As a home improvement contractor, you’re expected to have the talent and resources to take on a renovation project and consistently deliver excellent results, often while balancing multiple tasks at the same time.
Even with exceptional skills, it can still be a challenge to get the projects you need to grow your business. If you want to be a contractor that everybody respects and wants to work with, customer financing for home improvement contractors can give you the edge you need.
Customer financing for contractors works because it gives homeowners the choice to start their project right away, and allows you to continue to grow your home business. When you offer financing through your renovation business, homeowners tend to spend more on their renovation projects to get what they truly want, which means more revenue for you.
The Benefits of Customer Financing
Customer financing is a winning situation for everyone involved. Here’s how:
Provide better options
Not all homeowners may have upfront cash for home improvement projects. By providing flexible payment options to your customers, chances are, they’ll choose you over the competition. For homeowners, completing the projects they want with financing makes more sense.
Close More Deals
By offering Same-As-Cash Loans, Hybrids and low monthly payment loans, you can close more deals, faster. Homeowners are less likely to get bids from other contractors or compare quotes if they are able to be approved for a loan offered through you.
Grow Your Revenue
When your customers have payment options available to them, they may be able to increase the project size or ask for premium-grade materials to get the results they truly want. This will, in turn, benefit your business — as the average project size increases, so does your revenue.
Increase Bottom Line
More sales don’t necessarily translate to better profits, especially if you feel you have to offer discounts to cash-paying homeowners. Your customers may also choose to downgrade their initial home renovation plans by reducing the project’s scope or using lower-quality materials once they hear the bid. By offering payment options, you provide more ways for homeowners to pay for their projects, helping keep your margins strong.
Improve Cash Flow
As a business owner, you need cash flow to keep your business running ahead of your competitors. However, many home improvement projects get fully paid only when the project is completed, compromising your liquidity. Some customers may even stop halfway through a home renovation project because of a lack of funds.
When offering financing, you better control the sale and put the home owners minds at ease.
Find the Right Partner
As a contractor, your payment options will only be as good as the lending provider you work with. Customer financing for remodeling contractors lets you give homeowners more ways to pay for their project.
Why should remodeling contractors offer home renovation financing?
When you offer home renovation financing to your customers, you can get a step ahead of your competitors and provide what homeowners truly want: an easy and convenient way to pay for their projects. With home renovation financing, you can expect to start projects sooner, complete them faster, and — because your customer now has greater buying power — get paid more.
Is it easy to offer financing to customers and prospects?
100%, contractors on the BluePagesPro are offering simple to use financing calculators and financing API to help homeowners get approved in under a minute.
Check out this Dreamworx Roofing ProLite Page featuring the Financing Calculator Tool and API integrations: https://bluepagespro.com/listings/dreamworx-roofing/
If you are interested in adding financing to your BluePage send an email over to us at [email protected] and we will get you set up immediately.