What you will learn in this episode: 

• Why you shouldn’t depend on design projects during a down economy

• The value your renovation management services bring

• How to network to fill your pipeline with renovation management projects

I’ve mentioned in the past the chatter I heard about 2023, the slowdown in the volume of work, and the possibility of a recession. If you have been feeling anxious about 2023 and are not getting many phone calls, then this episode is for you!

I want to remind you that historically, winter is a horrible time to expect new client calls. I can’t really tell you why that is, but in my part of the country, it can get very bleak and dreary during the months of January and February, and the last thing people are thinking about is exciting new topics. 

But I can tell you with confidence that those calls will be coming. And I can say that because I, too, go through this every year, and it’s almost reciprocal from year to year.

But in today’s episode, the thought I really want to get through to each of you (and if you’re listening to this podcast, you either already are doing renovation management or are interested in it), here’s the thing, all the predictions for what 2023 will look like for the interior design industry are best guesses and estimates. But what I do know to be true is if you look closely at these forecasts, click all the different links, and don’t just read the main article, they’re talking about decorating projects. 

There’s a difference between decorating projects and renovation construction projects.

The best way to describe the difference between decorating and renovation construction projects is decorating is viewed by the homeowner as a luxury, something that can be put off for the future. Now renovation management or construction projects are viewed by homeowners as investments. Not only will they have the quality of their lives improved by whatever renovation they do inside their home, they know that they will get a significant percentage back on a return on their investment. 

Some statistics say home renovations can bring up to 70% of return on investment! What else in your life can you do that can bring a 70% of return on the investment? And that is something you need to be sharing with your clients. The average bathroom can bring up to 86% ROI! 

If you’re a firm that offers both decorating and renovation management services, what will happen when the decorating side and the luxury items are an expense that can be pushed off to the future? Those renovation projects will be done now. So the percentage of your work may shift. Maybe you usually do 50/50. This year you may do more like 70/30 – renovation management to decorating projects. 

This is what I found happened to me during the 2008 and 2009 financial crises. People were still investing in their homes; they were just investing in projects that they knew they could get a return on their investment. 

So this is why I wanted to take this episode to encourage you to lean into your renovation management skills and services to your clients and also start networking with contractors, architects, and realtors.

This niche in our industry will set you apart from your competition, help you maintain your income stream through whatever is coming your way, and make you a one-stop shop.

Like this Episode?

• Be sure to check out Episode #108: Marketing 101 – How to Fill Your Pipeline with Renovation Projects

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