How Home Renovations Can Grow Your Real Estate Business

"How can I get more money for my home?" If you're a real estate agent, you've probably heard this question before. And it makes sense! Property ownership is the biggest asset in most financial portfolios, so it's natural for sellers to want to maximize their asking price. 

When getting ready to sell, homeowners often invest in renovation projects such as refinished hardwood and new roofing. While these projects can increase property value and attract new buyers, they can also be costly and time-intensive. It's critical to know which projects have the best return on investment and how to do them right. That’s where expert real estate agents can step up and step in. 

As a real estate agent, you should already have some basic home renovation knowledge. But if you want to take your business to the next level, becoming a home renovation specialist can help you provide extra value to clients or prospective sellers – and stand out from the rest of the pack. 

Approximately 22% of homeowners undertake renovations to boost their property value. Yet the National Association of REALTORS® has found that for many common projects – such as basement conversions, kitchen upgrades, and bathroom remodels – the homeowner does not recoup the project's full cost. Simply put, undergoing renovations to increase property value may actually lose homeowners money! Add in the fact that 35% of homeowners find it challenging to locate reliable, reputable contractors, and it’s easy to see how renovation knowledge can become a superpower for real estate agents. 

As more and more homeowners look to home upgrades as an ROI tool, demand for real estate agents well-versed in this area will continue to grow. So if you’re looking for a way to differentiate yourself from other local agents and grow your business, consider becoming a home renovation expert. It could be the perfect solution for you and your clients. 

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