Maintaining a home by making necessary repairs can be a great investment. Apart from making it look trendy and comfortable, it also can increase the resale value of the home.
However, many customers aren’t able to finance home improvement without a loan. This is because home improvements, even relatively small jobs, can cost more than the customer’s available savings.
Below are three reasons to offer home improvement financing:
Increase Business Opportunities
Many customers find it difficult to conduct home improvement projects due to the costs associated with them. That’s why it is a good idea to provide funds to your customers to carry out necessary home improvements. This allows them to get the needed amount of money and repay it through affordable monthly installments, instead of having to pay the lump sum all at once.
Offering your customers home improvement financing will improve your sales, as well as build a good reputation for your business within the community. Let’s take a look at three different ways customer financing can increase your sales:
- Customers can instantly buy your products or services
As soon as a customer is approved for financing, you can immediately start the home improvement process. No wait time means potential customers are less likely to walk away.
- Your satisfied customers will be your greatest ambassadors
When your customers feel satisfied with the services you offer, they are likely to refer your business to their colleagues, family members, and friends. Financing makes the home improvement process less of a hassle.
- You can leverage financing into other opportunities
When a customer is unable to pay for your product or service upfront, it is your opportunity to create a long-lasting relationship with them by offering options and, possibly, show them that they can afford more than they realized.
Use Financing as a Selling Tool
Most customers do a lot of research before they decide on a financial company to work with. Unfortunately, many contractors do not take this opportunity to use this as a selling tool.
It is always a good idea to offer multiple payment options. However, you have a chance to close many deals by providing the payment options upfront.
How often have you given a customer a quote and never heard back from them? In some cases, it’s because the customer is not able to pay a lump sum. They believe the project is unaffordable.
You, therefore, have to figure out a way of making life easy for them by providing reasonable monthly payments. So, next time you send or give a quote to your customer, it is best to offer them payment options upfront.
Direct Customer Service
Customer service is one of the most critical areas of any business. This is because it is an experience that gives customers a rough idea of how your business operates. The way you treat your first-time customers will determine if they will come back or not.
Providing financing for home improvement creates a perfect opportunity to build long-lasting relationships with your customers. If you offer fast and reliable home improvement financing, then you are creating a positive impression of your business.
Medallion Bank cares about your customers. We want to make the financing process as understandable as possible for them by offering standard installment loans. Keep your customers satisfied and give them the confidence to come back to your business again and again.
If you are interested in offering reputable home improvement financing to your customers, give us a call today.