one home, one community, one city at a time
Pearl has grown rapidly since our launch in the fall of 2017: we’re now certifying homes in 18 states across the U.S. We’ll continue to expand this footprint in 2019, but we’ll be moving a bit more slowly and deliberately. This year, we’re giving special attention to a few carefully chosen regions, starting with Phoenix, Boston, Central New York, and Central Virginia.
Why focus our efforts on these parts of the country, when contractors and real estate brokers from Maine and the Carolinas to Kansas and California have been joining the Pearl Network? Two words: “critical mass.”
Our goal is to make Pearl a household name. We want every home buyer to ask about a home’s Pearl Certification before they purchase it, and we want every homeowner to take their Pearl score and certification level into account when they plan home improvements.
The quickest way to highlight the Pearl brand is to certify as many homes in an area and ensure that they are marketed as Pearl Certified when they sell. We’re aiming to have 10% of all homes sold in our target regions Pearl Certified within five years. In Phoenix, for example, we’re aiming to certify 2% of all single-family, owner-occupied homes in 2020, and 10% of all single-family, owner-occupied homes by 2023. That’s 20k homes in 2020, and 100k homes in 2023.
And by that point Pearl will have a big impact on price. A year after we launched in Central Virginia we commission a team of independent appraisers to find out how much value Pearl adds to a home. The answer was that homes that were marketed as Pearl Certified sold for 5% more than comparable, non-certified homes – and sold faster as well. We’ll conduct a similar study in each region, and we strongly believe that the value of certification will increase as the brand becomes more familiar.
In the first half of 2019, we’ll be focused on Phoenix, Boston, Central New York (from Rochester to Ithaca to Syracuse), Western Michigan, and Central Virginia around Charlottesville. We’ll expand to several new regions in the second half of the year – Atlanta and Chicago, we’re looking at you!
In each of our target regions, we’re partnering with cities, utilities, and nonprofits that can help educate homeowners about the benefits of improving their homes with Pearl Network contractors and getting their homes Pearl Certified when they sell. The City of Phoenix, for example, is working with Pearl, local utility APS, and the real estate brokerage HomeSmart, to conduct a study on the value that Pearl Certification adds to for-sale homes, with the goal of helping ten thousand homeowners a year make significant energy efficiency improvements in their homes each year.
And in Michigan, the City of Holland has launched a pilot program to Pearl Certify 100 homes and test their impact on the real estate market.
We see these partnerships as another way to educate homeowners on the advantages of improving their homes’ performance and certifying their work.
Our new regional focus also gives us a way to provide new benefits to the members of the Pearl Contractor Advantage Network. In each region, we’ll be recruiting top-quality contractors from different trades. We’re already starting to see contractors from complementary trades make referrals to each other. Solar contractors, for example, have a huge interest in leads from envelope and HVAC contractors, and vice versa.
If your business is located in an area that isn’t one of Pearl’s target regions, don’t worry! We will get to you – one home, one community, one city at a time.