`Cocooning Effect' Drives Record Growth of Mr. Handyman Franchise
Leading Home Repair/Maintenance Franchises Reaches 300th Territory Milestone
Ann Arbor, MI - As more homeowners decide to stay put in the sluggish real estate market, the demand for home improvement services are experiencing greater demand than ever. That "cocooning effect" - consumers deciding to fix up their current homes versus upsizing to new homes - has contributed to record growth of Mr. Handyman, which announced today its newest Atlanta location marks the 300th franchise territory milestone.
"In the current economy, an increasing number of homeowners are deciding to invest in minor repairs and maintenance, versus large scale remodeling projects or buying a new home," said Todd Recknagel, president and CEO of Mr. Handyman, the nation's leading full-service home repair and maintenance franchise and the No. 1 employer of handymen worldwide. "More people are in the 'Do-It-For-Me' market rather than the 'Do-It-Yourself market. This new generation struggles with home repair, and Mr. Handyman continues to help them shrink those nagging To-Do Lists on their refrigerator."
With 75 percent of American homes over 25 years old, Mr. Handyman is growing to meet the needs of its customers in the $100 billion home service industry. For the past three years, the company has opened a new franchise every week, and plans to reach at least 350 locations by the end of the year through franchise expansion. Currently, Mr. Handyman is seeking franchise owners for available territories in St. Louis, Atlanta, Miami, Salt Lake City, Phoenix, San Antonio and Kansas City to continually fill the need for professional and reliable handyman services across the country.
After system-wide revenues exceeded $63 million in 2007, Mr. Handyman expects to reach $75 million by the end of this year. That goal appears realistic, given U.S. Census Bureau data showing that six out of 10 homeowners have home improvement lists and most Americans have an eye on seven or more projects at any given time.
To accompany Mr. Handyman's domestic growth, the franchise already has locations throughout Canada and has exported the brand overseas to begin expanding internationally. China was one of the first countries that were awarded a master franchise. There is a demand in the Chinese market for U.S. brands and Mr. Handyman provides a service that is necessary across geographical and cultural borders. Mr. Handyman plans to expand in at least nine other countries in the next three years.
In addition, keeping up with the green trend, Mr. Handyman recently launched a campaign that provides eco-friendly and energy-saving tips to regular customers. The company has also contracted with TV celebrity Richard Karn, Al Borland from ABC's Home Improvement, as the company spokesperson to assist in the energy-savings effort.
About Mr. Handyman
Mr. Handyman is a network of independently owned and operated franchises with 300 locations nationwide that provides commercial and residential property maintenance and repair services. Founded in March 2000, Mr. Handyman is a member of Service Brands International, a group of service companies that provide a variety of timesaving services ideally suited for today's active consumer. In the January 2008 issue of Entrepreneur magazine, Mr. Handyman was recognized as one of America's fastest growing, service-oriented franchise systems and the No. 1 handyman service.
