Contributor

Mark Richardson, CR, is an author, columnist, and business growth strategist. He authored the best-selling book, How Fit Is Your Business? as well as his latest book, Fit to Grow. He can be reached at mrichardson@mgrichardson.com or 301.275.0208.

The Future of Remodeling

Historic changes are about to affect the industry. Are you aware of them? 

July 20, 2017

The remodeling industry is likely to face major changes in the next few years, yet no one seems to be talking about it. Instead, most conversations continue to be about the labor challenges, leads, time stresses, process improvement, and finding and developing the right salespeople.

The developments that we are likely to face in the near future can already be seen in the world around us. A few to think about include:

1) Uber effectively overhauled our idea of urban mobility, and the success of the on-demand ride-hailing service has implications for automobile ownership in the future. Uber even held an “Uber Elevate” summit in April to discuss the feasibility of a flying car. (Turns out it’s actually feasible.)

2) Amazon forever altered the retail industry for both consumers and businesses with its e-commerce buying and distribution processes. A report by the Institute for Local Self-Reliance estimates that Amazon captures nearly one in every two dollars that Americans spend online.

3) Kohler is developing products (such as toilets) that can extract user data and send it directly to a doctor, effectively turning a toilet into a medical device. 

4) Home automation is still in its infancy, but within
a few years, it’s predicted that most U.S. homes will each have more than 1,000 connections to the cloud.

What Does This Mean for Remodeling?

While I admit I don’t have all the answers, I encourage you to invest time in keeping up with the future.

Last week I ordered a Tesla electric car. The whole process, including smelling the leather, test driving the vehicle with my family, selecting the custom components, and handling the financing, took just 60 minutes. 

How will your clients want to buy in the future? At the Extreme Sales Summit coming up in Philadelphia this September, Dale Thornberry, CEO of Remote Sales Force, is going to answer that question. Dale will demonstrate an online selling process that requires very little face-to-face interaction with a prospect yet facilitates their purchase of major remodeling projects. 

It’s not a prediction. It’s here. 

Setting Priorities

Today’s technologies allow us to see a project before it’s built, using simple virtual-reality tools. While not yet common in remodeling, VR will soon become the norm, along with other tools that we’re not even aware of yet. 

If you want to survive in business during the next five years, you must invest time and energy in exploring the future. Here are a few tips:

1) Set a 60-minute appointment with yourself every week to research what the future may hold.

2) Find and investigate other markets that are using disruptive technologies or processes.

3) Come to the Extreme Sales Summit, Sept. 18–20, to learn about the future of selling.

See you there. 

Comments

Interesting article. I've been curious about the future of home shows. A new generation of home owners can shop online from everything from bathroom fixtures to remodeling contractors. Why would they take 2-3 hours out of their weekend and pay upwards of $8-$15 - plus parking - to attend a home show? Do you see home shows as eventually becoming obsolete?

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