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Broker Renovates Houses, Then Lists Them

As if running a brokerage weren’t hard enough, a San Diego company has added an extra degree of difficulty — it renovates homes before it lists them.

(Boonton, NJ, November 1, 2013) — Renovation Realty of La Mesa, CA, has taken the popular practice of staging homes a step farther. It performs full- fledged upgrades, such as replacing bath-rooms, upgrading kitchens, and replacing carpet.

“Everybody wants to get as much money as they can from their home, and 90 percent of homes need some work,” says President Cannon Christian in the November issue of Real Estate Broker’s Insider.

“We come in and do the least amount of work we can to increase the value of the home. We do anywhere from $1,500 in staging to $175,000 in work.”

To attract clients Renovation Realty promises that homeowners will pay nothing for the renovations until the home sells. The contractor and homeowner settle on a budget, and Christian fronts the costs of construction, a sum secured by a promissory note and deed of trust. That lets Renovation Realty get repaid for its costs when a sale closes.

“We’re going to get our money — it’s just a question of how soon,” Christian says.

Details on this unusual approach appear in the November issue of Real Estate Broker’s Insider.

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