FEATURED ON THIS EPISODE

INTERIOR DESIGNER’S GUIDE TO CONSTRUCTION MANAGEMENT

WHAT YOU’LL LEARN IN THE EPISODE:

THE FORECAST FOR CONSTRUCTION MANAGEMENT IN 2024

WHAT LOWERING MORTGAGE INTEREST RATES MEAN FOR OUR INDUSTRY

HOW TO USE THIS DATA TO REACH YOUR 2024 GOALS 

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This year of 2024 is one we really should be looking forward to!

I have been hearing so many positive stories, studies, and forecasts that will set us up for a successful year in regard to construction management. 

Some of you may be questioning this because your phone isn’t ringing, you’re not getting work, or you’re feeling overwhelmed and like you can’t possibly take on more.

This is why I wanted to take the time today and break down what they’re saying, how this impacts our specific niche inside our industry, and how to take full advantage of it in the first quarter to set you up for the rest of the year.

If you have too much work and are feeling overwhelmed

If you have too much work and are feeling overwhelmed, I challenge you to look at the work you are doing. Are they truly your ideal client? Break this down. Write down the person’s name, their attributes, the size of the project, the budget, the style – all things that would roll into whether they are an ideal fit for you.

You should only be focusing on the projects that fit your ideal client and are a good fit for you.

This isn’t a hobby. This is a job. I understand when you want to take any job that comes your way. It took me a very long time to change my mindset and realize that taking on jobs that aren’t a good fit, while they may produce income at the moment, made me too ‘busy’ to focus on projects that I wanted and were a much better fit for me. 

I’d also challenge you to look at the income you’re bringing in. Are you producing income that is moving your business forward? Meaning you are bringing in profits that allow you to invest in yourself, your business, and in future work.

For the designers hearing crickets

Don’t panic! Panic makes you reactionary, and you typically end up in the other category of taking on the wrong projects and feeling overwhelmed. 

I know this isn’t easy when there are bills that need to be paid, and you may have to take on some projects that aren’t the perfect fit, but I want you to decipher what’s the best of the bunch and focus on them. 

I really want you to hear me on this right now because the forecasting for our niche in all of the studies coming out is really looking positive for us.

So what does this mean?

There are essentially two niches inside our industry: decorating and construction.

All of the studies are truly showing that construction will outpace the decorating portion of our industry.

The studies show that there are changes in the consumers’ spending markets and that homeowners are prioritizing investments over luxury or non-essential items. Homeowners see construction or renovation projects as an investment in their home and decorating and furnishings as a luxury. 

And so if consumers are still spending, which the studies are showing and forecasting to continue, then homeowners are going to be leaning further into renovation and construction projects even more than they have been. 

Mortgage interest rates are lowering

This is more good news! The interest rates are becoming more palatable to new homeowners or those who want to upgrade or more. 

So, what do you do with all of this information for 2024? 

For those of you who are overwhelmed with work, is there an opportunity to add to the scope of work? Is there an opportunity to create a job that’s a better fit for you? 

If you have done decorating for a client, never assume they know all of the services you provide. This is an opportunity to work with someone who already knows, likes, and trusts you. If they have mentioned a dated bathroom, use that opportunity to share about your construction management services.

If there isn’t a way to shift the scope of work into a construction project and make it a more fulfilling and good fit for your firm, then do what you can to complete the project and move on to these projects that will be more fulfilling to you and a better fit for the goals you have for this year.

For the designers whose phones aren’t ringing, now is the time to lean 100% toward the realtors in your area. If you know someone personally, call them up. Get in front of them. See how they’re approaching this new year with all of the positive signs for the homebuying market.

If your phone isn’t ringing, stay positive. I’m confident that if you take the steps I share in today’s episode and start putting your best foot forward and marketing the hell out of your services based on these studies and data points, you will start landing the projects you’re looking for that will help make your 2024 goals come true. 

As always, feel free to reach out to me if you have any questions!