With home prices dropping, along with rising interest rates due to record-high inflation, gas prices at record highs, and the stock market taking a tremendous hit almost eliminating most people’s 401ks, as well as supply shortages due to the covid shutdowns. In markets like this people tend to start getting very frugal with their money and only spending it as needed.
All of this is going to have a negative reaction for service industries professionals like realtors, roofers, general construction, exterior companies, plumbers, electricians, landscapers, etc.
- Are you seeing a dip in sales, or noticing fewer jobs coming in?
- Are you experiencing supply shortages? If so, how are you combating it to make sure jobs are getting done on schedule?
- Gas prices are at an all-time high what adjustments in pricing out bids have you had to make in order to make sure you are covered for gas expenses?
- Are you experiencing homes sitting on the market a lot longer than they used to with interest rates up to 7.5% on a 30-year fixed and expected possibly to climb higher than that?
- What changes are you finding yourself having to make to be sure you are selling your client’s homes at the asking price and not for less than they are expecting?
- What changes and offensive moves are you making to stay in front of your potential clients as the market is cooling off to keep the business coming in to keep your crew or staff working?
- What budget cuts are you making to stay profitable?
We would like to hear from you the service industry professionals. Please comment below and let us know what issues you are facing with today’s market and or if you are experiencing a drop in sales.