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Move-in-ready homes sell faster and for a better price than fixer-uppers, but making repairs and improvements can mean spending your savings, not to mention the hassle of finding dependable tradespeople to do the work.
Jon Cressman discovered an easier way when he sold his house at 311 Mckennell Drive in Nashville. He updated the exterior, the master bedroom, the kitchen and two bathrooms without having to spend a dime out-of-pocket or worry about finding vendors.
Cressman’s real estate company, The Erin Krueger Team at Compass, provided a zero-interest loan that he repaid at closing. The company also offered its list of trusted workers. It’s part of a new national service called Compass Concierge.
Before: Jon Cressman updated the house at 311 Mckennell Dr. in Nashville without spending a dime out of pocket. His real estate company provided a zero-interest loan. (Photo: Submitted)
“I’ve been through the process of updating and selling a home multiple times now, and never has it been as easy, seamless or effective as it was using Compass Concierge,” said Cressman.
“There is no other loan, from a bank, Heloc (home equity line of credit), etc., that you can get at zero interest that quickly and immediately that allows you to update your home. It was completely stress-free and absolutely led to a greater return on my investment,” he said.
The house sold the first day it was listed for sale, said Cressman.
The numbers are worked out in advance
“With a market this hot, sellers should be seeking ways to maximize the value of their home, and Compass Concierge makes that as easy as possible with everything baked into your home transaction with no interest and no out-of-pocket costs,” said Erin Krueger, team lead at The Erin Krueger Team at Compass.
“While it may seem counterintuitive to put money into a house you are selling, the math is worked out in advance so that it is in your favor, as buyers are willing to pay top dollar for an updated, move-in-ready home,” she said.
In early August another real estate firm, Re/Max Homes and Estates Lipman Group, launched a concierge program of its own called Lipman Elevate. Sellers can receive no-interest financing to make repairs and upgrades as well as assistance finding local vendors.
The program also benefits buyers by making sure their new home is up to date before moving day, said Larry Lipman, owner and president of Re/Max Homes and Estates Lipman Group.
Lipman Elevate simplifies the process of getting a home ready to sell, said client Steve Neville.
“Not everyone is in the financial standing to make the necessary preparations their home needs to market their home for top dollar in Nashville. Having a Realtor that not only addresses all of our concerns but goes above and beyond to provide us with extra resources such as Lipman Elevate is making the entire process of planning for the sale of our property a lot smoother,” he said.
Repairs, staging help maximize value
Concierge services can help homeowners who want to make a move but aren’t comfortable spending their cash to get a home ready to sell, said Chris Grimes, managing broker for Re/Max Homes and Estates Lipman Group
“What is driving this (is), over the past four or five months, a lot of people have lost jobs or had hours cut. There’s a lot of uncertainty. A lot of people don’t have the cash or don’t want to part with the cash,” he said.
Lipman Elevate helps sellers get the most for their home, said Grimes.
“If your home has been updated and someone can just open the door and start living, I’m seeing multiple offers. If you have a home that needs new flooring, a new kitchen, you won’t get as much,” he said.
Jessi Sgarlata, team leader of the Southbound Group at Compass, said clients use Compass Concierge for staging, painting, landscaping, kitchen and bathroom renovations, new floors, updated appliances, fresh light fixtures, repairs and more. “Most sellers simply don’t have cash lying around to invest in a property they are about to sell. To know that the costs of paint, landscaping, change of light fixtures, staging, etc. could simply be deducted from their proceeds takes a lot of pressure off of the seller and, in turn, allows their property to show in its best light,” said Sgarlata.
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