Looking for new areas to expand your business? If you haven’t considered developing a strategy for going after millennials, you’re leaving big jobs on the table.
Younger homeowners are quickly becoming the “renovation generation” — millennials (anyone between their mid-20s and mid 30s) often buy cheaper houses to fit their budget, then plan for renovations soon after.
Back in 2016, millennials were investing 7% more into their homes than they did in the previous year. This spend has increased in 2017 and 2018, indicating that millennials are becoming an increasingly large portion of your potential customers.
Millennials may seem like the perfect business opportunity, but there’s a catch: these cash-strapped homeowners often don’t have the money to pay you upfront.
A survey conducted by Chase Home Lending found that 69% of millennial homeowners plan to finance their renovation projects. These young renovators are focusing their upgrades on kitchens, bathrooms, outdoor spaces, and other similar areas.
Key takeaway: You can earn millennials’ business by offering competitive financing options. The easier you as the contractor make it for a homeowner to afford the project, the more likely they’ll be to take the bid.
If you’re an existing Hearth customer, download our app and try working with a millennial homeowner today!
Check out how Hearth can help you earn more business by offering monthly payment options to customers.