(Feb. 7, 2020) Presale renovations are not a new concept, but according to an article in Realtor Magazine by the National Association of Realtors, they are becoming a new business model.
Companies are popping up throughout the country that offer sellers renovation management and funding.
Equity-rich sellers can fix and update their house to get a better return versus listing their house As-Is, which in most cases brings lower return and longer time on market.
Announced last fall, Coldwell Banker brand piloted a presale renovation program called RealVitalize in Columbus, Ohio; Denver; and Orlando and Tampa, Florida, around the same time, Keller Williams announced its own pilot in California, Georgia, and Texas through the Keller Offers Concierge Program.
A little closer to our area is Curbio, an independent presale renovation company that launched in 2017. Its tagline is, “Renovate Now, Pay When You Sell.”
Curbio’s services are available to sellers only through a real estate agent. It is based in Potomac, Maryland.
It specializes in turnkey renovations for homeowners who want to sell their homes quickly for the best possible price, and the company waits until settlement to get paid.
Curbio assigns a dedicated project manager who oversees the renovation from beginning to end.
The project manager handles ordering materials, scheduling deliveries, hiring subcontractors, pulling permits, and serving as a single point of contact for the homeowner.
The company uses proprietary technology and ROI-focused renovations to offer a 215 percent average renovation ROI, 58 percent fewer days on market, and a $50,000 average profit increase.
Curbio is expanding to many areas throughout the United States.
– Lauren Bunting is a licensed Associate Broker with Bunting Realty, Inc. in Berlin.