Episode #187 Expand Your Inventory with Steven Papageorge

In this episode of The Hyperfast Agent Podcast, host Dan Lesniak speaks with Steven Papageorge about a strategy to find more homes that meet your buyer’s criteria. In a time where inventory appears to be low, real estate agents need to be creative when looking for houses, and Steven knows just how to do that!

 

Episode Highlights: 

  • Steven does the majority of his work in Northern Virginia.
  • Born and raised in Northern Virginia, Steven started Design Pro with his brothers 11 years ago.
  • Design Pro jobs range from small inspection jobs to major additions and renovations.
  • There has been a surge in outdoor living space projects since the pandemic started back in March.
  • People need more space at their houses now that everyone is home because of the virus.
  • A lot of markets are experiencing tighter inventories right now.
  • Partnering with the right contractor can expand the inventory that real estate agents have for their clients.
  • Contractors can provide consultations for real estate agents in regards to renovations.
  • The typical buyer, more often than not, is surprised by the renovations that they can do within their budget.
  • Time frames vary depending on job size, ranging from small updates (2-4 weeks) all the way up to whole-house renovations (4-6 months).
  • Drawing, design agreement, and approval all need to be factored into the timeframe.
  • Real estate agents need to make sure that their clients are aware of the timeframe, budget, and a plethora of other details.
  • Try to be as efficient as possible with your time as a new entrepreneur.
  • The biggest mistake that real estate agents can make is giving inaccurate information about the renovations to the client.
  • Steven enjoys spending his free time with his family.
  • In 5 years, Steven sees Design Pro going through massive growth and plans to invest in real estate himself.

 

3 Key Points:

  1. People are spending more time at home because of the pandemic, so Steven has seen a surge in additions of outdoor living spaces.
  2. By providing renovation consultations, contractors can partner with real estate agents and ultimately expand the agent’s inventory.
  3. The more questions that an agent can ask, the more options they can provide to their clients. 

 

Tweetable Quotes:

  • “Since the lockdowns happened, there was a little bit of a lull right when things set in…then a couple of weeks passed and things started going crazy.” – Steven Papageorge
  • “If a client needs something that’s updated, renovated, but it’s not in their price range…well, if they’ve got the right contractor, now they can look at stuff that’s cheaper.” – Dan Lesniak
  • “In an ideal situation, they purchase the house but can be staying somewhere else where we come in and renovate.” – Steven Papageorge

 

Resources Mentioned:

 

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