DS News

March 2017 - Tools of the Trade

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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64 back to Lowe's, Alacrity is actively pursuing new relationships. e challenge, though, is making that first leap into a new market area, said Kendall. "You almost have to have a partner company that wants to develop with you . . . We can't snap our fingers and have a roofing network or a flooring network across the nation." Alacrity also aims to move into new markets adeptly. After all, Hemmer admits, the company did enter and decide to exit new spaces recently. For example, a move into the flooring warranty space turned out not to be a good fit. "We were being somewhat successful and we were managing it OK, but it really wasn't our sweet spot." us, while there is a need to diversify and grow, Alacrity has learned to move a little slower and take a deeper look at how a market will really play out. Nevertheless, the primary mission remains the same. As Kendall puts it, Alacrity's team is always looking to "be a better partner to our customer." Alacrity focuses on this better partnership by recognizing everyone in the restoration and claim process is important. In the insurance space, although the carriers sending Alacrity the jobs are technically the clients, the satisfaction of the carriers' policyholders and of the network contractors are priorities paramount to optimizing Alacrity's programs. MEETING CUSTOMER DEMAND NOW TOO Further embracing the challenge of leaping into new market areas, Alacrity has recently launched ResolveĀ® powered by Lowe's. e direct-to-homeowner program offers the company a new potential market. "It really, for the first time, gives us the opportunity to reach out directly to people who need our services who previously weren't able to access them because maybe we didn't have a relationship with their insurance carrier or their bank," Miko said. Describing the response to the program, which launched in September 2016, as "strong," Miko says certain aspects of the process are still in the testing phase. "We're trying to have very controlled growth with Resolve so that we can determine how the market responds to it." Under the Lowe's umbrella, the Resolve program pairs Alacrity's project management and restoration expertise with Lowe's customers. With Resolve, the homeowner can become more involved in the restoration and claim process and help drive the conversation—that is, if they want to. e program also provides the personalized support of a dedicated project specialist, giving homeowners new peace of mind. Within the platform, consumers can track deadlines, ask questions, and get answers from the contractors or insurance companies. ey can also access Lowe's materials and products and create Pinterest-like pages of favorite products to illustrate their preferences to the project contractors. Resolve has also proven attractive to real estate investors who can now monitor and manage many property restorations. Being able to select standardized finishes and products, even when there are different contractors, is a boon for those with multiple properties. "We can help a potential investor create more value more quickly by having this offering," Kendall said. With the project specialist on board tracking the project management side, investors are freed up to focus on oher aspects of their property goals. Lowe's focuses on helping customers, something Alacrity values as well. Kendall recently saw the impact of this firsthand when two different Lowe's executives suffered water damage at their Charlotte metro area residences. Going to the project sites to review home losses made the customer's journey much more important in Kendall's mind. "You can see the angst with the lack of familiarity with the process, and you can also see their tension get relieved when you explain: 'is happens every day all day, even if you don't even know it, and we're going to get you through this.'" WITH EXPEDIENCE AND GOOD SPIRITS Alacrity's competitors range from other contractor networks to standalone contractors to home services websites. Still, more than 17 years' experience and history in the home repair "We're trying to have very controlled growth with Resolve so that we can determine how the market responds to it." - Jonathan Miko Jonathan Miko, CEO

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