Discretionary Home Improvement Projects Increase As Further Sign Of Promising Economy
Baby Boomer Generation Picking Up Steam in Home Improvement Spending According to National StudyGolden-Based ServiceMagic.com to Hire 200
Meredith and ServiceMagic.com Form Strategic PartnershipPartnership Helps Homeowners Bring Ideas to RealityContractors Say Home Improvement Fraud Getting Worse
Consumer alert: How to Avoid Getting Scammed by Crooks Posing as Reputable Home Professionals
National Study Anticipates Increased Home Spending as Confidence Levels Swing Higher
ServiceMagic.com Announces Acquisition of Market Hardware, Inc.
DISCRETIONARY HOME IMPROVEMENT PROJECTS INCREASE AS FURTHER SIGN OF PROMISING ECONOMY
Payment by Cash Gaining Steam in Third Quarter ’09 Study
GOLDEN, CO (November 2, 2009) – Americans are, once again, devoting significantly more of their resources to discretionary home improvement projects, according to the ServiceMagic.com Home Remodeling and Repair Index for the third quarter of 2009. Homeowners who previously delayed elective projects or had, instead, focused on DIY projects swung the pendulum back this quarter by hiring home professionals with an emphasis on remodeling projects, up 14% from the third quarter of last year.
Economic challenges and limited available credit lines in the preceding four quarters forced consumers to reevaluate spending, including the method of payment, leading to much less financing and more cash-in-hand transactions for discretionary projects. Results from ServiceMagic’s quarterly consumer sentiment survey indicate that of the 67% of cash-paying homeowners who took part in a remodel or addition project, 85% actually preferred this method of payment over financing (15%) or using a credit card (7%).
The Q3 2009 ServiceMagic.com Home Remodeling and Repair Index is based on the 1.5 million service requests received by homeowners across the country, using ServiceMagic.com. The entire survey can be found at http://servicemagic.com/survey.
For the first time in 2009, ServiceMagic.com, the leading website connecting homeowners to prescreened, customer-rated contractors, reported an increase in requests for ‘Cleaning & Maid Services,’ a category that was a tell-tale sign of tightened home spending at the beginning of the recession. Once shunned discretionary projects are now on the rebound including:
With the onset of the recession, homeowners had begun to shift away from elective improvement projects and putting more of their resources into repairs. But in Q3, larger remodeling projects, which showed modest gains in Q2, continued to build steam along with smaller projects such as countertop and cabinet replacements.
"Homeowner optimism has continued to improve and more people are willing to confidently invest in home improvements beyond required repairs and maintenance," said ServiceMagic.com CEO Craig Smith. "The combination of consumer sentiment and available cash contributed to an uptick in remodeling categories and foreshadows continued growth for the foreseeable future."
Across the country, ServiceMagic.com also highlighted more activity in the East confirming the region’s renewed optimism looking at homes as investments. Moving west, eagerness diminished slightly but is still moving forward.
According to the Harvard University’s Joint Center for Housing Studies, homeowner spending was cyclically in its steepest rate of decline one year ago and "we are seeing consumers once again taking action in this quarter versus daydream (ing) about opportunities for home advancements," adds Smith.
ABOUT SERVICEMAGIC®, INC.
ServiceMagic.com is the nation’s leading website connecting homeowners with prescreened, customer-rated home service professionals. Since 1999, ServiceMagic.com has made more than 12 million matches, resulting in billions of dollars in home improvement projects. Each of ServiceMagic’s 63,000 professionals are screened through our rigorous 10-point screening process. Headquartered in Golden, Colorado with 950 employees, ServiceMagic draws nearly four million unique visitors to its website each month. ServiceMagic is an operating business of IAC/InterActiveCorp (NASDAQ: IACI). For more information, visit http://www.servicemagic.com.
BABY BOOMER GENERATION PICKING UP STEAM IN HOME IMPROVEMENT SPENDING ACCORDING TO NATIONAL STUDY
ServiceMagic.com Home Remodeling and Repair Index Also Indicates Rising Appetite for Improvement Projects in Kitchen and Bath in the Second Quarter
GOLDEN, CO (August 26, 2009) – ServiceMagic.com released its Home Remodeling and Repair Index for the second quarter of 2009 today. The data indicates consumers are still somewhat cautious in home remodel spending, but confidence is substantially increasing, especially among baby boomers. ServiceMagic.com, the leading website connecting homeowners to prescreened, customer-rated contractors, revealed that after careful behavior in the first quarter, homeowners are starting to dip their feet, not just their toes, back into the home improvement world with focused efforts on bathroom and kitchen remodels.
ServiceMagic.com aggregated its 1.3 million homeowner service requests received in the second quarter of this year in the Q2 2009 ServiceMagic.com Home Remodeling and Repair Index and found that interest in home improvements and remodeling in order to boost the overall enjoyment of the home is recovering with baby boomers leading the way. The entire index can be found online at www.servicemagic.com/survey.
Across the board, those in the 45-64 age range are leading the charge in home improvement projects and seem to be the first “back in the pool,” willing to jumpstart home projects more than any other age range. The boomer generation submitted more than half of the service requests in the second quarter. The index also shows moving requests are down 42 percent nationally, indicating more people are staying in their homes.
“Home improvement activity in the most recent quarter reflects that baby boomers are the first to bounce back after the economic turmoil the nation recently experienced,” said Craig Smith, CEO of ServiceMagic.com. “It seems homeowners in general are now cautiously, but increasingly optimistic about home improvement as both a valuable investment in their homes and as a profitable way of life, respectively.”
Homeowners plan to tackle small projects, keeping with the Q1 trend, with the intent to head into large-scale remodels in early 2010. The data measures the 1.3 million service requests received by ServiceMagic.com in the second quarter of this year, comparing the numbers to the same quarter of 2008.
“The way consumers are approaching home improvement changed significantly in the second quarter,” said Smith. “The landscape may have changed due to the recession but people still take great pride in their homes, showcasing that the home improvement sector appears to be recovering.”
Key findings from the index indicate that:
Remodeling is on the rise: Fourteen percent of those currently in homes worth $200-300,000 are focusing on remodeling the home versus maintaining or repairing. Nationally, the kitchen and bathroom – the two rooms of the house that traditionally see the most remodeling activity – rebounded in the second quarter. Changes in remodeling activity nationally and regionally can be tracked below*, with much greater detail available in the index.
Inspiration source has changed: Homeowners seek home improvement ideas and motivation from multiple sources. In ServiceMagic’s consumer sentiment survey, homeowners indicated they are increasingly dependent on the internet as a source of inspiration. The percentage of homeowners who said they go online for home improvement ideas increased from 17% to 40% -- the largest increase. The use of traditional media increased from 36% to 57%, advice from professionals increased from 12% to 22% and advice from friends increased from 9% to 25%.
“Staycation” trend continues: Homeowners look to boost the entertainment value both inside and outside of their home to create a fresh feel. Projects include hardscaping, deck installation, home theatre and computer rooms, remodeling bathrooms, sauna installation and kitchens renovations.
Optimism growing: Eighty percent of home service professionals responding to the service professional sentiment survey say they are optimistic about their company’s performance for the rest of 2009. In similar fashion, while sixty-seven percent of homeowners prolonged or postponed a project this quarter seventy-two percent say they will reconsider the same project in 2010.
Because of the current economic climate, ServiceMagic.com offers valuable data quarterly to assess the change in overall size and scope, as well as specific categories of projects that have been affected.
*The number of ServiceMagic service requests grew 5% Q2/Q2. All data reported in this release and in the Index have been normalized to more closely reflect industry trends.
ABOUT SERVICEMAGIC®, INC.
ServiceMagic.com is the nation’s leading website connecting homeowners with prescreened, customer-rated home service professionals. Since 1999, ServiceMagic.com has made more than 12 million matches, resulting in billions of dollars in home improvement projects. Each of ServiceMagic’s 60,000 professionals are screened through our rigorous 10-point screening process. Headquartered in Golden, Colorado with 950 employees, ServiceMagic draws nearly four million unique visitors to its website each month. ServiceMagic is an operating business of IAC/InterActiveCorp (NASDAQ: IACI). For more information, visit http://www.servicemagic.com.
GOLDEN-BASED SERVICEMAGIC.COM TO HIRE 200
Hiring Surge Begins Immediately
GOLDEN, CO (August 3, 2009) – ServiceMagic.com, which for ten years has provided a growing number of jobs to the Denver economy, today announced an aggressive hiring surge that could bring 200 new people to the company’s headquarters in Golden by the end of the year.
"We're fortunate to be able to contribute to the local economy in such a capacity," said Craig Smith, CEO of ServiceMagic.com. "At a time when unemployment figures continue to be troubling, ServiceMagic.com is still hiring for full-time positions."
In just the last three years, ServiceMagic.com has doubled its workforce, which currently sits at nearly 1,000 full-time positions, 130 of which are in the company’s sales extension center in Lenexa, KS. The hiring estimate also includes hiring for positions that, due to natural attrition, might otherwise be closed in companies hit hard by the economy.
"Our success is based on the value our customers find in our service. But it's also the people who come here every day with the goal of meeting and even exceeding our high expectations," Smith said. "It's a source of pride for everyone."
"Many of our mid- and upper-level managers were promoted from within because of their attitude and innovation."
ServiceMagic.com is the nation's leading website bringing homeowners together with prescreened and customer-rated service professionals. Nearly half a million people come to ServiceMagic.com each month to find a professional who best fits their project.
ServiceMagic.com's current openings include positions such as product managers, business development, product marketing and technology. Much of the hiring will be for full-time inside sales and customer service positions.
ServiceMagic.com, which is owned by IAC (NASDAQ: IACI) (parent company of Ask.com, Match.com, CitySearch and others), offers salaries and benefits competitive with other large Denver-area employers.
Those interested in applying should do so through the ServiceMagic.com careers page.
In addition to this aggressive expansion of its employee base, here are some other recent ServiceMagic.com milestones:
ABOUT SERVICEMAGIC®, INC.
ServiceMagic.com is the nation’s leading website connecting homeowners with prescreened, customer-rated home service professionals. Since 1999, ServiceMagic.com has made more than 12 million matches, resulting in billions of dollars in home improvement projects. Each of ServiceMagic’s 60,000 professionals are screened through our rigorous 10-point screening process, including criminal background checks, state-level licensing and insurance. Headquartered in Golden, Colorado with nearly 1,000 employees, ServiceMagic draws nearly four million unique visitors to its website each month. ServiceMagic is an operating business of IAC/InterActiveCorp (NASDAQ: IACI). For more information, visit http://www.servicemagic.com.
MEREDITH AND SERVICEMAGIC.COM FORM STRATEGIC PARTNERSHIP
DES MOINES, IA/GOLDEN, CO (July 28, 2009) - Meredith Corporation (NYSE:MDP), the leading media and marketing company serving American women, and ServiceMagic.com, the nation’s leading online destination for homeowners to find reliable contractors and an operating company of IAC/Interactive Corp. (NASDAQ:IACI), today announced a multi-media partnership that combines Meredith’s home improvement inspiration and content with ServiceMagic.com’s national database of 60,000 prescreened and customer-rated home service professionals. The partnership is a fully-integrated solution that capitalizes on the market leadership of both organizations and involves content and revenue sharing.
The arrangement pairs the Meredith Women's Network - a Top 5 online female network of Web sites including well-known, home-related properties inspired by the Better Homes and Gardens brand such as BHG.com, DIYadvice.com, Kitchenbathideas.com and Remodelingcenter.com - with ServiceMagic.com's network of prescreened local service professionals. Meredith's premium sites, which draw 16 million unique visitors each month, will now feature a fully-integrated, customized find-a-pro tool powered by ServiceMagic.com. The free tool will allow consumers using Meredith Web sites to link directly to ServiceMagic.com's database of top-rated local professionals.
ServiceMagic.com began operations in 1999 as a way to simplify the task of finding a reliable home service provider. To date, it has made more than 12 million matches between homeowners and members of its prescreened and customer-rated network of service providers. ServiceMagic.com's screening process includes licensing verification as well as general liability insurance and background checks.
"This agreement brings together the two major elements of any home improvement project - inspiration and the right professional to make it happen," says Craig Smith, CEO of ServiceMagic.com. "The millions of homeowners who look to Meredith for design ideas now have a reliable source for finding the specialists to make their projects a reality. It takes a home project from inspiration to installation."
In addition to adding the find-a-pro functionality to Meredith's Web properties, the partnership also calls for the introduction of a 1-800 concierge telephone service to Meredith audiences. This service will provide homeowners with the one phone number they need for home services, whether it is lawn service, painting or a full remodel. ServiceMagic.com's team of experienced customer service representatives will help consumers find the right professional for their job and stay with them from planning to completion of the project.
"Our strategic alliance combines the complementary strengths of Meredith's robust and inspirational content, our online engagement with the consumer, and our advertising and marketing leadership with ServiceMagic.com's ability to connect them with professional home service providers." says John Zieser, Meredith Chief Development Officer. "The relationship is a perfect example of the types of win-win alliances Meredith will continue to pursue, balancing the strengths and leadership of each partner in ways that better serve our consumers and clients."
Meredith reaches more than 75 million Americans each month through its roster of well-known national media brands including Better Homes and Gardens, Ladies' Home Journal, Traditional Home, Family Circle and ReadyMade.
ServiceMagic.com draws an average of nearly four million unique visitors a month. With 1,000 full-time employees, ServiceMagic.com is headquartered in Golden, CO with operations centers in Lenexa, KS and Bethesda, MD.
PARTNERSHIP HELPS HOMEOWNERS BRING IDEAS TO REALITY
DES MOINES, IA/GOLDEN, CO (July 28, 2009) – A partnership between leading companies in the home improvement field means homeowners can now find ideas and top-rated professionals to carry them out in the same place.
Meredith Corporation, publisher of Better Homes & Gardens, and ServiceMagic.com, the nation’s leading online destination for finding prescreened, local contractors are partnering to bring ServiceMagic’s free “find a pro” tool to BHG.com, DIYadvice.com, Kitchenbathideas.com, Remodelingcenter.com and other Meredith websites. This new partnership gives millions of readers who turn to some of the country’s most popular home improvement brands for home improvement ideas and inspiration the instant ability to connect with professionals to get the job done.
Meredith Corporation (NYSE:MDP) is the leading media and marketing company serving American women. The Meredith Women’s Network – a Top 5 online female network of websites – draws 16 million unique visitors each month. ServiceMagic.com, an operating company of IAC/Interactive Corp. (NASDAQ:IACI), features a nationwide network of 60,000 prescreened and customer-rated home service professionals – from maids to plumbers to remodelers.
“This agreement brings together the two major elements of any home improvement project – inspiration and the right professional to make it happen,” says Craig Smith, CEO of ServiceMagic.com. “The millions of homeowners who look to Meredith for design ideas now have a reliable source for finding the specialists to make their projects a reality. It takes a home project from inspiration to installation.”
ServiceMagic.com began operations in 1999 as a way to simplify the task of finding a reliable home service provider. To date, it has made more than 12 million matches between homeowners and members of its prescreened and customer-rated network of service providers. ServiceMagic.com’s screening process includes licensing verification as well as general liability insurance and background checks.
In addition to adding the find-a-pro functionality to Meredith’s Web properties, the partnership also calls for the introduction of a 1-800 concierge telephone service to Meredith audiences. This service will provide homeowners with the one phone number they need for home services, whether it is lawn service, painting or a full remodel. ServiceMagic.com’s team of experienced customer service representatives will help consumers find the right professional for their job and stay with them from planning to completion of the project.
“Our audiences come to us for project ideas and advice, wanting tips on style, functionality and how to save a precious resource – time,” says Gayle Butler, Editor-in-Chief of Better Homes and Gardens. “Blending Meredith’s content with ServiceMagic’s find-a-pro functionality allows us to guide consumers through the final step of a project, and makes it quicker and easier for them to reach the desired end result.”
Meredith reaches more than 75 million Americans each month through its roster of well-known national media brands including Better Homes and Gardens, Ladies’ Home Journal, Traditional Home, Family Circle and ReadyMade.
ServiceMagic.com draws an average of nearly four million unique visitors a month. With 1,000 full-time employees, ServiceMagic.com is headquartered in Golden, CO with operations centers in Lenexa, KS and Bethesda, MD.
ABOUT SERVICEMAGIC®, INC.
ServiceMagic®, Inc., headquartered in Golden, Colo., is the nation's leading online marketplace
connecting homeowners with prescreened and customer-rated home service professionals. Using proprietary technology to match consumer service requests with local service professionals in real time, the company addresses more than 500 different home service needs that range from simple home repairs and maintenance to complete home remodeling projects. In addition, its 60,000 home service professionals are prescreened to help consumers connect with licensed and insured home service professionals. ServiceMagic is an operating business of IAC/InterActiveCorp (NASDAQ: IACI). For more information, visit http://www.servicemagic.com/.
Contractors Say Home Improvement Fraud Getting Worse
Storm Victims Strongly Cautioned
GOLDEN, CO (July 22, 2009) – In a recent survey by ServiceMagic.com, the nation’s home improvement contractors are warning that the problem of people posing as reputable service providers is worsening.
“Many contractors believe the economy is to blame and is likely. However, when severe storms strike an area and leave behind widespread damage to homes, the possibility of home improvement fraud could increase even more,” said Craig Smith, CEO of ServiceMagic.com.
“Most home service providers are honest, reputable, hard-working people. But the craftiness of the crooks gives the entire industry a bad name. Homeowners should use extra caution in who they give their money to, especially following severe weather,” Smith said.
The ServiceMagic.com poll shows that:
“The crooks know that storm victims will be desperate to have their roofs, windows and landscaping repaired as soon as possible,” Smith said. “And with the honest contractors booked solid, homeowners will be more pressed to hand over their money to someone they honestly can’t be sure of.”
Smith advises homeowners to never give anyone all the money for a project up front. He also says to be cautious of anyone who just shows up with leftover materials from other jobs or if they demand cash.
“At the very least, always verify business credentials, including licensing and demand and verify references from past clients. Reputable business people will be happy to provide these to you.”
ServiceMagic.com is a free website for consumers to connect to 60,000 prescreened and customer-rated home service professionals nationwide. Each contractor, electrician, carpenter, plumber, etc… has been prescreened for licensing, insurance and eight other criteria in ServiceMagic’s 10-point screening process. Since 1999, ServiceMagic.com has made more than twelve million connections between homeowners and prescreened home service professionals.
For homeowners who already have a contractor in mind, ServiceMagic’s sister website, www.screenapro.com, offers to check the backgrounds of any service provider for free. The checks include the same elements that comprise ServiceMagic’s 10-point screening.
653 service professionals responded to the ServiceMagic.com survey.
David Lupberger is available for media interviews pertaining to consumer/contractor relationships as well as other home improvement topics and consumer tips. To schedule, please contact the ServiceMagic.com public relations department at (303) 963-8028.
ABOUT SERVICEMAGIC®, INC.
ServiceMagic®, Inc., headquartered in Golden, Colo., is the nation's leading online marketplace
connecting homeowners with prescreened and customer-rated home service professionals. Using proprietary technology to match consumer service requests with local service professionals in real time, the company addresses more than 500 different home service needs that range from simple home repairs and maintenance to complete home remodeling projects. In addition, its 60,000 home service professionals are prescreened to help consumers connect with licensed and insured home service professionals. ServiceMagic is an operating business of IAC/InterActiveCorp (NASDAQ: IACI). For more information, visit http://www.servicemagic.com/.
JUST IN TIME FOR FATHER’S DAY, SERVICEMAGIC.COM CONDUCTS NATIONWIDE SURVEY ASKING AMERICANS WHO IS THEIR TV FAVORITE HANDYMAN?
Tim Allen aka “Home Improvement’s” Tim Taylor Named “Top TV Handyman of All Time”
Golden, CO (June 17, 2009) - In celebration of Father’s Day, ServiceMagic.com conducted a nationwide survey to find who Americans would look to as their favorite TV handyman. The tradition of television has always respected its handyman and fathers everywhere have been heavily influenced by television portrayed for more than three generations. On the brink of Father’s Day, more than 500 Americans were asked to narrow down their favorite TV handyman in an early June vote.
With the results of that vote, ServiceMagic.com, the leading national website connecting homeowners to pre-screened service professionals has now named, “Home Improvement’s” Tim Taylor, aka comedian Tim Allen, as “Top TV Handyman of All Time.”
The Tim Taylor character nabbed the “Top Handyman of All Time” award grabbing 22 percent of the vote, beating out “Extreme Home Makeover’s” reality star Ty Pennington with 20 percent and well-known handyman Bob Vila coming in third place with 17 percent of the vote.
“Over the years, sitcoms have largely been replaced by reality television. But 18 years since ‘Home Improvement’s’ initial debut, our survey discovered that a new generation still recognizes fictional character Tim Taylor as America’s most beloved handyman,” says CEO Craig Smith.
Interestingly enough, there was a four-way tie for the bottom ranked spot between Mr. Roper and Mr. Furley from “Three’s Company,” Eb Dawson from “Green Acres” along with Dwayne Schneider from “One Day at a Time,” all falling at two percent. With Tim Taylor ranked “Top Handyman of All Time,” beating out many classic TV characters and famous reality stars, it is clear that no matter how tool-belt challenged one might be, you can still be considered a top male role model.
“How handy dad has been judged to be has been a product of TV role models. These actors and personalities have set the bar by and large for the American father. We thought they should be paid respect,” says Smith.
More than 500 respondents were asked to pick their favorite TV handyman choosing from the following TV classics and current series:
| 1. Tim Allen (Tim Taylor) "Home Improvement" | 22% |
| 2. Ty Pennington "Extreme Home Makeover" | 19% |
| 3. Bob Villa Home Personality | 17% |
| 4. Steve Thomas "Renovation Nation" and "This Old House" | 6% |
| 5. Nate Berkus “Oprah/Linens & Things” | 5% |
| 6. Richard Kam (Al Borland) “Home Improvement” | 5% |
| 7. Dan Ackroyd Infamous Plumber’s skit on “Saturday Night Live” | 3% |
| 8. James Denton (Mike Delfino) “Desperate Housewives” | 3% |
| 9. Pat Harrington Jr. (Dwayne Schneider) “One Day at a Time” | 2% |
| 10. Norman Fell (Mr. Roper) “Three’s Company” | 2% |
| 11. Tom Lester (Eb Dawson) “Green Acres” | 2% |
| 12. Don Knotts (Mr. Furley) “Three’s Company” | 2% |
ABOUT SERVICEMAGIC®, INC.
ServiceMagic.com is the nation’s leading website connecting homeowners with prescreened, customer-rated home service professionals.
Since 1999, ServiceMagic.com has made more than 12 million matches, resulting in billions of dollars in home improvement projects.
Each of ServiceMagic’s 60,000 professionals are screened through our rigorous 10-point screening process, including criminal background
checks, state-level licensing and insurance. Headquartered in Golden, Colorado with 950 employees, ServiceMagic draws nearly four
million unique visitors to its website each month. ServiceMagic is an operating business of IAC/InterActiveCorp (NASDAQ: IACI).
For more information, visit http://www.servicemagic.com/.
Consumer alert: How to avoid getting scammed by Crooks posing as reputable home professionals
ServiceMagic.com Sheds Light on Latest Home Scams and Screening Tips to Hire Best Pro for the Job
GOLDEN, Colo. (June 8, 2009) – ServiceMagic.com released today an extensive advisory outlining the latest scams hitting the home improvement sector this season. According to industry experts, hiring an honest professional is important to ensuring safety of the home and family. For 2009, ServiceMagic.com spells out a checklist for homeowners, detailing how they can safely complete some of the most popular home projects without getting burned by unscrupulous or unqualified home service "professionals."
The online service strongly cautions homeowners that current economic conditions will likely mean more con-artists and unqualified trades people bidding for jobs by knocking on doors, otherwise known as "traveling handymen." Homeowners should hire only those who have proper licensing, good-standing qualifications and are able to provide references.
"I strongly urge every homeowner to take precautions before letting someone into their home," said Craig Smith, CEO of ServiceMagic.com. "My top advice to all homeowners: check the background of anyone coming into your house and be sure they are qualified to do the job before you give them any money or sign a contract."
ServiceMagic.com exposes the most recent home service professional scams and provides detailed advice on how consumers can protect themselves and their families from scam artists on the prowl:
Replace versus Repair: Scams involving extreme persuasion to replace a fixture as opposed to simply repairing it fall into this category. Homeowners may easily be coerced into purchasing a new part for their home (air conditioner, furnace, etc…), which ends up costing much more than a simple repair that would have solved the problem.
Driveway Sealant: This type of scam offers to seal a homeowner’s driveway for a deep discount, but uses cheap materials that typically wear off in a few months.
Left Over Materials: When a contractor is hired for a repair job, materials are ordered and purchased specifically for the homeowner. When dealing with a subpar contractor, you run the risk of materials being second-hand or materials that a contractor claims have been left over from a previous job. In addition, after a contractor has completed a project, they may leave excess materials for the homeowner to deal with, which can be time consuming and costly.
"One Day Only” Sale: In a tough economic climate, many scam artists will use the “one day only” sale to lure homeowners into paying for an unneeded repair project and estimate a price that may seem too good to be true.
Theft: When hiring a contractor that may be unscrupulous, homeowners run the risk of being tricked and stolen from.
By following these tips on ways to prevent getting taken, “homeowners can learn how to spot good contractors, build a list of qualified candidates and test them so you can choose the contractor best suited for the job,” says Smith, “This can aid in the development and refinement of your home’s design.”
ABOUT SERVICEMAGIC®, INC.
ServiceMagic.com is the nation’s leading website connecting homeowners with prescreened, customer-rated home service professionals.
Since 1999, ServiceMagic.com has made more than 12 million matches, resulting in billions of dollars in home improvement projects.
Each of ServiceMagic’s 60,000 professionals are screened through our rigorous 10-point screening process, including criminal background
checks, state-level licensing and insurance. Headquartered in Golden, Colorado with 950 employees, ServiceMagic draws nearly four
million unique visitors to its website each month. ServiceMagic is an operating business of IAC/InterActiveCorp (NASDAQ: IACI).
For more information, visit http://www.servicemagic.com/.
National Study Anticipates Increased Home Spending as Confidence Levels Swing Higher
ATLANTA (May 1, 2009) - A national study released today indicates a much improved outlook for the home improvement industry in 2009, as well as significant shifts in the way homeowners invested in their homes in the first quarter of 2009.
The 2009 ServiceMagic.com Home Remodeling and Repair Survey - released today at the Kitchen and Bath Industry Show (K/BIS) in Atlanta - showed that homeowners are saying they're ready to tackle projects they've been postponing due to the economy.
"Our survey shows that homeowners are feeling more confident about the economy this year, compared to last," said Craig Smith, CEO of ServiceMagic.com. "Of the 35% who postponed a home improvement project last year, more than half now say they intend to do it this year. We feel the sentiment shows that positive trends are aligning and we're seeing a light at the end of the tunnel."
But, there is also evidence of dramatic shifts in home improvement spending.
In addition to surveying homeowners and service professionals about the economy, ServiceMagic.com is also releasing its first quarter data, showing which projects homeowners are now focusing on.
"Across the board, we see a story developing about how home improvement was reshaped by the recession," Smith said. "The trends we found in looking at our data may, in fact, prove to be short-lived as the economy picks up. But in the first quarter of 2009, homeowners clearly focused more on increasing the "live-in" value of their home. They decided they may be staying there for longer than originally thought, so they took on home improvement and repair projects that made "pride in ownership" a factor in their decisions."
The data measures one million service requests received by ServiceMagic.com in the first quarter of this year, comparing them to the same quarter of 2008.
ServiceMagic.com is the nation's leading marketplace connecting homeowners with prescreened and customer-rated home service professionals, covering more than 500 home improvement tasks. As ServiceMagic.com celebrates its 10th anniversary, it's releasing its first extensive compilation of data, giving a true measure of hired home improvement services in the U.S.
"Based on the one million home improvement requests from the first quarter, along with consumer and contractor survey data, it appears the home improvement industry is on the rebound," said Smith. "We anticipate homeowners will invest in targeted, economical enhancements that increase long-term property value, improve energy efficiency, or add home appeal as more Americans 'nest' during the recession."
Here are some of the key findings in the survey:
The Servicemagic.com study acts as a barometer showing real-time data of the home improvement and repair industry, while shedding light on what regions of the country are most active in home projects. In the first quarter of 2009, regions that seem to be insulated from the major swings in the housing market, such as the Great Plains and Deep South, faired much better than the Pacific region, which actually showed a significant decrease in activity.
However, the study also shows a major turn-around in optimism in just the last few months. Thirty-three percent of consumers say they are more likely to put money into any type of home improvement project than they were just three months before.
"The key takeaway from this data is that American homeowners are still spending on improvements, but the motivation to open their wallets has changed," added Smith. "We believe that consumers have a new lens on home improvement. Rather than pursuing substantial remodels to ready their home for a sale, consumers (55%) now view their home as a longer-term investment. This means they are interested in projects that protect property value or make the best out of what they already have."
Activity levels and to a certain extent - types of activity - varied across the regions of the U.S.
The importance of the data has also been validated by another key announcement made at the May 1 event. With ServiceMagic's database of 16 million homeowner service requests since 1999 and extensive real-time data, the company announced a new collaboration with the Harvard Joint Center for Housing Studies.
"The Harvard Joint Center for Housing Studies has added ServiceMagic as a member of its Remodeling Futures Steering Committee," said Kermit Baker, Director of the Remodeling Futures Program. "ServiceMagic brings a wealth of consumer data on home improvement activity that should help the industry better understand remodeling trends."
See the complete 2009 ServiceMagic.com Home Remodeling and Repair Survey
ABOUT SERVICEMAGIC.COM
ServiceMagic.com is the nation's leading website connecting homeowners with prescreened, customer-rated home service professionals.
Since 1999, ServiceMagic.com has made more than 11 million matches, resulting in billions of dollars in home improvement projects.
Each of ServiceMagic's 59,000 professionals are screened through our rigorous 10-point screening process. Headquartered in Golden,
Colorado with 950 employees, ServiceMagic draws nearly four million unique visitors to its website each month. ServiceMagic is an
operating business of IAC/InterActiveCorp (NASDAQ: IACI). For more information, visit
http://www.servicemagic.com.
ServiceMagic.com Announces Acquisition of Market Hardware, Inc.
GOLDEN, Colo., January 29, 2009 -- ServiceMagic.com, an operating business of IAC (NASDAQ: IACI), today announced the acquisition of Market Hardware, Inc., a company that provides online marketing solutions for small and medium-sized businesses, specifically in the home services area. Financial details of the transaction, which closed January 23rd, 2009, were not disclosed.
Market Hardware, based in Bethesda, Maryland, provides a full range of website and web marketing solutions to a growing number of businesses in the home improvement, repair and maintenance vertical in the US.
The investment in Market Hardware will extend ServiceMagic.com's sales offerings, marking a natural extension of its business strategy. ServiceMagic.com generates more than four million consumer requests each year for home service professionals. The acquisition of Market Hardware will allow ServiceMagic.com to further meet the needs of home service businesses by offering them a professional and customized web marketing platform.
"Many top-rated home service professionals in the ServiceMagic-approved network don't have a visible storefront. Having and maintaining a professional website gives them a chance to showcase their business online and the great home improvement work they are doing in the community," said Craig Smith, CEO of ServiceMagic.com. "Integrating Market Hardware into the ServiceMagic business model extends our commitment to providing our valued service professionals with powerful tools to grow their business."
"We want the online credibility of our customers to match their offline credibility. The quality of their work sets them apart from their competition and that should be reflected by their website," said Brian Kraff, CEO of Market Hardware. "Unlike other platforms, we're helping business owners get to the next level by building them customized, results-oriented websites and a range of web marketing solutions targeted for their industry."
Golden, Colorado-based ServiceMagic.com (http://www.servicemagic.com/) is a leading national online resource for homeowners to connect to prescreened and customer-rated home service professionals for nearly any home remodeling, maintenance or repair project. ServiceMagic.com's matching platform has created more than ten million connections between home service professionals and the homeowners who need their services. ServiceMagic.com recently expanded operations to the United Kingdom and France.
ABOUT SERVICEMAGIC®, INC.
ServiceMagic®, Inc., headquartered in Golden, Colorado, is the nation's leading online marketplace connecting homeowners with prescreened
and customer-rated home service professionals. Using proprietary technology to match consumer service requests with local service professionals
in real time, the company addresses more than 500 different home service needs that range from simple home repairs and maintenance to complete
home remodeling projects. In addition, its 56,000 home service professionals are prescreened to help consumers connect with licensed and insured
home service professionals. To date, ServiceMagic.com has made more than ten million connections between homeowners and home service
professionals. ServiceMagic.com is an operating business of IAC (NASDAQ: IACI). For more information, visit
http://www.servicemagic.com/.
ABOUT MARKET HARDWARE, INC
Market Hardware is a leading provider of vertically-focused websites and web marketing services for small and medium sized service businesses.
Market Hardware offers business associations and other partners a way to offer web marketing services targeted for their members' unique needs.
With expert content, professional writing and targeted designs, its flagship service, the Complete Website Package, makes it easy for service
providers, general contractors, and other local businesses to create and maintain a successful web marketing presence.
ABOUT IAC
IAC operates more than 35 leading and diversified Internet businesses across 40 countries... our mission is to harness the power of interactivity
to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website
at http://iac.com/.
CONTACT:
ServiceMagic Communications: Matt Dillman 303-963-8028, mdillman@servicemagic.com
IAC Corporate Communications: Leslie Cafferty, 212-314-7326, leslie.cafferty@iac.com
Market Hardware: Griffin Davis, 888-381-6925, griffin@markethardware.com
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