What Will 2021 Bring for the Remodeling Industry?
Last month I attended an inspiring meeting of Remodeling Industry Thought Leaders. The group included many of the most successful companies in the design-build and home improvement industries. These innovators see far beyond their individual firms and local markets. They are able to look at the industry overall and provide valuable insights to others in the field. Watch the video below for the full range of predictions.
During the meeting, Mark Richardson, who co-hosted the gathering along with Pro Remodeler, asked the group for 2021 predictions. The Thought Leaders’ responded with interesting, exciting forecasts on a range of topics. The meeting was captured on video and the Pro Remodeler team has been publishing each member’s predictions one by one on Proremodeler.com. Because they are exceptionally insightful, I thought I’d present a selection of them here.
Another year of unpredictable ups and downs
Michael Anschel, owner of Otogawa- Anschel predicts that 2021 will be another “wild” year. The Minneapolis-based firm is hiring more staff to create renderings for a quicker turnaround and also believes that it will become increasingly common to complete project estimates without a remodeler entering the home. These more interactive bids will allow the consumer to easily add and remove items online.
Tanya Donahue, president, RIKB Design + Build notes that “business casual will have a whole new meaning in 2021” as we’ve all become used to less formal work attire. She also observes that her Rhode Island market saw “the death of home shows,” adding that she doesn’t see them coming back in 2021. Finally, she predicts that jobs will take on an accelerated pace in response to stir-crazy homeowners’ higher expectations.
A return to in-person for innovation while retaining virtual meetings for the everyday
Brian Gottlieb, CEO of Tundraland Home Improvements in Wisc. believes that the loss of in-person meetings has meant less innovation and he sees that returning. He also predicts that the companies that can achieve faster lead times and operational excellence will thrive in this environment.
Eric Minkiewicz, president of Huff ‘N Puff in the Albany, N.Y. area, sees interest rates staying low with demand for home improvement remaining strong. He predicts industry consolidation will increase in pace, and more investment will bring in younger workers.
Vince Nardo, president of ReBorn Cabinets in Orange County, Calif. observes that the pandemic-related boom in home improvement has brought a lot of new companies into the market. This will shake out in 2021 as we shift from a “take” market to a “make” market and inexperienced newcomers won’t be able to compete.
My own prediction is that 2021 will see a huge increase in volunteerism, especially in Q3 and Q4 as people who have been unable to participate in their normal community-based activities slowly return to pre-Covid life. This will affect organizations that touch our market such as Habitat for Humanity and Rebuilding Together. Watch the video to see more predictions.
Got any predictions of your own? Send me a note at the email below.