With homeowners putting more emphasis on the design and comfort of their homes, home services continue to grow. This growth is being spurred by the COVID-19 pandemic, which prompted homeowners to take on projects that were previously considered luxuries.
A significant challenge this poses is finding reliable service professionals. However, this gap presents an opportunity for businesses that invest in customer retention and value.
Innovation
Home service industry trends can be hard to keep up with. However, embracing innovation and adapting to emerging technologies will help your business stay ahead of the competition. Newer appliances with smart technology can be covered under a home warranty. The question, how much is a home warranty? All depends on the warranty company’s cost and what their coverage includes.
Millennials, who tend to think of their homes as a personal and professional asset, have higher spending capacity and are willing to spend on services that were previously seen as luxuries. This creates a demand for speed and convenience that must be met by the industry.
Emerging technology, such as drones equipped with high-resolution cameras, may make it easier to complete tasks like roof inspections or property assessments without the need for expensive labor. This could mean that homeowners are able to receive a quote for the job on their phone and have someone booked for the work within a few days. This can lead to better customer satisfaction and increased revenue for home services companies. It also makes it easier for consumers to access bundled services, such as home security systems with cleaning or remodeling.
Technology
Home service contractors must take advantage of technology in their marketing to build stronger leads and increase revenue. Consumers expect to book services online, on their phones, and via text messaging. They also expect regular updates from the company and a personalized customer experience.
A generational shift in how consumers think about their time is also impacting the industry, as they prioritize convenience and on-demand services that fit their schedules. This means framing their services as a necessity instead of a luxury will be key for providers to thrive in the new market.
As the smart home market continues to grow, homeowners will look for home service providers that can install and maintain their technologies. They will want to work with providers that can integrate their security systems and automate their lighting, heating, and cooling solutions. This will make the homeowner’s experience more seamless, and provide a better customer experience. Consumers will also demand a more simplified way to book these services.
Customer Service
In the age of social media, it is easy for consumers to find and evaluate a company. From consulting influencer videos to hopping on a platform to read reviews, it’s important for home service businesses to keep up with the consumer mindset and provide differentiating customer service.
Customers are now expecting on-demand services from their home service providers. They know they can order a package online and have it delivered within 24 hours—why shouldn’t they be able to schedule a plumber to fix their sink as well?
This generational shift creates a new context for home service businesses. High quality customer service is more important than ever, and retaining existing customers will be key to growth. By listening to feedback and taking immediate action to address any concerns, home services businesses can showcase their dedication to quality. This will ultimately lead to higher satisfaction rates and revenue. Personalized marketing can also help to increase loyalty and retention rates.
Collaboration
The home services industry encompasses a broad range of business areas including cleaning, repair, installation and maintenance. In addition, it also includes specialized jobs such as landscaping, pest control, plumbing and restoration.
During the COVID-19 pandemic, when consumers were confined to their homes due to shelter-in-place orders, many took the opportunity to tackle long-overdue home improvement projects. In fact, online bookings for home services surged by 52% between 2019 and 2022.
A big challenge that home service businesses face is sourcing materials and labor at reasonable prices. While construction consultant Linesight’s latest analysis shows that material prices should stabilize over the next year, this is still a major concern for contractors. As a result, they may need to rethink their business models and focus on services that require fewer materials. In addition, they should look into creating new programs that inspire and motivate their technicians. This will ensure that they can offer better quotes to their customers while improving their bottom lines.