2024 Trends in the Home Service Industry
In this episode of Prime Partners Podcast, Alec Stevanovski from Homepros discusses 2024 trends in the home service industry, highlighting the impact of the economy, private equity, and technological advancements.
Podcast: Play in new window | Download (Duration: 42:13 — 38.6MB)
The discussion dives into the evolving role of private equity in the industry, noting a shift from aggressive acquisitions to more strategic investments. Alec suggests that independent contractors can still thrive by leveraging their unique value propositions and investing in marketing and community relationships.
Additionally, the conversation explores the rapid advancements in AI and automation, making sophisticated technology more accessible to small businesses. Alec underscores the potential for contractors to adopt and experiment with new technologies to stay competitive quickly.
Discover how to stay informed about industry trends and developments to adapt and thrive in a changing market.
Key Takeaways
- The HVAC industry is influenced by the economy, interest rates, household wealth, and personal incomes.
- Private equity firms continue to invest in the HVAC industry due to its long-term growth potential.
- Advancements in AI and automation are making technology more accessible and can help contractors improve efficiency and customer service.
- Contractors should stay informed about industry trends and developments to adapt and thrive in a changing market.
Time Stamps
- 00:00 – Introduction and background on Alec Stevanovski
- 07:00 – Impact of the economy on the home service industry
- 17:50 – Changes with private equity over the last year
- 29:15 – Increasing role and opportunity of technology in the trades
- 38:40 – About Homepros
About Alec Stevanovski
Alec Stevanovski is the Founder and Editor of Homepros, a digital media company covering the HVAC industry. Before Homepros, he spent three years working for Payzer, a software provider for HVAC and Plumbing contractors.
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ABOUT THE PRIME PARTNERS PODCAST
BDR’s Prime Partners Podcast host, Tyler Gunhus, is BDR’s Senior Marketing Communications Specialist. He has over ten years of communications experience spanning print, broadcast, and product marketing. After graduating from Biola University with a Communication and Media Arts degree, Tyler joined a large media company, coordinating content creation, social media, and promotions. He joined the BDR team in 2020, helping lead the marketing strategy and execution, focusing on brand development.
In 2024, he became the host of the Prime Partners Podcast, which delivers insight into services, resources, and business practices that can help your company succeed faster.
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