What’s old is new again
Most have focused on new construction projects for obvious reasons. The homeowner is already in the process of spending substantial money on the house and is willing to consider any option that will improve their lifestyle. Of course the fact that the walls are open and available for pre-wire makes the physical aspect of installations much more attractive. This is all positive when the economy is growing and homes are being built in quantity.
However, when things slow down the opportunities are nowhere near as plentiful and in some areas things have ground to a virtual halt. When this happens it is imperative to respond by adjusting your focus and looking for other ways of generating business. The new construction job is always attractive but, when it is not available, look elsewhere.
In most industrialised nations the ratio of new homes to existing homes is staggering. In fact, 90% of the homes that that will be built in our lifetime have already been built. So, it makes sense to determine how we can mine the retrofit side of the market while waiting for new construction to come back.
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For most integrators this requires a shift in mindset. Try looking at the existing home market as a vast field that is ready to harvest. Your job is to decide how to best go about attracting these potential customers. We are fortunate today because words like home theater, digital audio and streaming media are becoming a common part of societies lexicon. No longer do we need to convince people that these technologies will enhance their existence. We simply need to show them how we can make their media experience more enjoyable and seamlessly integrate into their home.
With an existing home this requires a different set of priorities. For most people, their home will be the single biggest investment they will ever make. They will not trust just anyone to crawl through their attic and cut holes in their walls and ceilings. So before you begin to sell the latest technology consider selling the customer on how much you care about their home.
Explain that when your crew is finished there won’t even be a footprint in the carpet to show they were there. The vacuum cleaner will be the last tool out of the house and not even so much as a hint of drywall dust will be left behind. Your people will wear booties over their work boots and tarps will cover the furniture in any areas where work is being done. These seem like simple steps but they mean so much to someone who has experienced the nightmares of most construction tradesmen in the past.
There is also the necessity of having installers who have been trained in the art, and I do mean art, of retrofit installation. A good retrofit installer is worth his or her weight in gold. They literally perform magic when required. Anyone can show up with a drill and an auger bit in a house that is in the framing stage and punch holes through studs and joists as they run wire through the house. But in a finished home it sometimes takes a master craftsman to run wires where they need to go. Great care and finesse are needed to do so without damaging hearth and home. Play up this fact in your conversations and proposals.
Beyond the fact that existing homes are more plentiful there is another tremendous benefit to retrofit work, cash flow. Unlike new construction work that can take months or even years to pay off, retrofit jobs rarely take more than a week and payment is due on completion. In today’s economy this fact alone can dramatically affect your company’s financial position. Many dealers who have begun to focus on retrofit work over the past year or so comment on how it has positively affected their bottom line and they wish they had changed their focus long ago.
Make it a point to look at your organisation and see if an emphasis on retrofit work makes sense for you and your company.
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