One Sotheby’s launches pre-listing renovation company

Miami /
Nov.November 12, 2020 08:45 AM
Daniel de la Vega (iStock)

Daniel de la Vega (iStock)

UPDATED, Nov. 13, 12:10 p.m.: One Sotheby’s International Realty is launching a firm that will pay for and manage renovations of homes throughout South Florida, betting that the investments will pay off when the homes sell.

The new company, called Elevate, will handle the entire renovation process, starting with evaluating the upgrades and renovations that should be completed before a home or condo hits the market, to handling the design and permitting, as well as assembling contractors, materials and completing the projects, said Daniel de la Vega, president of One Sotheby’s and head of Elevate.

Based on a contract with a seller, Elevate will pay for the renovations, and will get paid back when the property sells, or within a year of it hitting the market, or if the seller decides to change listing agents at any point. Any price point applies, but generally a seller should have 75 percent equity in the home, according to de la Vega.

Projects would go through a “know-your-customer” process. Agents can fill out a form that will be reviewed by administrators at Elevate. From there it would go to the design team, and then to Elevate’s owners for final approval.

The seller would benefit if a property sells for a higher price once renovated. The upgrades can range from smaller fixes such as landscaping and paint, to larger renovations that call for overhauling kitchens and other work, requiring permits. The property won’t hit the market until the renovations are completed. Elevate is partnering with Linéaire Designs for the architecture, design and construction work.

“We’re benefitting our agents by adding this value to their arsenal of tools,” de la Vega said. “The agents get a higher commission, the clients get more money. Everybody’s happy.”

The pre-listing program is available in Miami-Dade, Broward and Palm Beach counties, but de la Vega said the concept is scalable and he plans to take it to other markets. Since launching two weeks ago, Elevate has about $2.5 million in renovation jobs lined up, he added.

Compass has a similar program called Concierge, which covers upfront costs for staging and cosmetic improvements, with the sellers repaying the cost of repairs after the sale closes. The company recently launched an AI-powered tool to help homeowners visualize improvements and determine what upgrades to make.

Miami-based One Sotheby’s has been expanding in recent years. In August, the brokerage closed on the acquisition of Decorus Realty in Sunny Isles Beach, adding more than 140 agents to the firm.


Related Articles

arrow_forward_ios
Ron Shuffield and Alirio Torrealba with a rendering of Biltmore Row (EWM, Twitter/MG)

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables
From left: David Koster, Gabriel Markovich, Seth Kaufman and Daniel de la Vega

One Sotheby’s acquires Decorus Realty in Sunny Isles Beach

One Sotheby’s acquires Decorus Realty in Sunny Isles Beach
J. Eddy Martinez, Roland Ortiz, and Daniel de la Vega

One Sotheby’s acquires Worldwide Properties

One Sotheby’s acquires Worldwide Properties
Rose Harris and Chris Conklin

Movers & Shakers: Walker & Dunlop broker Chris Conklin joins NorthMarq & more

Movers & Shakers: Walker & Dunlop broker Chris Conklin joins NorthMarq & more
Jordan Gimelstein, David Spit, Christopher Twist and Karen Elmir

Movers & Shakers: Koniver Stern brings on brokers, Elmir Group joins One Sotheby’s

Movers & Shakers: Koniver Stern brings on brokers, Elmir Group joins One Sotheby’s
Bobbie Holt and Daniel de la Vega

One Sotheby’s acquires Vero Beach brokerage

One Sotheby’s acquires Vero Beach brokerage
From left: The Fairchild, Riley Smith, Oscar Rodriguez and Ricardo Vadia

Riley Smith team takes over sales of the Fairchild in Coconut Grove

Riley Smith team takes over sales of the Fairchild in Coconut Grove
From left: Sid Koslovsky and Felipe Azenha

Movers & Shakers: Aventura broker joins Berkshire EWM & more

Movers & Shakers: Aventura broker joins Berkshire EWM & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...