ReNews -- Remodelors Council News - 03/20/2008 (Plain Text Version)
Lonny Rutherford, CGR, CAPS
In this issue:
New Tools for Tough Times
When customers want to transform their homes, their vision doesn’t always match their budget. However, by offering consumer financing they can afford everything they really want. The result: They get their ideal home; you get an even larger sale.
“A lot of people are really surprised when we tell them how much they qualify for. As a result, our customers tend to upgrade to granite counter tops or nicer tile, and do the project they really want.” —Thompson Price, Callier Thompson
Financing Helps Bridge the Gap
As every contractor knows, the point in the sales presentation where you discuss the project cost and the payment options is often challenge. It is the critical moment when many jobs are lost or scaled down. Offering financing from a well-known lender during the sales process will help bridge that gap. It shows a level of professionalism and sophistication that will actually set you apart from the competition.
With financing benefits like fixed payments or deferred payment promotions, you are able to put the consumers mind at ease. You are also much more likely to get the entire project instead of a scaled down version.
“Sometimes a customer will be overwhelmed with the cost of a project, but when they learn that they can defer their payments for up to a year, they’re more likely to move ahead” — Yvonne Talyor, Penguin Windows
Faster Funding and Less Hassles
Another reason to offer consumer financing to every customer is that even when a project loan is accepted you have the flexibility to deal with project changes. If the customer qualifies for more than the original cost of the project, they will be able to upgrade their project at any point by simply using their approved line of credit.
“The best thing about financing is that it allows us to retain control of the whole process. As soon as the customer has to shop around for financing, you lose control of the sale.” — Diana Blood, Statewide Remodeling
Ultimately, home improvement financing from a trusted lender is a great way to help you succeed and grow even in these challenging economic times. You will close more sales, sell larger projects and get paid faster.
Jeff Shawd is vice president of marketing, Home Improvement, for GE Money, and also serves on the Editorial Board for ReNews.
For more information or to contact us directly, please visit www.NAHB.org | ©2008, National Association of Home Builders