Invest a little, and gain a lot. That’s been the overall school of thought and driving factor behind homeowners’ willingness to spend on maintenance, repair and cleaning services over the years.
Millennials are just as motivated as previous generations to update and maintain their homes, with nearly 60 percent of them making regular house repairs.
The main difference between millennials and other generational segments, however, is millennials’ affinity for outsourcing these projects instead of going the DIY route.
Even better, first-time buyers and millennials spend record amounts on such projects, which is good news for franchisees with home services brands like Dryer Vent Wizard.
Here’s more on why the 2019 market indicates a growing demand for dryer vent maintenance and other niche home service franchises:
Homeowners Get Younger, While Homes Get Older
With interest rates falling, home sales are finally up. This is a trend we’ll see continuing throughout the next year, showing strong signs of growth for home service franchises like Dryer Vent Wizard.
While the majority of new homeowners tend to be young, twenty-something professionals, the average home for sale is more than 20 years old. Because homes are older and need more updates and regular maintenance, 2019 is a promising year for those in the home services industry.
Dryer vent cleanings and repairs, in particular, are some of the most in-demand home services because dryers lose a great deal of functionality if the venting is not regularly maintained.
As dryer vents become clogged, drying time gradually increases, eventually requiring a second cycle in order to completely dry clothes. Clogging also adds to a dryer’s wear and tear, meaning run-down equipment will need to be replaced prematurely.
Most importantly, however, unkempt or outdated dryer venting is a substantial fire hazard. Because clogged vents are such a high safety risk, homeowners tend to prioritize vent cleaning over other chores on their to-do list.
For the time-strapped, budget-minded and safety-conscious millennial, outsourcing annual dryer vent maintenance to experienced professionals is a simple, go-to solution for their needs.
The Overworked, ‘Why Wait?’ Generation That’s Driving Demand
The spike in home service industry demand is thanks, in part, to climbing rates of home ownership and growing maintenance needs for older homes. The fast-paced lifestyles and spending habits of today’s (primarily millennial) homeowner, however, have an even greater impact.
Even just ten years ago, many homeowners took care of their own upkeep – from painting and re-decorating to fixing leaky faucets and performing minor electrical work.
However, now, more homeowners are outsourcing their housework – even cleaning. Not only are Americans working longer hours than ever recorded before, they’re also working longer hours than anyone else in the industrialized world.
In other words, consumers don’t have time for household chores because they’re at home less, but they have the resources to pay others to do these chores for them.
Even when they do have some leisure time, few new homeowners want to spend those precious minutes on household repairs. They’re much more willing to pay a professional to oversee these projects in an efficient, expedient and cost-effective manner – driving demand for the ever-profitable home services industry.
In addition to lack of free time, more homeowners also haven’t garnered the expertise necessary to perform certain home maintenance tasks on their own. While painting a living room or troubleshooting a leaky sink can be fairly straightforward, more skilled maintenance needs like dryer vent cleaning are usually left up to professionals.
Routine cleaning, repairs, and updates help homeowners maintain their living space while adding value to their home.
Whether it comes down to lack of expertise and confidence or simply a lack of patience and free time, millennials and new homeowners are much more likely than their cohorts to spend money for professional home services.
During a time when more millennials are becoming homeowners than any other generation, there’s never been stronger demand for the services offered by franchises in the home maintenance and repair industry.
