In 2021, Modernize surveyed thousands of homeowners to find out how they prefer to pay for their upcoming home improvement projects. The survey uncovered interesting data. The vast majority, 67%, said they hope to use home improvement financing for some or all of their upcoming projects. As the economy continues to look questionable and homeowners feel a little more hesitant about parting with their hard-earned cash, providing options for financing is more critical than ever for contractors and anyone working in the home improvement industry.
But when do you offer financing? Who should be the one to do it? Would it be offensive if you suggest financing? Many contractors wrestle with these questions. We've put together a free ebook that shares simple ways to make home improvement financing a part of your regular processes - and improve your close rates at the same time.
When and how to offer financing
Be sure to include financing as part of the appointment setting and again during appointment confirmations. Why so early? Simple - it makes it far more likely that they will select you for the project over other competition. Be sure to let them know that there would be no impact on the homeowners credit and they know that you offer options for monthly payments.
Sending a quick link to look at financing as part of your early communication is not pushy and an easy way to share info. A simple example of how to do so is included below:
Continue to share the option to use financing during the actual appointment. Your goal during the appointment is to build an emotional attachment to the job itself. Research shows that not only are homeowners more likely to go with a home improvement company that offers financing, but they also are more likely to spend more money. In fact, financing is an incredible way to strategically upsell. If you know that a homeowner is pre-qualified for a larger loan, you can easily suggest additional product options or projects. You can also suggest the options to finance part of the project while paying cash for the rest.
Use financing to help close a deal
Financing can be the final key to closing a deal that might not otherwise close...
Download the rest of this free ebook to uncover scripts for using financing as part of your closing process, during the rehash phase, and more.
Download "How to Use Financing to Win More Deals" today