Home Builders Show Efforts for Reinvention
The need for reinvention in the home building industry arises as home builders try to cope up with the challenging economy. Builders continue to diversify by tapping their other skills or reinvention their roles in the industry.
One interesting case is that of Curtis Perlman of Empeco Custom Builders, who has gained knowledge about property tax assessments while being a home builder and an owner of rental properties. He has familiarized himself well with the appeals process; ad now, he is doing property tax appeals while working with a real estate attorney and an appraiser. He has gained a lot of clients and has won business from his competitors in the home building industry.
The study conducted by the National Association of Home Builders has shown that builders consider the remodeling industry as a relatively safe haven. This means that while few consumers spend on home remodeling, the business is still doing better as compared to the construction of a new home because homeowners would rather remodel their homes if they do not want to move or if they cannot qualify for a mortgage.
Bryan Nooner, the chairman of Distinctive Cos., has introduced landscape and remodeling divisions this year, schooling employees who would work in a home with people in it, rather than building in an empty area. He also had to investigate legal issues concerning remodeling.
Another new move of home builders is working with banks that are forced to play the role of property developer, home builder, and landowner whenever strapped companies yield project control.
Gladstone Builders & Developers has formed Gladstone Special Asset Solutions to aide lenders controlling real estate assets that have to be repositioned and to attract new investors; for example, working with a municipality to turn a 4-unit townhouse into a two-unit building.
With the continuous role reinvention of home builders, the home building industry can go a long way despite the tough economy.
