Home Electrical Contractor Free Electrical Contractor Business Strategy Questionnaire 4.14 Target Market Housing Stock by Year the Structure was Built Analysis Questionnaire
Why do we need an Housing Stock by Year the Structure was built analysis in a business plan for Lights On Electrical, Inc.
As a business you cannot sell real estate oriented goods or services without knowing what the local market in Cuyahoga looks like! Conducting an analysis of the housing stock by year the structure was built gives you a good idea of the kind of services the homeowners will be neeeding. Older homes tend to require more care and upkeep and a home equity loan may be a good way to start a conversation instead of marketing a regular mortgage.
The benefits of understanding Housing Stock by Year the Structure was built in Cuyahoga:
The classes that have been created to analyze the Housing Stock distribution by year the structure was built for Cuyahoga target market range from 2005 or later all the way back to those built in 1939 or earlier.The purpose of course is to distribute the entire housing stock into the appropriate category for Cuyahoga. Once done, we now have created a table that shows the percentage of housing stock distribution by year the structure was built which will total 100% for all classes. From there we can now get a very clear understanding of the age of the housing stock in Cuyahoga and the potential for selling a financing solution like Home Equity Loans. This becomes the basis for the marketing and pricing strategy for Lights On Electrical, Inc.
We have used the following classifications to break down the Housing Stock of the target market of Cuyahoga by Year the Structure was built:
Positioning and Pricing for Lights On Electrical, Inc.:
An aging housing stock would be a signal for a mortagage broker like Lights On Electrical, Inc. to offer home equity loans for improvements and modifications to homes. Clearly, while this analysis does not give us an understanding of how many of homes in the distribution do or do not have mortages, it is fairly easy for us to ascertain that newer homes tend to need less work and upkeep and therefore a reduced need for home equity for improvements projects and such. Vey old homes may also need construction financing to create additions to existing structures and so it may be a good idea for a mortgage broker like Lights On Electrical, Inc. to create a niche in understanding and offering these loans. Having a niche is a great way to distinguish oneself from the competition.
Do Housing Stock by Year the structure was built change?
The answer is yes - but very slowly.Instances where the housing stock by year the structure was built for a target market like Cuyahoga would change would have to do with natural calamaties or major infrastructure projects undertaken by the government. Thus if a tornado was to hit a target market resulting in a significant damage to the older housing stock, a wave of construction would typically follow to restore and rebuild the housing stock and this would of course impact the distribution of the housing stock significantly.
What other analysis can be gleaned from the Housing Stock by the Year the Structure?
The year the structure was built determines the age of housing units. These data are integral components used by the U.S. Department of Housing and Urban Development in the development of Fair Market Rents for all areas of the country. These data are valuable to several federal agencies in developing formulas for allocating funds and determining substandard housing. Funding formulas used by the U.S. Department of Housing and Urban Development mandate the use of these data. These data are also used to design the U.S. Department of Energy's legislatively mandated Residential Energy Consumption Survey.
The age of housing is used to forecast future energy consumption and may be useful for businesses looking to market energy efficienty solutions like newer windows and doors. Local areas use these data about the year the structure was built for forecasting the needs for services such as fire protection. These data are used to profile the ages of the structures lived in by eligible households under the Low-Income Home Energy Assistance Program. As a mortgage broker, you can use this information in conjunction with other data from local agencies to create some excellent relationships with local realtors who may find this information valuable in their practise.
If you choose to work with a large local plumbing or electrical contractor, you may be able to create a marketing program targeting older homes and offering these home owners home equity loans with a lowered fees or waiving all fees - it's all about creating niches and analysis like the housing stock by the year the structure was built give a business owner like Andy Powell the extra edge he needs to make Lights On Electrical, Inc. successful.
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