New York real estate brokerage Compass said Wednesday that its partnering with home renovation firm Chapter to offer remodeling services to sellers.
Chapter is a New York-based home renovation company that employs architects, engineers, interior designers and project managers who use artificial intelligence-powered software to keep track of a project.
Sellers who use Compass as their listing agent will now get free consultations and renovation estimates from Chapter, the companies said. The services are available for Compass agents with clients in Connecticut, Florida, New Jersey and New York.
“Home sales and renovation have historically operated individually, and this collaboration eliminates that divide,” Chapter founder Eli Moyal said in a statement.
Sellers working with Compass in those states will also get a 5% discount if they book the renovation work and will see renderings of what the property will look like after the remodel is completed.
“Agents having the ability to present properties not just as they are, but as they could be, with clarity, speed and precision, is a powerful proposition in today’s dynamic market,” Ari Salehi, Chapter's business development director, said in a statement.
Sprucing up a home before it hits the market may be the garnish sellers need this year to draw buyers. Mortgage rates just under 7% and rising prices have kept some Americans out of the market. The summer homebuying season is in full swing, but in some states, home sales, particularly newly built homes, have lagged.
The goal behind adding Chapter was to make it "easier for agents to help their clients sell their homes faster by allowing buyers and sellers to see the full potential of a property," Gordon Golub, Compass regional vice president, said in a statement.
Compass is the nation’s largest real estate brokerage by volume, with more than 500 offices. At the end of the first quarter, it had 37,135 agents.