Powering Smarter Construction Finance

Five Digital Trends Your Home Construction Business Should Be Using

Posted by Sean Richardson on Aug 19, 2020 at 2:41 PM

Taking on the responsibility of building another person’s home is no simple task. Not only are those in the construction industry responsible for bringing their clients’ dreams to life, but they are expected to do so within a certain timeframe, inside a specific price range, and with adherence to an expected level of standards and quality. And while many home builders strive to meet their clients’ set of expectations, other construction professionals are finding they are able to exceed said expectation with the help of digital technologies.


See, homebuilders see the job through from inception to completion: from requesting draws with the capital provider, to drawing up blueprints and pouring the foundation, to tiling the bathroom and designing the kitchen. With so many steps along the way and an infinite list of tasks and details to manage, it’s no wonder that digitization has made a major impact on building efficiencies. Not only do digital technologies make it easier for homebuilders to showcase their stellar work and land more clients, but the practices and processes used to get to that finished state are streamlined and simplified, making the projects easier for everyone.

Check out these five digital trends that homebuilders are leveraging to make their jobs easier, to increase efficiencies on site, and to exceed the expectations of their clientele:

Cloud-Based Construction Management Software

Implementing a construction management software is itself a major advantage for maximizing time and increasing efficiency. These technologies serve almost like a guide for your project, anticipating needs and tasks, and flagging problems before they arise on-site. Plus, they help ensure that everything gets done in the right order and within regulation. But having a cloud-based construction management platform at your disposal takes the efficiencies even further.

A cloud-based system gives every person involved in the project the opportunity to access information from wherever they are on whatever device they have at their disposal. Storing data on the cloud alleviates the homebuilder from being tethered to the job site at all times, and instead empowers the entire team to keep the project moving forward to ensure a timely completion.

A Digital Construction Loan Administration Platform

It’s no secret that before any real work can begin, the capital has to move through the proper channels first: the loan needs approval so the draw can be made. But outdated manual systems and excessive person-to-person handoffs make loan administration a complex and sometimes frustrating process. With the digitization of construction loan administration however, the process is streamlined and simplified. Not only does digital lending mitigate risk for the capital provider and ensure compliance by offering a bird’s eye view for all key parties, but draws happen faster, which means work starts (and finishes!) faster, too. Interested in exploring a new digital way of powering construction commercial and residential loans? 

 

Construction loan administration platform

 

Buyer-Friendly App Interfaces

Although in their inception builder apps were created primarily with the builder in mind, today these apps are being catered to the buyer. Because of the popularization of visual platforms like Instagram, Pinterest, Houzz and real estate apps like Redfin and Zillow, consumers have clear visions and strong opinions about the final result of their new dream home. And because of it, they want a heavier hand in the entire building process. That’s why builders are now utilizing buyer-focused building apps to guide their clients through the process of construction from loan approval to move-in. These apps keep them apprised and updates all along the way, streamline all communication, and provide transparency with benchmarks like scheduling and payments. Perhaps best of all, they improve trust by giving the buyer a real sense of involvement.     

Secure Online Construction ACH Payments

Making payments within the construction ecosystem can be complicated to say the least. With multiple parties involved — owners, lenders, builders, and subcontractors — plus the specific documentation requirements that make getting to the finish line feel like jumping over a series of hurdles, having a web-based platform to manage and disseminate payments can be a true game-changer. ACH Payments by Lienwaivers was created to streamline the entire construction payment process and allow money to flow quickly. With the ability to attach payments directly to lien waiver documentation and send with the click of a button, ACH Payments eliminates manual check-cutting and sending, and gets the ball rolling faster than ever before. Want to learn more?

 

LIVE DEMO SEE HOW TO PAY YOUR VENDORS WITH ACH PAYMENTS

 

A Mobile-Friendly Website

Did you know that 60% of all website views take place on a cell phone? Optimizing your website for mobile is one of the easiest ways to improve your digital footprint and grow your business. And in the construction business, it could be the key to capturing a new buyer and landing the deal. Think about it: when a potential new client spots your yard sign and pulls out their phone to search for your website, having an easy-to-navigate website will draw them in deeper and pique their interest further. Make sure you include high-quality, web-sized photographs of your best and most impressive work, and include a contact form to capture new client information. 

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