Results from the 2013 Houzz & Home survey confirm what the busy parking lots at the home improvement stores indicate: homeowners are back in business when it comes to renovation, redecorating and remodeling. And, though home sales are also on the upswing, most renovation is being done by owners to please themselves, not for resale opportunities. Does this mean opportunity for your home improvement or building supply business? Of course, it does.
Provide information, get sales
The survey found that homeowners are arming themselves with knowledge so they can be informed and active participants in the remodeling process. The survey also suggested that homeowners now expect visual and mobile communications. As a business owner, provide the information they seek on a mobile-enabled website. Remodelers want to be able to visualize the results of their hard work and dollars spent. Provide photos of your products in action. A comparison sheet of product specifications can assist with decisions on what type of flooring or finishes to choose, for example. Links to product brochures or videos will be appreciated, too.
Everything including the kitchen sink
Redos of bathrooms and kitchens capture a large amount of remodel dollars, with the average amount spent on an updated kitchen to be $28,030 and over $10,000 for bathrooms. However, it’s not all about sinks and cabinets. When asked which of the following they plan to do in the next 2 years, 84% of the survey responders planned to redecorate, 40% planned to remodel or build an addition and 10% planned to build a custom home. Offer products that fit each of these categories and capture sales from these consumers.
Busting budget busters
It probably comes as no surprise that a majority of homeowner projects exceed initial budgets whether it is spent on remodeling or redecorating. Only 33% of remodelers stuck to their budget. For decorating projects, only 36% stayed on track. For each group, a considerable amount of consumers went forward with no budget at all; 20% for remodels and 31% for redecorating.
Reflecting a growing economy and higher confidence, survey results showed that fewer consumers are delaying projects compared to a year ago. Of the respondents, 11% said they would take out a line of credit to finance their renovations. For those consumers who do not have credit available, or prefer not to use it, having a Multiple Check service in place provides the flexibility they need to get their projects done and provides you with a competitive advantage. Multiple Check lets your customers pay by 2-4 checks spread out over a period of time.
Personal and professional
A proliferation of DIY television shows may seem to indicate that most consumers are willing to spend their weekends with hammer and nail in hand, but 58% of homeowners are planning to hire professional help, with general contractors in high demand. When hiring a professional, good reviews, recommendations and experience are very important along with a good personality. If your store works with contractors and refers professionals to your customers, provide an outlet for reviews and testimonials. Consider posting customers’ before and after photos on your social pages. Homeowners are increasingly looking to the Internet and social sites for recommendations and reviews and if your business isn’t providing these, others will.
With confidence and interest returning to a positive level, make sure your business is ready to reap the rewards of the remodel trend. Have you seen an upswing in business? Do you have tips to share? Let us know in the comment box below.