The demand for home services is soaring. Do you know why? You. It is because of you. Your ingenuity, your ability to adapt and innovate, and your enduring commitment to serving your customers — no matter what — carries us through tough times. And, in many cases, businesses are not just surviving. Home services are thriving.
Home Services Demand Is Strong
According to Stanford economist Nicholas Bloom, an astonishing 42% of the US workforce is now working from home. While those deemed non-essential drove a big portion of this, the work-from-home economy is expected to stick around long-term. So, we have a “perfect storm,” when it comes to home services:
More people are working from home, and more families have combined households (e.g., adult children moving in with parents, or senior parents moving in which children).
Home sales have exploded in recent months (July 2020 saw an 8.7% increase year-over-year).
Homeowners want more comfortable spaces from which to work – and, of course, live!
Stores like Home Depot, Lowes, Sherwin-Williams, and Tractor Supply have all seen increased demand, and this is also expected to continue. Home services professionals, including contractors, electricians, lighting companies, security firms, plumbers, HVAC experts, etc., have also seen a strong uptick in demand and packed schedules as folks seek to make critical improvements and updates that ensure they are comfortable and safe in their home, which now their work environment.
Bank of America analyst Elizabeth Suzuki says, “COVID-19 could provide a longer term benefit for home improvement stocks if it ultimately does cause an increase in housing turnover,” as their research suggests. A shift into larger existing homes (corresponding to a shift out of cities) and older homes requiring renovation (which most young buyers can easily afford), could be a multi-year tailwind.”
Safety and Demand
We always think about the logistics of supply and demand, but today, home industry professionals also consider safety and demand. We must balance the increase in interest for our services with the safety of our crews and customers. Innovative companies, like G&G Custom Homes do this by integrating key technology into their operations. BuilderTrend, for example, allows clients to access important project information (e.g. schedules, budget items, change order approvals, document signing, and photos) and interact with their building team – anytime, anywhere.
With tools for in-home measurement (e.g., CamtoPlan, Magic Plan App), virtual design (e.g., Chief Architect, Floorvana by Shaw), virtual staging (e.g., iStaging, Tourwizard), and more, home services professionals can meet the needs of their customers while promoting social distancing and other safety precautions.
And… people like it! This, too, is a change we can expect to continue – and grow – in the future. Not only does technology facilitate safety, but it also delivers considerable convenience and flexibility to both homeowners and professionals. At the same time, the right tools allow us to provide exceptional customer service and a personal touch that connects the digital and physical worlds.
Home Artisans of Indiana is your community; we bring together business leaders in the home industry to hone our professional and personal growth. Challenges, like the current pandemic, and trends give us the opportunity to collaborate, survive, and thrive. We build better businesses together. Contact HAOI to learn more.