and engage with their renovation team.
- Continuous support: Throughout the process, the pre-sale renovation firm offers ongoing support and advice to the seller until the property is sold and even after the sale.
- No out-of-pocket costs for sellers: One of the most significant benefits to working with a firm like Revive is that sellers needing a pre-sale renovation who don’t have ready access to the funds required can obtain one as the improvements are paid for at closing when the house is closed is sold.
The benefits that a pre-sale firm like Revive offers your sellers are changing the way how homes are sold. It’s no longer always the best path to rush a listing to market. With most pre-sale renovations averaging six to nine weeks, it’s typically better for sellers to take the renovation path.
Working with a pre-sale renovation firm helps remove all the major seller pain points: zero out-of-pocket expenses for the seller, all the knowledge and expertise in one place, professionally vetted contractors with proven track records, and a streamlined process and system that removes the stress from the seller and their agent to deliver fast turnaround times and most importantly, a move-in ready home.