Local Realtor pays for homeowner upgrades to facilitate sale for client

Dayv Morgan takes risk to ensure clients sell homes quickly, for maximum value

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Realtor Dayv Morgan

When it’s time to sell or invest in a home, Maricopans have a unique opportunity to benefit from using a local agent who is so committed to selling a home that he’s willing to pay out of his own pocket for improvements.

Dayv Morgan of HomeSmart Success offers to cover the costs of renovating and updating a home before putting it on the market in order to increase its value and marketability.

All homes experience wear-and-tear over the years, and Morgan counters by installing new carpet, fresh paint and even full-kitchen remodels when necessary. The selling price can then be increased to cover, and usually exceed, the cost of those improvements.

Before

“Move-in ready homes sell much faster and for a significantly higher amount,” Morgan said. “When a buyer walks into a home that looks and feels like it was just built, because it has new paint, flooring and appliances, they will pay a premium.”

Morgan, who sells more than 100 homes annually, advised that such improvements not only help the seller make more money but also benefit the buyer as well.

“Most buyers in Maricopa don’t have the money, after they buy a house, to fix it up,” he said. “They would much rather pay a slightly higher price and finance the upgrades through the mortgage. If they paid $10,000 for improvements and put it on a credit card, they would end up paying 16 to 22 percent interest. If that $10,000 is instead done by the seller and included in the price of mortgage, now they’re only paying 5 or 6 percent (over many years).”

After

The program Morgan developed allows a seller to access his pool of preferred contractors, with whom he has negotiated reduced fees, or sellers can use their own referrals to make the repairs. Regardless of who completes the work, he pays up front for the improvements and is reimbursed from the proceeds of the sale, without charging any interest to the seller.

The idea came to him after seeing companies like Open Door and HomeVestors “low-ball” sellers to buy their home as-is, and then after making a few cosmetic improvements they would list the home on the MLS and resell it for a profit. He was surprised to see how much equity owners were giving away by selling their home directly to an investor. As a listing agent, he created a process that allows sellers to “flip their own house” and keep the profit themselves.

“It doesn’t cost the owners anything out of pocket, and it increases their return,” Morgan said. “It’s a win-win for everyone involved — the buyer, the seller, myself as the Realtor, and even the city of Maricopa, as it helps the neighborhood values to increase.”

Dayv Morgan is a Maricopa Realtor and owner of HomeSmart Premier. He is a 16-year resident of the city.