Corcoran rolls out renovation service to sellers

The Corcoran Group is joining other New York City brokerages that offer “end-to-end” services aimed at helping home sellers move their properties faster.

The Realogy-owned company is rolling out a new home improvement program, dubbed RealVitalize, to provide sellers working with its brokers with renovation services and interest-free financing of up to $50,000.

The program is run by Angi Homeservices, a publicly traded subsidiary of Barry Diller’s media conglomerate IAC. Angi operates as an online marketplace to help homeowners find vetted vendors to conduct non-structural home renovations and maintenance, and offers financing for projects on its platform. Angi also provides users with a project manager to handle their renovation.

The idea is that homes will sell faster and for more money if basic repairs and upgrades are handled ahead of the sale.

“Your broker introduces you to your Angi project advisor and that person takes the whole thing end-to-end,” according to CEO Oisin Hanrahan.

Any non-structural repair or upgrade can be financed through RealVitalize and the cost of the work is paid with no interest upon closing. If a seller participating in the program decides not to renew a listing with Corcoran, however, they must repay the funds at that time.

Corcoran COO Gary Malin said many agents already advise sellers on how to upgrade and stage their homes, so the RealVitalize program would be a “value-add.” Corcoran agents can also recommend contractors they work with often to be added to Angi’s network.

Other New York City-based firms, including Compass and Brown Harris Stevens, have launched similar programs. Corcoran was investigating such a service for years, according to Malin, but hadn’t found the right one. But after Realogy struck a partnership with Angi in 2019, and one of its brands, Coldwell Banker, had an “extremely successful” launch, Corcoran decided to adopt the program.

“If it wasn’t for the pandemic we likely would have rolled this out earlier,” he said. “Many owners want to do work, but they don’t want to spend the money upfront.”

Malin also stressed the transparent nature of the RealVitalize’s agreements with homeowners.

“It’s all done above board,” he said. “Everyone’s clear about the expectations and what triggers the repayments.”