According a report by Harvard University’s Joint Center for Housing Studies, 2018 could be a record year for home renovations. The Center projects that annual gains in home renovation and repair spending will increase from 6.3 percent in the fourth quarter of 2017 to 7.7 percent by the third quarter of next year.
“Recent strengthening of the U.S. economy, tight for-sale housing inventories, and healthy home equity gains are all working to boost home improvement activity,” says Chris Herbert, Managing Director of the Joint Center for Housing Studies. “Over the coming year, owners are projected to spend in excess of $330 billion on home upgrades and replacements, as well as routine maintenance.” The key for remodeling companies is to find quality customers for home improvement projects, market to them and earn their business.
Top Home Improvement projects for 2018/2019
- Bathroom Remodeling
- Kitchen Remodeling
- Closet Overhauls
- Accessibility Remodeling
- Master Bedroom Suites
- Mudroom Additions
- Eco-Friendly Remodels
- Luxury Finished Basements
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?
Can People Find You or Do You Need to Find Them?
You can either sit and wait for the phone to ring….or take the initiative to target quality customers for home improvement projects and aggressively seek them out using direct mail, telemarketing, email and social media to brand your business, enhance your reputation and generate leads.
Not everyone is in the market for a remodel – but there are specific groups most likely to respond to your offer. For example:
- For a closet company, select a list of New Homeowners who purchased resale homes, $250,000+up
- A company that specializes in Accessibility Remodeling can select affluent homeowners turning 70 or homeowners with multiple generations living under the same roof
- Homes that are 15-20 years old, with the original homeowner still present, are perfect prospects for kitchen and bath remodels. Overlay modeled credit 640+
- Companies that specialize in eco-friendly remodeling can focus on Green Homeowners, who are the perfect prospects for solar installation, upgrading insulation, installing smart home automation features and choosing earth-friendly remodeling materials
- Homeowners who recently refinanced. Many homeowners use the equity in their homes for upgrades and remodels
Businesses that take the marketing initiative to find quality customers for home improvement projects, can find them – and earn their business!