Every year, the National Association of REALTORS publishes its profile of Home Buyers and Sellers. In the 2022 edition of this report, NAR reports that 70% of homebuyers would sacrifice square footage for a renovated property. This fact helps explain why “turnkey” properties sell for so much more than homes which need “a little TLC.” It’s simply a matter of supply and demand: the greater demand for renovated properties drives their value far higher than otherwise similar homes which need work.
Compass has always been known as the brokerage which provides more value to its clients than any other national brokerage. One way that Compass distinguishes itself is through its Compass Concierge program. The Compass Concierge program gives homeowners an advance on their home’s equity. Homeowners use this equity advance to make strategic pre-sale renovations to maximize their home’s sale price.
The Compass Concierge program is notable for several key features, among them that there is presently no cost, fee, or interest of any kind charged to the homeowner. Additionally, no income is required to qualify to obtain money from the Concierge program. Rather, eligibility for the program is primarily determined by sufficient equity in the property. Concierge funds are given to the homeowner primarily in the form of a debit card, which can then be used to pay vendors and contractors, including by connecting the card to Venmo or PayPal.
It’s very simple, flexible, and convenient for homeowners, and our clients rave about the program. The program leaves the actual renovation work up to the homeowners, who, with the help of their Compass agent, decide what work to do and which contractors to employ. Homeowners can of course elect to do the work themselves, if they have the time and skill to tackle it.