Paving the Way: Utilizing Home Improvement Financing to Achieve Success
Paving the Way: Utilizing Home Improvement Financing to Achieve Success
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Most contractors today have a comprehensive understanding of the challenges that threaten financial stability in the home improvement space. The labor hours and associated costs of any home improvement project can make it difficult to sustain upward expansion and growth of a contracting business when so many of your customers have lofty dreams and big ideas but lack the funds to match the project scope they have in mind.
Sure, the client can afford to hire you to do the work just not right now. Maybe next month or later this summer or maybe even next year. Who knows? The clients surely doesn’t and that means your business is left in the lurch, waiting to generate revenue that may or may not materialize any time soon.
Your business is at stake.
How long do you want to wait? How long can you wait? A successful renovation project is the one that actually gets started and that you are paid to perform without waiting a month or a year from now to put on the books. If one client isn’t in a positive financial situation to hire your services at this point in time, that’s fine. But what happens when you’re hearing the same thing from multiple clients, all of them trying to fit the costs of their renovation project into a realistic budget for that month and realizing the work will have to be put off to a later date.
At the end of the day, you’re not making any income and your business begins to suffer as a result.
What if there was a more convenient way to attract customers who can make informed decisions on hiring your firm to perform the work they need, when they need it, at an affordable cost?
That’s why we created Fund My Contract, the innovative financing solution that helps you grow your contractor business by giving clients access to a wide range of financing options that can have you working on more home improvement projects, generating more revenue faster, and increasing customer satisfaction with both new and existing customers.
When One Lump Sum is Too Much to Pay
Many homeowners that approach a contractor with home improvement ideas don’t always have the available cash on hand to pay for the work. While they can certainly afford the costs of materials and labor, it’s having to cover those costs in a lump sum that has most clients hesitant about moving forward with the job. Even though your prices are fair and competitive with other contractors in the area, the prospect of paying for the work all at once is one of the most common barriers to conversion and it can leave many contractors waiting to bring in an income on potentially large home renovations that represent significant profits.
When your customers can’t pay all at once, that doesn’t mean you have to watch them walk away. Our network of third party lenders are ready to work with your contracting business to offer a diverse range of financing options that make paying for home improvements more affordable. Whether your clients want to take advantage of financing programs that offer the lowest monthly payment or come equipped with competitive interest rates, our lending network has the financing solutions that get more jobs on the schedule and more revenue in your business.
Boost Your Sales on Home Improvement Projects
Homeowners who want to hire your services may also be doing their due diligence on the work and how much it will cost. They want to start the renovation project they have in mind but they also want the best deal on the price. Cost savings is a big part of what goes into the decision making process for hiring one contractor over another and when you consider all of the careful planning that goes into a client’s selection, you want to put your business in the best possible position to be the winning bid.
When you offer contractor financing options to your clients, you’re giving them more choices in the way they pay for the work and choices for adding more features or higher-quality materials to use on the job. When the client knows they don’t have to pay for the work in full all at once, they’re more likely to choose the deluxe model over the base model on a home improvement project and that puts even more revenue in your business.
Contractor financing can help boost sales and increase your company’s revenue in a shorter period of time.
Beat Out the Competition
Your prices are fair and your customer reviews are glowing. But that doesn’t stop clients from shopping around to save money. In a highly saturated marketplace, you want every opportunity to gain an advantage over the competition and contractor financing through Fund My Contract can give your contracting company that important edge to make your work more affordable.
Financing gives your customers the ability to split the cost of the work they need over monthly payments which makes it easier to fit into anyone’s monthly budget. Sometimes a client faces the unexpected expenses of a home repair bill and when they want quality work at a price they can afford, even when they hadn’t planned on such an expenditure, you can bet they’re doing thorough research into finding the contractor who delivers the best services at the best price.
For some clients, the final decision may come down to which contractor wants their payment all at once and which one offers affordable financing options to pay for the work over monthly payments.
How Your Business Benefits from Contractor Financing Options
Whether your client needs extensive renovations or it’s a small yet significant repair, contractor financing enables homeowners to embark on a renovation journey that brings energy efficient upgrades or just an updated living space. Financing can benefit your business in a multitude of ways and when you start exploring financing options to offer your clients, you want to be sure they are enticing and effective.
That’s why our network of lending partners make sure to develop fully customized financing programs that are tailored to meet the needs of your business and the specific challenges that come with the industry or field in which that business operates.
But once you’ve chosen the financing programs that you wish to offer, you can present them to your clients through your marketing efforts and offer gentle reminders when submitting estimates both in writing and in person. Those reminders can be a criticial component of getting your client to green light the project.
When the work begins, your business gets paid in full up front and the client makes reimbursement payments to the lender with whom the financing agreement has been established.
Should the client miss a payment or default on the arrangement, your business retains the funds that are due for the work you completed. Once your business gets paid, your responsibilities have been met. You do not have to return the money because the client is in default.
Getting paid in full and up front means your business doesn’t have to chase down outstanding invoices and unpaid purchase orders. Collections isn’t a part of your skill-set, it shouldn’t have to be part of your everyday business practices either.
Reach Renovation Goals and Revenue Projections with Fund My Contract
No more waiting to generate revenue. No more waiting for clients to decide on renovating their dream home. Financing options with Fund My Contract can help your clients reach their renovation goals and help you reach sales and revenue projections with lower interest rates and affordable monthly payments for qualified applicants who want affordable payment options when improving their home’s curb appeal. Talk to one of our experts to discuss how Fund My Contract can be the financing solution that puts your contracting business in the black.
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