Many contractors are reflecting on 2020 and what they can do to increase revenue, number of jobs, and improve their overall business operations.
Home Improvement Financing Every Contractor Should Know About
Whether planning a kitchen renovation, a bathroom remodel, or an addition, homeowners may seek out a contractor who offers financing over one that doesn’t.
For homeowners, remodeling their home can be an exciting but often expensive endeavor. Whether planning a kitchen renovation, a bathroom remodel, or an addition, homeowners may seek out a contractor who offers financing over one that doesn’t.
You can easily differentiate yourself from your competition by offering financing services. In this article, we'll explore the benefits of offering financing and provide tips on how to do it effectively with One Click.
Benefits of Offering Financing for Remodeling Projects
- Increase Sales: When homeowners have access to financing, they're more likely to proceed with a remodeling project. This means that you'll have a higher chance of closing more deals.
- Increase Project Size: Seeing their options as monthly payment amounts allows homeowners to visualize exactly how much they can afford. In many cases, this means they can increase the scope of the project.
- Attract More Customers: Many homeowners are unable to pay for a remodeling project upfront and require financing to make it happen. By providing financing options, you’ll instantly be ahead of any contractors who don’t.
The One Click Contractor platform provides contractors the ability to seamlessly offer financing right within the estimating system. With a very simple application and soft-pull credit check, homeowners can be approved in minutes. You can even pre-qualify a customer to see what amount they would likely be approved for before you even begin developing a project scope for them.
Finding a Financing Partner
If you’re considering offering financing to your home renovation customers, it's essential to choose a reputable financing partner. Here are some key factors that a remodeling contractor should look for when choosing a financing partner:
- Competitive Interest Rates: Interest rates are a significant factor in financing options. They should offer competitive interest rates that are attractive to customers.
- Flexible Terms: They should offer flexible repayment terms that can accommodate different budgets and financial situations. The terms should be clear and easy to understand.
- Quick Approval Process: A fast approval process is critical in ensuring that customers can move forward with their remodeling project promptly with a streamlined application and approval process that allows customers to receive a response quickly.
- Good Reputation: A good reputation is a must. Check for online reviews and ratings to gauge the quality of their services.
- Customer Support: Critical to success is excellent customer support throughout the financing process. The last thing you want is to get stuck right in the middle of your proposal.
- Partnership Flexibility: If you have unique needs, such as financing for large projects, special promotions, or marketing materials look for a financing partner that is flexible and willing to work with you to meet your specific needs.
Financing Partner Integrations
One Click is integrated with some of the industry’s most recognized finance companies, including Homevest Finance, Acorn, Greensky, and Sunlight. If you are already using one of these providers, you can easily access your financing options right through One Click’s platform and never leave your presentation. If you are interested in getting started with offering financing, give us a call and we will walk you through it.