Who owns the customer? That depends on whom you ask.

The conversation around customer ownership is heating up in the construction industry, particularly in the context of the current interest rate environment. With 30-year mortgage rates hovering near 7%, the refinance market is expected to slow down, making customer retention a crucial focus for lenders and construction companies alike. As a result, the question of who owns the customer is becoming increasingly important.

In this context, permissioned access is emerging as a key factor in determining customer ownership. With customers becoming increasingly selective about who they work with, construction companies and lenders are recognizing the importance of building trust and establishing direct relationships with homeowners. By doing so, they can gain permissioned access to customer data and stay top of mind when the next refinance wave inevitably occurs. This is especially critical for construction companies, as they often rely on lenders to bring in new business.

As the industry continues to navigate this challenging environment, it's essential to watch how construction companies and lenders adapt their strategies to prioritize customer retention and permissioned access. Specifically, keep an eye on how companies are investing in data management and customer relationship management tools to better understand their customers' needs and stay competitive. Additionally, monitor how changes in interest rates and government policies may impact the refinance market and, in turn, the dynamics of customer ownership in the construction industry.

Originally reported by housingwire.com. ConstructionNews adds analysis for real estate & property readers.