One of my favorite parts of real estate is that every year brings with it a new market. Whereas last year we couldn’t satisfy the demand for fixer uppers, this year it’s a totally different ballgame. This year’s buyer wants their own HGTV perfect home. They don’t want projects, or DIY anything. They want a home they can move into and enjoy. Maybe the uncertainty of the market is what is driving buyer’s aversion to uncertainty?
For sellers this is a very tall order. With rumors swirling around about a potential recession, the stakes for sellers get even higher. The tougher the market, the smaller the margin for error. Compass wanted to figure out a way to help sellers offer a superior product, without creating logistical and financial nightmares. The result is called Compass Concierge, and I think it is absolutely brilliant.
In a nutshell, any seller working with a Compass broker can have Compass front the cost for a remodel, painting, deep cleaning--really whatever it takes to make the home look its best. When you close on your home, Compass is paid back dollar for dollar. That’s it!
Potential Compass Concierge services include:
Interior + exterior painting staging
A major renovation!
What I really love about the program is that while you may have the money to redo your bathroom, Compass is taking your risk out of the equation. It’s a win-win!
When does Compass Concierge make sense?
So now I know you’re wondering when I think using Compass Concierge makes the most sense. First, it’s totally a case-by-case basis, so if this is intriguing, definitely give me a call. But, a few rules of thumb: if you have kids, I totally understand that renovations might not be in the cards. But that aside, if you have cherry cabinets for example, I would definitely get them painted. If you have bold colored walls, those should be painted in neutral tones. Basically I think paint can make a huge difference in modernizing a space, and it is almost always worth it!
How does the potential economic slowdown factor in?
The other thing on everyone’s minds is when this economic slowdown will hit, and how bad it will be. In my humble opinion, we are actually due for a natural slow down--yes, due! The real estate market is cyclical, going up for six years and then down for six years. We have been on an upward trajectory for nine years! So, it’s time for a more neutral marketplace, which I am actually looking forward to, if I’m honest. We have tight, effective lending regulations in place and all of the necessary safeguards to ensure this is a fluid, natural process.
Coming up with innovative ways to work with the market of the day is what gets me up in the morning. Everything is workable, you just have to get a little creative!