MANAGE EXPECTATIONS // Open and frequent communication with homeowners to manage
expectations is vital. A customer may think a simple change in window styles, for example, will have only a minimal impact on a project. Obtaining those windows could delay a project several months, however. BE FLEXIBLE // Remain open to new ways of combining materials in your design. Given the selection of appliances, lighting fixtures, cabinets, and other items available to you, consider how you can change color schemes and/or mix design styles to accommodate them. Now is a time for you to be creative. Perhaps you’ll even start a new design trend! It’s anybody’s guess as to when currently backordered materials may be more accessible—or which materi- als may be delayed next. Designing a plan for procuring your project’s materials in advance, remaining flexible, and adopting a creative mindset will help you maneuver through supply chain issues. DESIGNASTRATEGYTO KEEP COSTS IN LINE Supply chain issues combined with increased consumer demand is a sure recipe for high prices. In his Monthly Economic Dashboard released on Jan. 28, 2022, David Berson, senior vice president and chief economist at Nationwide Insurance, stated: “As supply chains heal, inflation should decelerate, but is likely to remain above-trend into 2023 as prior expansionary mon- etary policy continues to push services prices upward. Fed tightening will eventually slow growth, but not until next year and beyond.” In a February 2022 release, NAHB Chief Economist Robert Dietz said: “Building material costs are up 21% compared to a year ago. Their price and availability, along with persistent supply chain bottlenecks, remains the most urgent challenge for builders as they seek to boost production to meet rising demand.” Still, savvy builders and designers are putting their cre- ativity to work to stay on budget and keep their projects moving forward. TAKE ADVANTAGE OF RELATIONSHIPS // Don’t overlook your local and national industry relationships. Sometimes someone you know may be able to secure hard-to-find materials or negotiate discounts for you. For example, the Think Realty Supplier Program is one of the many perks Think Realty members benefit from. The program saves investors, developers, builders, and rehabbers time and money. By partnering with companies that have a
national footprint and offer quality products or services, Think Realty passes savings on to its members. To take advantage of the Think Realty Supplier Program, sign up for a free membership at thinkrealty.com and then click on Discounts. ASSEMBLE YOUR TEAM DESIGN TEAM EARLY // The sooner architects, designers, and contractors can meet to plan a project, the sooner everyone involved will understand goals, expectations, budget, and timelines. Such collaboration minimizes mid-project redesigns, cost overruns, and delays. And, when everyone is looped in from the get-go, there is more time to consider design ideas that keep the cost of the project manageable. REUSE AND REFRESH // Before designing a remodel, consider what you may be able to reuse. For example, in the past, brand-new cabinets may have been on the shopping list for a kitchen or bathroom project. But cabinets often are still in good shape and can be transformed with some new paint or hardware. Even if you don’t think existing cabinets would fit well with the new design, you may still be able to use them in another part of the home (e.g., garage, laundry room, basement). Some appliances and light fixtures may also be good
22 | think realty magazine :: may – june 2022
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