22Dec
By: Ryan Ponce On: December 22, 2020 In: Advice, Downtown San Diego Comments: 0

The Sellers of this North Park Home Took Advantage of Compass Concierge

The owners of this North Park home thought it was time to make a transition. They have 2 kids and outgrew this house. After identifying their next home, they took a leap of faith.

We asked the sellers to move out early so that we would be able to use Compass Concierge to give their home a new look and sell for a much higher price. The recommendation might sound risky, but it was the best way to net the most money possible. Luckily, they were on board and trusted us to get the job done. If you aren’t familiar with Compass Concierge, it is a program exclusive to select Compass agents and it allows us to front all necessary funds to remodel a home for a seller. Once the property sells, the amount spent, dollar for dollar, is paid back to Compass. There aren’t any additional fees or interest on the money borrowed. On top of that, the seller is free to select contractors, although our team typically handles the entire project from start to finish for our clients.

In its original condition, the home was worth $720,000-$730,000 based on the comps. We estimated if we did about $30,000 worth of work, we would be able to get somewhere around $800,000. After remodeling the kitchen, painting the entire interior/exterior, landscaping, refinishing the wood floors, touching up the bathroom, fixing fences, and staging, we spent about $32,800. That would mean a net profit of $35,000-$45,000 for the sellers if we sold at $800,000. Take a look at the before and after photos below and see how this story ends.

The transformation was pretty drastic and we were able to far exceed the sellers’ expectations. We received multiple offers in the first week, two of which were above $860,000! The property is still in escrow so I can’t say the final price, but it is $100,000+ in profits¬†AFTER the cost of the remodel when compared to what it was worth in its original condition! The sellers didn’t have to come up with any money up front, nor did they have to manage the remodel. Our team handled everything.

If you want to know what the process is like, feel free to reach out to me at my information below. We’d be happy to help!

And Always Remember, It Matters Who You Work With!

Give me a call today at (619) 228-6790 or email me at Ryan@livingthesandiegolife.com for more information or to schedule a tour of the neighborhood!