Everything you need to know about our Update & Sell Program
There's no doubt that EVERY home needs to be prepped for sale. Sometimes that means decluttering, rearranging furniture, a deep clean, or taking down family photos. However, if you want to go the extra mile (maybe even out of necessity), home updates might be added to that list!
What homes sell the fastest and for top dollar? New build spec homes go like WILDFIRE no matter the market. They have waitlists and lotteries to pick lots; it's a doozy! Why do they sell so fast? 1) There's a huge market of buyers who want a brand-new, turn-key home. 2) The second you walk in the front door of those model homes you're in awe. The staging is incredible, the updates are fresh, the floorplan is more modern and accommodating, and the list goes on.
What if we could tap into that market of buyers and sell your home with a waitlist of backup offers and buyers knocking down the door to see your home?
We can! With updates. Updates, updates, updates! Now we're talkin' my language! ;)
We, Platinum Realty, are the ONLY group in AZ that offers updating services, let alone to this caliber and efficiency. Depending on the scope of renovations, it can be more work on the seller's end but it can be worth the risk when we sell the home for tens of thousands of dollars more. Here's how it works:
Step 1 - Home Evaluation
I bring the Flip Our Home team to take a walk-through of your house. We make a list of renovations that will transform your home into an attractive, move-in-ready house.
Before I get ahead of myself and too excited let me clarify, this doesn't have to be a whole home gut and remodel. Though it can be, it can also be as simple as all-new interior paint, new cohesive flooring, painting cabinets, or just updating one bathroom to match the rest of the home's updates.
Our goal is to create a BUYABLE home, so these updates are going to reflect the most widely trending paint colors, tile selection, etc. This isn't an interior design project where we pick the most trendy, statement colors, and dive knee-deep into a particularly unique style. Doing that would chase away a lot of buyers who may not like those elaborate design choices and we'd over-design ourselves out of a large pool of buyers. Major no-no.
After our walk-through, our team presents an itemized list of the suggested updates we know will help the home sell quicker and for more.
Step 2 - Renovation Costs
Once we all agree on a finalized list of necessary updates, our Project Manager gets bids from our trusted team of sub-contractors.
Let's pause right here for a minute to explain how this is what sets us apart. Our team will be SIGNIFICANTLY cheaper than going through Home Depot, Lowes, or any general contractor out there. We have spent years finding the best, most reliable sub-contractors out there and we've built a team that functions like a well-oiled machine. Because they are all subs we are not paying an arm and a leg for a general contractor to manage and oversee the entire project. We already have our own in-house Project Manager to do that job!
Having personally done many home renovation projects and working with countless handymen, contractors, electricians, etc. I was blown away by Platinum's Flip Our Home setup. They've done it right. Stepping down from my soapbox now...
Once all the bids are collected, we do one last review of our list of updates and coinciding costs. This gives the homeowners the opportunity to control the costs of the project.
Step 3 - Funding
Who pays for all these updates? The homeowners have the option to pay for these updates, but seeing that not everyone has 15-30k in cash, Platinum Realty has an investment group that provides the funds for the entire project upfront. No credit checks, no interest, no loan from the bank - nothing. Platinum will pay the vendors and contractors directly and the sellers won't pay a dime until the day of close.
On closing day, the seller's mortgage is paid off first, then the investment group is paid back second, and the remainder goes to the sellers (which should be a lot more than initially anticipated!).
We typically see that a seller is able to list their home with an increase of 2-3 times the cost of renovations. For example, let's say your home (pre-updates) is valued at $600,000, we put in $20,000 in updates and sell for $650,000. Then, the 20k (renovation costs) will be taken out of your profit, and you walk away with 30k more than initially expected! It's a win-win for everyone involved.
The more money you decide to put into the updates the more money you'll make, and the more you'll have to pay back at time of close. It's a strategic game that we know how to play. There's a special formula to know how much to put into the home and where to put that money.
Step 3 - Let the Flipping Begin
Once the agreement is signed, the Flip Our Home team manages and executes the ENTIRE update! The best part is, they are in and out within 2-3 weeks! When I say we are a "well-oiled machine," I mean it.
Our project manager will coordinate all vendors and the homeowners don't have to do anything except prep their homes for the updates. Depending on the extent of the projects you may want to make living accommodations for updates like flooring being installed or painting the entire interior.
This can be extra work on the homeowner's end, so this may not be for everyone. However, most sellers don't mind putting in the work to make a significant profit.
Step 4 - List your Move-in-Ready Home
This is where I, as the realtor, come back into the picture with guns BLAZING! With these new updates and staging (I personally cover that cost), we are ready to list your beautiful turn-key home on the market! We see these Update & Sell properties come off the market significantly faster and our sellers walk away with 20%-30% more profit in their pockets than they initially anticipated!
Let's make you some extra money and get your home truly ready to sell! Please reach out if you have any questions, I'd love to chat!
Jessica Doberneck with