The real estate market is currently in a frenzy that has already begun outpacing the housing boom seen in the mid 2000s. In fact, with the housing shortage, the only way a lot of people will be able to have a home any time soon, will be through building. Because of this and a nationwide material shortage, builders are currently in over their heads. However, if you are looking to grow your business in Architecture, Engineering or Construction - NOW is the time to push your marketing into overdrive.
Housing prices are hitting record level highs, there are labor and material shortages all over the country, and bidding over asking price is the only way to get an offer considered. This market shortage should not come as a surprise for many as the millennial age group is now actively looking into homeownership. When the interest rates were lowest, the millennial age group worked to take advantage of it leading to a large shortage on housing options. A report found that there were 40% less houses on the market than in 2020. With people looking to sell but finding nowhere to move to, the market is becoming grid-locked. In this case, the only way out, is through.
Currently, there is a massive deficit in housing. In order to overcome the housing shortage, new building will have to increase. While there are shortages in materials and labor, it does not mean the market has to stop completely.
1. Designing can continue
The shortages pertain to the end of the design process - not the beginning though. Whereas the materials are not available to complete the projects, that does not mean that designs cannot be begun now. In particular, if a lot is already purchased, there is no reason that the design has to wait until supplies are back in circulation. Thanks to 3D Modeling and Rendering, you can see plans before they are built. The design process can often take the longest, so starting ahead of time can be a great way to get ahead while you can.
Offering a design service is a great way to get clients in the door. Working with clients to design a house remotely, while materials start to replenish, is a good opportunity to establish trust with a client. Design packages can be offered now, and customers who return for bids on the plans (when supplies are back in circulation) can receive a guaranteed priority for projects to be taken on. This method gets a foot in the door, guaranteed business through the design service, and increases the chance of return business and happy clients.
2. Waitlists in abundance
With the market in such throws, even small contractors have waitlists. With so many waitlists, it is now up to the contractors to show up as the best option. By increasing marketing, it grabs the attention of those still looking for contractors. Investing in quality marketing will show potential clients that not only are you an option, you are a good option.
Since less contracts are being signed, some builders refusing them entirely, now is the chance to pick up extra clients. Establishing yourself as a strong option could sway potential investors into choosing you for their project. Showing process work and rendered projects on social media is a great way to show that you are receiving business - even if it cannot be built yet. This shows people that you are in demand as well as giving real examples of work. When it comes to marketing your business, seeing work even before it is built is as good as showing end results.
3. Get your name out there
The housing shortage came from a combination of events. However, the end result in resolving the crisis will require more building of homes. Until then, market inventory will remain at an all time low. The last piece of the puzzle that remains, is replenished inventories on building materials. That means, that now is the time to make a name for yourself.
In a market that is in high demand, it is vital to get your name out there while things are on hold. With all builds only waiting on materials to return, the market is ready to go full force. It is key to establish a name and experience now while people are searching for those to do the work. Designers, contractors and architects will all be looking to build a portfolio to be the top choice, once materials return. Marketing and showing your work is more important than ever to harness the wave of new-builds that will inevitably be hitting the market.
4. Establish yourself as quality
People are now looking to invest - it is up to you to become their best option. With money on the line, it is crucial to show up as the quality option. People are willing to pay for projects to be completed. However, now is the chance to establish yourself as the superior option. By capitalizing on the abundance of design work to be done, the budget for marketing can grow. Investing into a quality representation of you and your work can make all the difference in the scale and quality of projects you will bid on.
Adding details like access to designers, quality branding, and the option of 3D Modeling and Rendering, will show that you are not a typical design-build firm: you are the complete package. This opens up the option of more clients, larger projects and bigger budgets. Establishing yourself as the high end option now, will ensure that you are able to pick the type of client you want to have - not the other way around.
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