The global flooring market size was valued at USD 388.24 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2028.
The global residential construction market was valued at USD 4.17 trillion in 2017 and is expected to reach USD 6.8 trillion by 2022.
All indicators point towards rapid growth in an industry that has seen little to no utilization of modern technology.
The flooring industry primarily operates on a store-consumer relationship in the United States. Stores organize projects for homeowners by providing materials and facilitating installation. The process of communication between Client-Store and Store-Installer is slow, dated, and has not seen any significant steps towards innovation.
The Post Covid Home Improvement boom has vividly displayed this lack of progress in the industry. Flooring Stores are seeing labor shortages never before experienced to such a degree.
Installation labor rates have increased by an average of 15-20% between January 2020 and August 2021 in many large metropolitan areas. This was caused by many independent contractors leaving the trades or relocating out of large metropolitan areas.
Finding and scheduling installation has become a daunting task for flooring stores and a complete nightmare for homeowners looking to get their projects completed. Availability is scarce and pricing is astronomical.
Creating a solution
HeyPros is a marketplace startup that is actively helping flooring stores hire reputable independent contractors in minutes. By creating an installation ecosystem; HeyPros enables flooring stores to post projects to a marketplace filled with vetted and skilled labor.
HeyPros contractors can place offers on projects. Stores select the best offer or the contractor that has the best reputation. HeyPros facilitates the installation service from start to finish ensuring that flooring stores can bypass the time consuming task of finding an installer, scheduling and overseeing the installation.
HeyPros on platform communication allows for fast and automated schedule updates, change orders, invoicing, & payments. A process that currently takes hours to facilitate using traditional methods, now happens in minutes.
HeyPros in action
Flooring stores create a project listing with all necessary project details described and attached. Details include: dates, blueprints/layouts, job site images, quantities, & location.
Contractors are notified of new listings in their designated trade. Each independent contractor has the freedom to choose projects they place offers on. The average listing gets 4 competitive offers.
The store is notified that an offer has been placed on their listing. They have the opportunity to select the installation contractor they feel is the best fit for their project.
Once the project is awarded the winner gets notified to accept or decline the project. The winning contractor has 12 hours to accept the project or the Store can select another contractor's offer.
The project has been scheduled and all necessary paperwork and details (address & material pickup are hidden fields during the bidding process) have been made visible to the winning contractor. All project communication happens within a dedicated chat permanently attached to the unique project listing.
During the project, if any price changes arise; the contractor or store can initiate a change order on the project listing. All change orders must be approved by both parties before price change is reflected on the invoice.
Once all change orders have been approved and the project has been completed; contractor marks the project as complete. HeyPros automatically invoices the flooring store for the balance of the project + service charge. The flooring store has 7 calendar days to initiate any claims (if applicable), payment is expected within 14 calendar days of project completion.
Upon final payment a direct deposit is initiated to the contractor minus service charge that HeyPros takes for facilitating the transaction.
Stores are asked to leave a rating for each completed project.
HeyPros marketplace has been operating in Portland, OR since August 18th, 2021.
First month: 44 projects awarded
Second month: 78 projects awarded
Current week over week growth: 10%