News & Opinions
The latest news and insights from Hanley Wood’s outspoken experts and key thought-leaders throughout the residential and commercial design and construction industry.
NAHB / October 24, 2013
The Remodeling Market Index (RMI) continued to climb at a modest pace in the third quarter of 2013 rising two points to 57, the highest reading since the first quarter of 2004, according to the National Association of Home Builders (NAHB).
An RMI above 50 indicates that more remodelers report market activity is higher (compared to the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity. The RMI’s current market conditions index rose from 54 in the previous quarter to 58, the highest reading sinceRead More
Craig Webb / REMODELING / September 17, 2013
Internet-based cost estimates for remodeling projects likely will make price negotiations with your customers even tougher—but easier, too
If you think negotiating with your customers is tough now, wait a year.
The Internet’s hothouse environment is bringing to bloom a number of Web services that all intend to give your potential customers a sense of what their project will cost before you reveal your price. Some sites go even further by seeking to replace the traditional way of finding you—referrals—with a sealed system in which customers seek and contractors discover each otherRead More
Jim Cory / REMODELING / September 19, 2013
It’s hard to differentiate your company from others if you’re not aware of what they’re doing in the market
The owner of a Canadian pizza chain made a practice of climbing in his car on garbage day to survey stacks of discarded pizza boxes. He wanted to find out what was going on in the pizza market.
Toronto management guru Sam Geist uses that story to make the point that assessing competitors “should be like turning on the lights every day.” Most businesses, he says, were built around a niche or advantage that the founder perceived as missing from the marketplace. A mistake many make,Read More
Paul Winans, Remodelers Advantage / REMODELING / September 19, 2013
Nurturing relationships with past clients will keep you top of mind and lead to ideal referrals
While many remodelers are busier than they have been in years, there are still others that need help generate good, warm leads. There’s no magic bullet. It takes steady effort in a managed way to get a lead flow that will make sales more likely.
Relationship-nurturing seems to work best. Staying in touch with your best past clients, in a disciplined way every two months, pays off sooner than later. How can you do that?
- Visit the client at their home and walk their project with them
- Take a client
Leah Thayer / daily5 Remodel / September 18, 2013
In the late 70s, a young man with a tiny contracting business ran into some financial problems. His work consisted mainly of decks, fencing and repairs, so he wasn’t exactly a major client of his lumberyard, Truitt & White, Berkeley, Calif. But he reached out to his contact there and explained the situation: A customer hadn’t paid him and he was in a pinch, “so would I be willing to work with him?” remembers Mark Pearsall (right), now general manager and vice president of sales and marketing at the 67-year-old building materials dealer.
Pearsall gave the young contractorRead More