Tips for Managing New Challenges in the Home Building Industry
From shipping delays to labor shortages, home builders have struggled to deliver projects on time and on budget throughout the COVID pandemic, especially in an inflated economy. For localized builders, that means navigating product shortages and price hikes while contending with a constantly changing consumer base. In order to stay ahead of new obstacles, home builders are finding new ways to be agile to build their teams, their businesses, and, of course, a backlog of new homes.
According to ECI Solutions, builders are navigating new challenges by improving communication with suppliers and manufacturers to give them as much advanced notice as possible. Properly managing inventory can ensure that projects are completed on schedule, and timely communication with clients can also prevent headaches by managing expectations before problems even arise.
In the past, if there was supply scarcity, it was possible to buy your way out of the problem and not impact closing. That’s not possible today. The norm is disruption. Agility must be a priority in today’s market. Make sure to take the following steps:
- Be agile problem solving. Ultimately, supply chain and trade issues become your problem as you try to complete your build on time and within budget.
- Give trades, suppliers, and manufacturers as much advanced and accurate notice as possible, to help suppliers buy better and be ready.
- Be open to substitutions. Have a firm understanding of what it is that you are looking for from a product specifically and communicate that to your supplier.