Pre-sale home renovation firm Revive partners with brokerage NextHome
Presale home renovation company Revive Real Estate partnered with independent real estate franchise NextHome to provide move-in ready homes to clients of more than 5,500 NextHome agents in 610 offices across 48 states, the companies announced on Tuesday.
“NextHome is a franchise for the future, well-known for leaning into innovation in the real estate industry to lead the way,” Revive CEO and founder Michael Alladawi said in a prepared statement. “Together, we can deliver more of what buyers want in today’s market: move-in ready homes,” he added.
Through the partnership, NextHome can offer Revive’s presale renovation solutions and in turn, unlock more inventory, the companies said. It will also help NextHome create more listings of market-ready homes that will require no payments from the sellers until closing.
Millennials, who comprise 43{833736ef333566f6502cdebaaa8c1006aee7f6f644158cfddacfa746ee20c4df} of the total homebuying population, are looking for homes ready to be moved into, according to the statement. Among the millennial homebuyers, 70{833736ef333566f6502cdebaaa8c1006aee7f6f644158cfddacfa746ee20c4df} will choose a smaller move-in-ready home over large homes that need work done on them.
This Millennial generation comprised the largest share of home purchase mortgage applications for the last six years, according to CoreLogic data. The Millennial homebuyer share reached its peak in 2022, with around 54{833736ef333566f6502cdebaaa8c1006aee7f6f644158cfddacfa746ee20c4df} of overall home-purchase applications.
Revive claims that home sellers often lose out on 15-20{833736ef333566f6502cdebaaa8c1006aee7f6f644158cfddacfa746ee20c4df} of their potential profits when their homes are not renovated or move-in ready.
The company, which also operates as a home concierge service and charges no upfront costs until the home is sold, offers services like interior remodeling and roof repairs, renovation estimates and contractors.
NextHome chief strategy officer Keith Robinson said that readying a property for sale requires a variety of tasks, including “sprucing up the paint, installing new carpets, and tidying up the landscaping.”
“That’s where Revive comes in – it’s a powerful tool that can help you and your clients fix things up and make the property even more marketable,” Robinson added. “It’s a turning point in this shifting market and can really set your listing apart.”
Revive renovations start within the span of a week and get completed within a month up to six weeks, aiming to help sellers “boost their return on their most significant asset — their home.”
The company claims that listed renovated homes sell faster than those that are not. The company employs designers, planners and construction workers to supervise the contractors’ work.
“Presale renovations offer homeowners a $300 billion additional profit opportunity,” Revive co-founder and COO Dalip Jaggi said in the statement, pointing out that Revive has helped many homeowners create more than $60 million in additional profits.
Revive sellers also receive an additional average profit of $186,000 more than their renovation costs, with a 250{833736ef333566f6502cdebaaa8c1006aee7f6f644158cfddacfa746ee20c4df} return on investments. Therefore, they can net more in higher-cost markets and allow Revive agents to receive higher commissions – up to 22{833736ef333566f6502cdebaaa8c1006aee7f6f644158cfddacfa746ee20c4df} higher, and get 40{833736ef333566f6502cdebaaa8c1006aee7f6f644158cfddacfa746ee20c4df} more listings, according to Jaggi.
Revive, which currently operates in all 50 states, acquired Washington, D.C.-area based presale renovation company HomePrep last month and partnered with Florida-based brokerage The Keyes Company last December.