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Old 05-11-2019, 02:09 PM   #21
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Yup I'm slammed too. I have about 2 weeks left open in my schedule until mid October which will probably be filled from the last quote I did. This is my first year of my business and I'm making roughly double what I did as an employee. Even then I will probably have higher rates next season. Not many reliable painters here that do quality work. Save it don't spend it!
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Old 05-11-2019, 06:18 PM   #22
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Originally Posted by ElegantPainting View Post
If you look on Zillow right now, what percentage of homes for sale in your area are over $1million?
I just looked on Zillow and the current median home value in the present town Iím working in is $3,066,800, down from $5.5 million in 2016, all my work the past 3 years being in the same town.

Current home values of projects Iíve worked on over the past two decades range between $7 million and $223 million, two recently being listed at $150 million, both on the Forbes 32 over $75 million list and tied for 10th place as the most expensive listings in the US. Iím pretty familiar with the dynamics in my market and not generalizing about the industry as a whole. I am however noticing a drastic cooling in local residential luxury market real estate values which is often a couple of years out of sync with the rest of the US.
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Old 05-11-2019, 09:03 PM   #23
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Originally Posted by Alchemy Redux View Post
I just looked on Zillow and the current median home value in the present town Iím working in is $3,066,800, down from $5.5 million in 2016, all my work the past 3 years being in the same town.

Current home values of projects Iíve worked on over the past two decades range between $7 million and $223 million, two recently being listed at $150 million, both on the Forbes 32 over $75 million list and tied for 10th place as the most expensive listings in the US. Iím pretty familiar with the dynamics in my market and not generalizing about the industry as a whole. I am however noticing a drastic cooling in local residential luxury market real estate values which is often a couple of years out of sync with the rest of the US.
Wait? What? The median price is over 3 mil? WTF? Thatís crazy!
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Old 05-11-2019, 09:54 PM   #24
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Hamptonís?


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Old 05-11-2019, 09:57 PM   #25
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Wait? What? The median price is over 3 mil? WTF? Thatís crazy!
I kid you not RH...Iím actually mistaken, there was no data for median home values, however, the median listing price is $10,500,000 and the lowest current listing is $1.9 million....crazy indeed!

https://www.zillow.com/sagaponack-ny/home-values/

https://www.zillow.com/water-mill-ny/home-values/
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Old 05-11-2019, 10:29 PM   #26
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Originally Posted by Alchemy Redux View Post
I kid you not RH...Iím actually mistaken, there was no data for median home values, however, the median listing price is $10,500,000 and the lowest current listing is $1.9 million....crazy indeed!

https://www.zillow.com/sagaponack-ny/home-values/

https://www.zillow.com/water-mill-ny/home-values/
Wait so you are saying low price painters come in and lower the cost of painting 10 million dollar houses?
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Old 05-14-2019, 09:29 PM   #27
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Having repeat customers and your the only bidder are valid reasons why your batting a very good sales ratio. However you should have an idea of how you stack up against your competition, and where your bids are coming in at verses other painters in your area. Do you do a post job analysis so you know your jobs are making money and profitable? One way to know how your bid is coming in verses others is the next time a friend, neighbor, relative asks you to paint, tell them you'll give them a 20-25% discount if they bring 3-4 other painters in and let you have copies of their bids. The info you will gain from that process is invaluable. Also the only way to build a company is when you have more work than you can handle is to hire to help you move it.
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Old 05-15-2019, 01:09 AM   #28
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Same here, I just bid normal rates then tack on 10%. When I get three months out, its 15%.
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Old 05-17-2019, 03:38 PM   #29
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Same here, I just bid normal rates then tack on 10%. When I get three months out, its 15%.
I think that I might start using that approach. I am out 2 1/2 months now.

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Old 05-17-2019, 04:18 PM   #30
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Wait so you are saying low price painters come in and lower the cost of painting 10 million dollar houses?
yup. Happens in Socal too.
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Old 05-17-2019, 04:22 PM   #31
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I guess it's all relative, but I wouldn't consider 2-3 months out as swamped, especially this time of year. In my mind anything less than that and I would start getting nervous. Real nervous.
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Old 05-17-2019, 09:36 PM   #32
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I guess it's all relative, but I wouldn't consider 2-3 months out as swamped, especially this time of year. In my mind anything less than that and I would start getting nervous. Real nervous.
To put it in perspective, I started my business about 6 1/2 years ago. Since it takes, I am told, 5 years to establish a business, I really am not use to being this far booked out. My first summer in business I actually had no jobs, and this is not hyperbole. Not one.
I am to the point that I am comfotable enough in my abiltiy to get work that I have just simply turned down work after a quick look. Just too much work for me, or not worth the effort to put in a bid.


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Last edited by Pete Martin the Painter; 05-17-2019 at 09:51 PM..
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Old 05-18-2019, 12:05 PM   #33
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Quote:
Originally Posted by Pete Martin the Painter View Post
To put it in perspective, I started my business about 6 1/2 years ago. Since it takes, I am told, 5 years to establish a business, I really am not use to being this far booked out. My first summer in business I actually had no jobs, and this is not hyperbole. Not one.
I am to the point that I am comfotable enough in my abiltiy to get work that I have just simply turned down work after a quick look. Just too much work for me, or not worth the effort to put in a bid.


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If you have been in business six years, you have not experienced a real down in the economy then. Keep in mind when the economy does tank, it can happen in a hurry. Not much advanced warning. Always good to be booked as far out as possible for a cushion. Yes it's easy to just say no to bidding. The process can be a thankless PIA. I found over the years , if you are getting too much business, hire more painters! But it does involve more work than simply turning work away. We typically had a 6-12 month backlog. And during slow downs had to par down from a large shop to a 2-3 man operation twice over a forty year period. But the profits realized over the busy periods made the difference between having a business or merely a job. But it sounds like you are making a go at it. Good luck!
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Old 05-18-2019, 10:36 PM   #34
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There have been several down times in the last 30 years or so. There was a brief downturn in the late 90's after a decent housing boom in the early to mid-90's. I can recall painting new construction and just jumping from house to house on a particular street in a new development. I would finish one up and then move on to another, then another.

A tough one on all of us was after 9/11. Fear took hold and no one was doing much of anything to their houses. I actually had to do some "cold calling" to drum up work. That was a rough stretch.

Then, when the real estate bust hit in, what was it, 2008 or so and the gov't buyouts of GMC, etc. started, well, that was tough as well. Economy just about dried up to nothing and painting jobs were scarce.

Truth be told, other than setting aside some funds to get you through the lean times, there's not much you can really do. Those funds dry up in a hurry when the cost of living goes sky high because of problems with the economy. I sense some trouble brewing with this trade war with China.........
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Old 05-19-2019, 07:19 AM   #35
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yup. Happens in Socal too.
Yup. Prices are driven down by companies utilizing out-of-status immigrant workers.

There are 51,000 out-of-status immigrants in the county, with a total population of 1.4 million, making it one of the highest density populations of out-of-status immigrants anywhere on the east coast. The resulting unfair competition has gotten to the point where I wonít even entertain requests for clients seeking competitive bids.

Although the density trails many counties in SoCal, we do not have agricultural or manufacturing industries to speak of, so many of those 51,000 are employed in the residential construction trades, painting being amongst the hardest hit.

Much of DMLís movie, ďThey Come To AmericaĒ, was filmed on location in the townships where I work.

https://m.youtube.com/watch?v=QU4XYy...fauxfullscreen
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Old 05-21-2019, 09:09 PM   #36
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Originally Posted by Alchemy Redux View Post
Yup. Prices are driven down by companies utilizing out-of-status immigrant workers.

There are 51,000 out-of-status immigrants in the county, with a total population of 1.4 million, making it one of the highest density populations of out-of-status immigrants anywhere on the east coast. The resulting unfair competition has gotten to the point where I won’t even entertain requests for clients seeking competitive bids.

Although the density trails many counties in SoCal, we do not have agricultural or manufacturing industries to speak of, so many of those 51,000 are employed in the residential construction trades, painting being amongst the hardest hit.

Much of DML’s movie, “They Come To America”, was filmed on location in the townships where I work.

https://m.youtube.com/watch?v=QU4XYy...fauxfullscreen
And what is your explanation for the endless number of successful painters who are not cheating or breaking laws?

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Old 05-22-2019, 12:29 AM   #37
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And what is your explanation for the endless number of successful painters who are not cheating or breaking laws?
Where did I ever say or remotely imply that in order to be successful you need to be breaking laws?...although many of the big players by me are.

Below is one of them:

https://www.newsday.com/business/ham...kers-1.1753057
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Old 05-22-2019, 09:21 AM   #38
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Where did I ever say or remotely imply that in order to be successful you need to be breaking laws?...although many of the big players by me are.

Below is one of them:

https://www.newsday.com/business/ham...kers-1.1753057

Allow me to use myself as an example. I run background checks and drug test. I charge a premium and walk on water for my clients. I don't waste a second thinking about illegals, presidents, or anything else I could blame. I just read and watch videos about running a business. I took a college course or writing estimates and another one on website design. Meanwhile, some dudes are watching and thinking he must be cheating somehow.

I know many guys who are doing way better than me. They used to be on this forum Not sure why they ran off. Maybe they got accused of being cheaters too often.

I came here to see what there is to learn but it's mostly just complaining about why and how things are bad and how something else is to blame.

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