According a report by Harvard University’s Joint Center for Housing Studies, 2019 could be a record year for home renovations. The Center projects an increase in home renovation and repair spending in the fourth quarter.
“Strengthening of the U.S. economy, tight for-sale housing inventories, and healthy home equity gains are boosting home improvement activity.” This is a quote from Chris Herbert, Managing Director of the Joint Center for Housing Studies. Over the coming year, owners are projected to spend more than $330 billion on home upgrades and replacements. This figure does not include routine maintenance.
Top Home Improvement projects for 2020
- Bathroom Remodeling
- Kitchen Remodeling
- Closet Overhauls
- Accessibility Remodeling
- Master Bedroom Suites
- Mudroom Additions
- Eco-Friendly Remodels
- Luxury Finished Basements
This is all great news for home improvement companies. But, how does your company become the go-to people call when they are looking for a renovation?
The key for remodeling companies is to find quality prospects for home improvement projects. This is the first step of smart marketing. As a result, home improvement companies need to get their names front and center. Visibility counts. Brand equity is essential. Above all, your brand needs to convey value, trust and competency.
Can People Find You or Do You Need to Find Them?
First of all, you don’t want to just sit and wait for the phone to ring. You need to take the initiative to target quality customers for home improvements. Above all, if you want to be successful, it’s your job to aggressively seek them out. Hence, this means using direct mail, telemarketing, email and social media to brand your business and enhance your reputation. This is the first step to generating quality leads.
We know that not everyone is in the market for a remodel. However, there are specific groups more likely to respond to your offer.
Examples:
For a closet company
Select a list of New Homeowners who purchased resale homes. Overlay a minimum home value of at least $250,000+up
Accessibility Remodeling
Select affluent homeowners turning 70. You may also want to target homeowners with multiple generations living under the same roof.
Kitchen & Bath remodelers
Market to homes that are 15-20 years old, where the original homeowner is still present. Likewise, overlay modeled credit 640+ to further qualify them. After all, you want to make sure they can afford your services!
Companies that specialize in eco-friendly remodeling.
Focus on Green Homeowners. They are the perfect prospects for solar installations or upgrading home insulation. Similarly, they are also excellent prospects for installing smart home automation features. Additionally, Green Homeowners are also choosing earth-friendly remodeling materials.
Marketing Tip
Consider marketing to Homeowners who recently refinanced. Many homeowners use the equity in their homes to pay for upgrades and remodels.
Bottom Line
The businesses that take the marketing initiative to find quality customers for home improvement projects will succeed. Furthermore, with smart outreach, you will get the visibility you need. Next, with a strong offer, you will entice them to respond. Finally, with a well-thought out lead generation program, you will earn their business!