Presale Renovations Take Off
For large stock sellers who need more than one before launching their home, companies now offer renovation management and financing. A couple from Cambridge, Massachusetts wanted to sell a two-bedroom apartment. The property had been rented to three students and needed work if sellers wanted the best price, said Carol Kelly, a Cambridge-based Compass real estate agent. "[The couple] didn't want to rummage through their own pockets to pay for the renovation," says Kelly. "They didn't want the stress of investing their own money in property." That's why Kelly recommended the Compass Concierge, a service launched by the broker in 2018 to finance pre-sale renovations. Sellers refund money from the proceeds of their sale. Compass made $ 17,000 improvements in the Cambridge apartment, moved new floors, painted kitchen cabinets, and electrically washed the house. It was worth it: The apartment, which was valued at $ 589,000, sold for $ 640,000, so sell...