Here we are nearly through August and I thought I’d share some things I’ve seen so far this year working with my clients who are Remodelers. Here’s what you should know.[If you want help tackling some of these things … just hit reply and let me know. I’ll even get on a quick group call since you’re on my personal list to help you plan it if you’re interested.]
6 things I’ve seen (or proven) this year working with Remodelers to grow their accessible remodeling revenue
Since January of this year, I’ve worked with Remodelers (including a few Occupational Therapists, Physical Therapists who are managing remodeling projects) from all over the U.S. to help them increase their revenue through accessible remodeling … primarily for seniors, but also handicap accessibility.
It’s not a surprise, but Remodelers are not getting the interest from older consumers at the level they want.
If you’re not generating enough good leads (for mid-to-high end projects) …
Looking for better sales conversations that lead to signed contracts …
Looking to make a higher margins on your projects …
The solution isn’t advertising, cutting your prices or doing work you don’t want to do. (I have customers who never have to do those things.)
Right now, the senior remodeling market is still working out the kinks. If your company is really going after it and you ACT, you’ve got a potential for an advantage.
Obviously, competition in remodeling is tough and there are already other companies locally that do accessible work. But, if you can position yourself properly, align yourself well and build on your success, you can take and keep an advantage.
Will it stay this way forever? No.
However, the ones who get the advantage early (meaning, earlier on the curve of Boomers growing older) have a better chance of keeping it. Or, at least, not being kicked to the bottom of the ladder (where most companies are and will continue to be).
Look, the senior market is changing … it’s evolving. We’re in the middle of it. What is working to reach these customers now may indeed work later on, but if you aren’t one of the first people on the wagon, you probably won’t do as well in the future.
Ben Franklin said, “To succeed, jump as quickly at opportunities as you do at conclusions.”
I truly believe that. And, as a fellow business owner and entrepreneur, I can tell you that getting even the slightest EDGE is so important for your long-term financial security.
Here’s a few things I know based on what I’ve seen so far this year.
1. Waiting will cost you
The Remodelers who decides to wait and see where this market goes will pay the price. They will fall behind someone (maybe several other companies) and it will cost them. It might even cost them their company in the future.
This market will create an untold number of millionaire Remodelers across the U.S. And, the growth of those companies will drive others out of business.
I’m seeing the beginning of this, now. Companies who are clearly pulling ahead of their competitors and establishing themselves as the dominate remodeling company in their local market.
2. Consumers are taking stock
More and more people are learning about the idea of aging in place. Do they call it that? Not all of them. Are they beginning to understand that making changes in their homes can directly affect their pocketbooks in the future? Yes. (That’s a golden nugget for you.)
It’s not happening because people are being proactive or don’t have anything better to spend their money on, either. It’s a direct result of fear.
- Fear for their health, and how sickness or accidents can affects their future.
- Fear of their parents not being taken care of.
- Fear of losing control of their lifestyle and independence.
Lots of fear. Which spells opportunity for you to become a voice of calm reason. (Another nugget.)
More people are moving from kicking tires to taking action. Some consumers are taking it slow … doing a little bit first to dip their toes in the water. Others, are biting off big chunks and making larger investments in their future doing master suites or higher-end projects.
3. Consumers want to be taught, then led
They are HUNGRY for business people of integrity; who will stand up and do what is right, guide them through decisions and lead them where they need to go.
I’ve seen this not only in my own dealings with older adults, but also with my own clients who are serving them at a local level.
You see, these folks are feeling out this ‘growing older’ thing. They want to learn about new possibilities for their future. And, they are looking for people who can help them accomplish what they want. Many of them will pay the people who can help them do that.
That will require you having a greater understanding of them and what problems you can help them solve, and that knowledge being reflected in everything that they see about you.
Then, you teach them about what their future lives could be like, why it is important and what their next steps should be.
4. Success is a long game
The truth is that, even Remodelers who start right now … it’s going to take a while to get where you want to go. But, that doesn’t mean you can’t generate revenue in the process; you can grow into your larger vision. (Probably faster than you have been if you do the right things.)
Want more people to buy when you deliver a proposal?
Want to reduce errors and issues on projects?
Want a more consistent flow of highly-qualified leads for projects you want?
It takes an investment … over time.
I have Remodeler clients who, when we started together, were doing little to no accessible remodeling. Over time, they’ve seen those jobs increase .. a few at first, then more as time goes on. Some now who are completely focused on accessible remodeling.
5. Attention is the new currency
We live in a world of distractions. And, the Internet just made it worse. Your customers over age 50 aren’t just sitting around; even the much older ones. They have lives!
Some still work, family, volunteering, socializing, faith, travel, healthcare and all of the other things you have in your life. They don’t have time to pay attention to advertising or companies that aren’t relevant to them.
If you can get and keep their attention, you have a shot at generating a lead. If you can lead them by speaking directly to their problems, you can get a customer. As well as, increase the number of higher-quality customers (and higher margins).
6. The money is in diversity
You’ve got to be able to reach into the different sub-communities and groups in your city, and get your company in front of them. You need to diversify now, so you can get a larger market share in the nearer future …
My clients who are experiencing success now are actively pursuing a much more diverse portfolio:
The sub-groups of the people you serve – medium-to-high affluence, working and retired seniors, handicapped or not (regardless of age)
The types of projects you do – Doing accessible and non-accessible projects, but going after more accessible remodeling projects.
The size of projects you do – Going after more larger jobs, but maintaining a good ratio of medium and large.
This is how you begin to dominate accessible Remodeler. So, when there are throngs of older people who can’t be at home because their house doesn’t work for them, you’ve already got the reputation.
Our housing situation in the U.S. is changing fast, so you can trust that situation is a very real possibility looming in the future.
I know I said 6, but here’s an extra one for you.
7. Your growth is a direct result of the people who work for you
So is your lack of growth. If you still have your hands in everything and don’t have people you can defer to that you can trust, you’re not going to make it.
If your crews or subs don’t toe the line, if they don’t deliver, if they don’t treat your customers like they’re your customers … you’ll never get where you want to go.
I hear all the time about how a “sub doesn’t show up and I can’t fix it, because he’s the guy I use,” and, “I can’t find someone to run my teams that I can trust.”
And, I get things like that. I mean, it’s tough to find good people.
But, I’m telling you right now, you can’t touch everything and win big. You won’t get to that revenue increase having people who aren’t in-step with you or, frankly, aren’t obeying the rules.
If you want to grow your revenue by 500k, 800k and more, you’re going to have to fix these things.
I’ll leave you with this:
“Most people miss opportunity because it is dressed in overalls and looks like work.” ~ Thomas A. Edison
There is so much to this longevity economy. This is where I’m planting my feet and I assume (since you’ve read this far) you have, too.
If you want help navigating your way to higher accessible remodeling revenue and profit, just message me.
Here’s to getting our hands dirty.