Use Us As an Expert Resource for Your Buyers
When your clients are considering a home that will require substantial repairs or updates, it's often tough for them to know what they can afford to offer. By analyzing the comps, you can give them a sense of what the house would be worth if it was in good condition (ARV). However, clients can't usually predict what it will cost to do the renovation project, nor which repairs are even required.
Use New City as a resource to give your clients the information they need to confidently make the highest reasonable offer on properties they want to buy.
Highest Reasonable Offer = After Repair Value (ARV) - Estimated Cost of Repairs
We can support you in a number of ways:
- For properties that are under contract or owned by your client, we’ll do a free site consultation to help everyone understand the work that needs to be done and a ballpark range of what it will cost. Moreover, because we are experienced developers, we can provide an objective opinion about whether a home really "works" as a rehab project, given the asking price, its condition, the nature of the project required, and the expected ARV.
- For properties on which they are considering submitting an offer, we’ll do a free phone consultation that covers the same topics in a less detailed way.
We always recommend that clients have either a due diligence clause or a home inspection contingency in their real estate purchase contract when a renovation project is a part of the plan. Some time is required to confirm assumptions about the existing conditions of the property.
Also, if your client is considering buying a home with a loan that combines the property purchase with the renovation project, we can help with that as well. We have extensive experience helping our clients secure financing for renovation and construction projects. We understand all of the options available and have great lending partners your clients can work with for their project.
Feel Confident Making Referrals
We understand that referrals can be risky. Make a good one to a client or friend, and you're the hero who solved their problems. Make a bad one, and you've damaged your credibility.
At New City, referrals are the lifeblood of our business and we take them very seriously. Here's why you can feel confident referring your clients and friends to New City.
We have spent many years developing a detailed process that allows us to deliver great results and a smooth client experience. When people see our well-documented approach, they understand that they are working with an experienced company that will guide them smoothly from beginning to end.
Nationally, when remodeling customers are asked about what could have been improved about their client experience, the overwhelming answer is communication. So, we focus on communication at New City. During the project, we provide daily email updates, so you never have to wonder what's going on. We have a Construction Concierge who is always available to assist with answers to your questions, and we use a cloud-based, construction-management system, so your project information is available to you 24/7: schedule, plans, permits, selections and change orders.
Every construction project has unexpected elements. However, New City has innovated a process we call Proactive Discovery, which we use during planning to anticipate as many potential issues as possible. We have developed a 15-page project inventory to assess project requirements and risks. This helps us solve many project challenges in advance, so clients have fewer unpleasant surprises and delays during construction. This helps keep every project on schedule and on budget.
New City is a member of GuildQuality, a client satisfaction company that helps us understand how our clients feel about their experience with New City -- both during and after the process. GuildQuality independently surveys our clients and rates our performance. We use this objective feedback to continuously improve our process and our company.
Help Your Sellers Capture Full Value
If your client has a "fixer-upper" that they want to ready for sale rather than taking the discounted price, we can handle the entire process for them on a turnkey basis. Working with you and your understanding of the neighborhood, we can help determine what repairs will be required, what finish levels will optimize the sales price and how to make the home most attractive to potential buyers.
Or, if your seller has a home so distressed that cannot be financed conventionally because of its condition, we can make the necessary improvements, so that it can be purchased by a wider range of buyers.
If your client has substantial equity in the home, we may even be able to provide all of the funding necessary to complete the repairs, partnering with them on the renovation of the property.
REMODELING’s magazine publishes a Cost vs. Value Report for Washington DC, which is a great tool to acquaint your clients with what will pay off.
Give Buyers Another Path to Their Ideal Home
When you have clients who want an updated home or a specific set of features in a neighborhood where inventory is scarce or many properties are out of date, we can work together. Combine your understanding of market values and conditions with our expertise in construction costs and options.
Perhaps a custom home, or a large addition to a small existing home, is the best solution. We'll work with you to help your clients determine if they can get their “dream” home -- through a construction project -- at a price that makes sense.
Work with Us on Our Development Projects
In addition to building projects for homeowners, New City also develops projects for sale. We are always looking for new opportunities to develop. If you identify a home or lot -- especially an off-market property -- that you think would make sense as a spec project for New City, let's talk. We rely on our agent partners to help us understand the strategy they think is right for the property as well as the likely value after construction. In addition to earning the commission on our purchase of the property, we also reward agents who bring us opportunities with the listing for the finished home after we have redeveloped it.