WSJ: Homeowners Hold $30 Billion in Remodeling Dreams — Why Home Services Must Get Smarter About Leads To Stay Competitive.

A Wall Street Journal article this week highlighted a powerful market signal: John Burns Research & Consulting estimates that $30 billion in potential remodeling spending is "…sitting on the sidelines, waiting to be spent." Despite a recent slowdown due to higher financing costs, the home services industry sits on the edge of a significant upswing, thanks to over $35 trillion in homeowner equity. Homeowners with an average of $400,000 in equity, have been holding off on major projects, but will be ready to invest as borrowing conditions improve.

Two things stood out to me as I attended the TOP 500 Live Qualified Remodeler's Conference in Las Vegas this past week with some of the nation's largest home services companies. First, this is a critical moment to prepare for the likely surge in renovation demand. As lending rates become more favorable, homeowners will be eager to reinvest in their properties. Companies that strategically increase their marketing NOW will be primed to capture a substantial share of this pent-up spending.

Second, the pandemic made getting leads a little too easy, and there's a lot of trash leads out there. In contrast, our proprietary engine identifies hyper-targeted audiences and pinpoints their high-value actions throughout the customer journey, creating strategies that maximize growth. While lead generation is essential, the true value lies in leads that convert. We're on the cutting edge every day helping clients get smarter + stay competitive with our innovative action-based lead generation.

In today's competitive landscape, priming your marketing is essential. As more remodeling funds become available, home service companies will face increased competition to capture clients ready to act. Positioning your brand as a trusted partner now – while consumers are actively researching but not yet committing – can lay the foundation for strong lead conversion as financing conditions improve.

At Converge, we excel in generating high-quality leads in the home services space for clients like Leaf Home, Great Day Improvements, Erie Home, and ADT. The consumer landscape has changed since the pandemic, and now more than ever, targeted lead generation is crucial. You may already be active in traditional digital channels, but we specialize in enhancing those efforts and exploring innovative avenues for lead generation.

And don't forget about print! No one in the country outperforms Converge when it comes to print performance. We invest our own resources to ensure your success. If print isn't a significant part of your strategy, we're ready to show you how to fully leverage this channel to drive leads.

Now is the time for home service businesses to intensify their advertising and media efforts. Those who act decisively will be best positioned to capture the surge in remodeling demand and win big as homeowner spending accelerates.