Master Improvements, Inc. is a Class A Contractor and Residential Real Estate Developer serving the greater Richmond area. They purchase, renovate, and sell residential real estate, while also providing turnkey-type construction services to other local builders and investors. Their contracting services to other Investors vary depending on their clients' specific business needs but typically involve everything from planning to completion. Master Improvements' clientele mainly consists of those investors who want to step out of the construction management of their investments due to time, workload, or lack of experience. Over the past 5 years, they have renovated over 100 residential houses in the Richmond area for other real estate investors while selling a few dozen of their own properties as well.
How has their small business shifted as a result of the COVID-19 crisis?
Over the past 2 years Master Improvements' main business has been renovating and selling residential real estate. However, due to the crisis and the unknown effect it will have on real estate over the next year, they are shifting their focus towards helping other builders and investors finish their projects and liquidate/stabilize their investments. Typically they provide their general contracting and project management services to only a handful of local investors, but they plan to expand their clientele throughout the rest of 2020.
Master Improvements has also shifted their development focus to be on affordable housing, or properties valued at $200k or less. With the banks becoming more strict on lending requirements, they aim to provide the marketplace with properties that are affordable. This has been a void in the marketplace for years and they expect the buying pool to grow given the economic circumstances.
Lastly, Master Improvements is extending construction services to homeowners looking to tackle projects during the shut down. They prefer to tackle exterior projects, such as decks/porches, patios, siding, etc., or projects in non-owner occupied properties; however, if a client is interested in an interior project, they will evaluate the situation and decide if they are able to accomplish the scope of work, while also remaining safe and responsible.
What has Master Improvements done to be innovative and creative in order for their business to survive in this economic crisis?
Their company has not had the need to innovate as of yet since they are mainly working on non-owner occupied properties and exterior projects. However, much like other companies, Master Improvements has used virtual tools more often, such as Zoom, Facetime, shared documents, etc.
How can you support this small business during this time?
Master Improvements’ main goal during the crisis is to keep their employees busy so they can continue to provide for their families and themselves. Additionally, they are working to make sure their subcontractors, vendors, and partners continue to do the same. If you would like to help them accomplish this goal, tell them about any home projects you are looking to get done. If Master Improvements is unable to help, they will refer you to other local small businesses who can be of assistance. They have had many clients who are interested in tackling home projects while they are in quarantine and they would love to help in any way possible. For more information on Master Improvements, visit their website at www.masterimprovements.com.
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