As the housing market improves, so, too, does the home remodeling industry
DreamMaker remodeling franchise owners are gearing up for growth as the economy picks up steam and remodelers continue to grab market share.
As the economy recovers, so does the nation’s housing market. Realtor.com recently published its 2015 Housing Forecast, which states that existing home sales will increase by 8% and home prices will increase by 4%-5%. The added money flooding into the market will result in a banner year for the home remodeling industry. According to The Joint Center for Housing Studies at Harvard University’s annual report on the emerging trends in the market, “the home improvement industry could easily post record-level spending in 2015.”
DreamMaker franchisees are also enjoying strong revenue growth. Average same-unit sales increased 23% in 2013 and another 14% in 2014. Similar growth is expected this year.
“We experienced double-digit growth in 2013 and 2014,” said Doug Dwyer, president of DreamMaker Bath and Kitchen. “Our services are especially pertinent to market trends right now as the average homes in the nation are turning 25-30 years old, which is the time when most homeowners seek to complete remodeling work. As a result, spending on home remodeling will go from $293 billion in 2013 to $383 billion in 2018. Our goal is for DreamMaker remodeling franchise owners to reap the benefit of the market.”
Conference addresses growth
DreamMaker recently held a conference for franchisees in Dallas to discuss ways to manage growing demand and take advantage of opportunities. The franchise has hired a consultant to study best practices among its franchisees in order to help share that knowledge for everyone’s benefit.
“A great example is set at the top and then travels down to the franchisee level and back to the top in a never-ending loop,” one DreamMaker franchisee told Franchise Business Review. “Our Code of Values is what sets us apart and is the key to our success as a franchise.”
Curt Trampe, owner of a DreamMaker remodeling franchise in Springfield, Illinois, is seeing firsthand the results of the economic recovery and DreamMaker’s position in it. Trampe’s business has almost doubled in the past two years, and as a result, he is moving to bigger location on a high-traffic street in his city.
“Financially, it has been pretty significant for us,” Trampe said. “We’re able to send kids to school and be able to have them get a college education without any debt, and we have a sound financial game plan as far as retirement goes. I enjoy what I do.”
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