Financing options to grow your sales
Today we’re going to talk about growing your revenue and closing more high-ticket sales by providing financing options to your customers.
Part of providing great service to your customers is excelling at your trade and customer service and helping them find financing options with high-dollar products and services.
It’s best always to be providing good, better, and best options to let your customers fit what’s right for their budget.
Give them more choices than just yes or no.
People want choices, not to be spoon-fed what you believe is best for them. That feels more like sales pressure and that you’re working for you instead of them.
Be an advocate for your customers and win more business in the process.
Financing gives your customers a way to get what they might not be able to otherwise.
Financing reduces high ticket items to much lower monthly payments that are easier for homeowners to measure affordability.
Financing will increase customer satisfaction by getting them something that they might not have been able to otherwise and/or simply making it easier for them to get it through your company.
Financing allows you to close more of those higher-ticket sales.
Financing also helps you get paid faster.
Financing will allow your company to be more competitive and attract new customers.
Many finance companies offer simple, easy, and quick on-the-spot qualifications.
Let’s take a look at a few options your company might want to consider:
Local Credit Union – for home equity loans and lines of credit, which have the added benefit of potential tax deductions of the interest for the customer.
Your company bank – speak with your banker and ask what type of home improvement loans they can offer your customers.
Here are a few lenders that specialize in home improvement and green energy loans. Many of whom offer fast qualifying by phone right there while you’re in the client’s home.
Green Sky Finance
There are even PACE loans available for people with challenging credit histories.
PACE stands for “Property Assessed Clean Energy” loans that get paid through the customer’s property taxes.
These are public-private partnerships with many county tax assessors.
They carry much higher interest rates and fees, so you’ll have to screen them carefully, but they allow some homeowners to get credit when they otherwise couldn’t.
The federal government is another option for home remodels and energy-efficient upgrades through Title 1 loans and Energy Efficient Mortgages available through HUD.
But federal loans are anything but fast.
As with all loans, you and your customers need to compare loan fees, annual percentage rates, loan terms, payment options, and other factors.
It may benefit you and your company to team up with a loan broker from your local credit union, bank, or an independent loan broker who has many choices to fit a wide variety of clients.
In summary, offering to finance is a value-added service to your customers can help you grow sales on larger ticket product and services that you’re probably missing out on right now.