Real estate is a multi-trillion dollar industry in the U.S. and if you stay on top of real estate news at all, you’ve probably heard about various “big tech” companies attempting to reinvent how we buy and sell real estate in America. One of the newest players in this field is a company called Curbio https://curbio.com. Curbio has raised a total of $93M since its founding in late 2017 so someone must think there is a real need for their services.
“Pre-Sale Renovations” is a term that continues to gain buzz in real estate circles, and Curbio, a real estate technology startup based in Potomac, MD, has been hard at work attempting to make the term a household concept. Curbio provides a convenient service that allows the homeowner to perform renovations before listing a property with payment deferred until closing of the property sale.
So why would a homeowner choose a service such as Curbio? Here is an example scenario where such an offering might be beneficial:
You’ve decided to sell your home. You need to move your family within the next few months and get situated (school registration for the kids, purchase of a new home, orientation of a new job, etc.) in another state. Your REALTOR® inspects your property and informs you that, unfortunately, relative to comparable homes in your area, your home will likely sell below value due to a number of deficiencies. The good news, however, is that you can remedy your competitive weaknesses by performing a few key renovations prior to listing your home. Compared to not making any changes to your home, the right updates performed in a timely and cost-efficient manner, can:
- Improve the appeal of your home
- Increase the asking price
- Generate a faster sale
As an experienced REALTOR®, I have a long list of approved vendors to choose from: electricians, plumbers, handymen, painters, flooring contractors. Most of the time, this is all you need for minor repairs or updates to the home. My team helps our clients through the repair process and makes great suggestions to improve the salability of our clients’ homes. Occasionally though, a home might need something more along the lines of a general contractor to make a significant kitchen or bathroom remodel. Enter Curbio.
Curbio not only helps you with your renovations, but they also allow you to pay when your property has sold. This post-sale payment option can be a godsend for some equity rich, but cash poor homeowners. Curbio’s tagline is: Renovate Now, Pay When You Sell.
I thought this was an interesting concept. The company seems to be operating in major cities along the coast. If their success continues, I’m sure they’ll move into the Midwest at some point.