Offer Home Improvement Financing Early and Often
by Brenda | November 21, 2019
Offering financing to your home improvement customers can sometimes feel like a daunting task. Many contractors wonder… when should I bring up financing? At the front door? After they tell me about the project? Right before I leave the house? The answer is actually pretty simple… all of the above!
An easy rule-of-thumb to follow is the Early and Often method. Keep reading to see why this strategy can help you close more deals and satisfy more customers.
Offer Home Improvement Financing Early
By bringing up financing early in a conversation, it can help to put your customers more at ease. When they are silently stressing about how much a project is going to affect their finances, it’s hard to pay attention.
They could be completely ignoring the key benefits of your services. Obviously, this is a problem when you get to the end of your visit. Because even if you tell them about their home improvement financing options at the end, chances are they will forget the value.
Why offering payment options can increase your client referral rate
However, by mentioning financing early on, you eliminate that potential stress. Allowing your customers to focus on all the benefits and features you describe to them. Then, instead of worrying about money, they have a deeper understanding of the project’s advantages.
This peace of mind can help you dramatically improve your closed deals. So don’t “wait for the right moment” to bring up financing. Every moment is the right moment if it makes your customers happy.
Offer Home Improvement Financing Often
The human brain is programmed to forget things quickly. It’s the only way for us to process the massive amount of information we receive on a daily basis. That’s why studies have shown that it takes at least seven repetitions before we can store something in our long-term memory.
It may seem redundant to you as a home improvement contractor to keep bringing up financing. But your customers may not be as familiar with it as you are. So by mentioning it often, you are letting your customers know that they have various payment options.
Understanding your customer’s credit score
This also creates an opportunity for you to upsell your customers. If they don’t need to pay out of pocket today, they may be open to better upgrades than they originally anticipated.
Address Concerns
Using this method will also provide you with a chance to address your customer’s concerns. Allow them to ask questions throughout the entire process. This will make it much easier to close by the end of your visit.
Why customer experience is critical for success
If you have any questions about financing for home improvement contractors, reach out to Medallion Bank today. We specialize in helping contractors offer the best financing options with innovative technology.
