I wanted to know what your thoughts were on how the housing market affects business and how to stay knowledgeable about housing trends?
Best, Kelly P.
So the housing market has a number of unique correlations to small businesses and HVAC businesses in particular. Housing market studies will tell you a lot about not only where people are buying and not buying across the nation but also what the demographics of those buyers are.
In a recent Contracting Biz article, Realtor.com Chief Economist Jonathan Smoke talked about the affect young professionals and millennials are having on the Des Moines, Iowa, housing market. When trends like this are published, it helps business owners tailor their sales to the market. I've blogged previously about generational selling and the importance of tailoring your sales pitch to each individual generation, so keep an eye on these reports for your market and surrounding territory and adjust your sales pitches, marketing, and advertising accordingly.
Another way the housing market can affect your business is buying patterns. If your territory is in a hot market and people are buying, that can mean a lot of new HVAC systems and some superb potential for regular maintenance advertising. Conversely, if your territory is in an area where people are not buying or building, your customer retention efforts need to be on point.
Here are three quick tips to help you stay on top of the housing market and market trends:
- Partner with a local real estate company - A hot housing market means the real estate companies are in high gear. Expand your networking efforts by partnering with a local real estate company or agent to begin some mutual advertising.
- Do your research - Hit the streets and drive your community to see what trends you spot your immediate territory. But don't stop there. Stay vigilant online for information about the housing market and current trends.
- Talk about trends your techs are seeing - Your technicians are constantly immersed in the community. Ask them what they're hearing and seeing while on the job and talk about the trends.
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