Financing Plans - Effective Offerings
When you decide to begin offering financing, there is a an overwhelming number of options to achieve this. Every retail lender will offer various plans that you as a company should take into account to set yourself up for success in the home. The first thing to think about is what problem or discomfort does your client experience and how can you solve it. Financing can accomplish many things:
The ability to keep the project affordable
A bridge of time between the need for a project and the time in which they can actually comfortably pay for the project
The retention of cash
These are the 3 main groups that customer's will fall into. One thing to consider when choosing financing plans for your roofing business is to make sure that the roof will outlive the financing period. If you are in an area that doesn't experience a lot of hail and wind damage longer terms could be a great choice for your customers. However, if you are in a highly active storm market shorter terms would alleviate the fear of owing money on a roofing project that is now needing additional replacement or repair. Roofing and home improvement projects fall into 3 major categories:
Cash - We all know these buyers. They have the cash available to pay for the project readily.
Bridge - This is perhaps a client that has been hit by hail and wasn't planning to replace a roof but could have a windfall of money (i.e. tax return, bonus, insurance proceeds, etc.) coming. They need to borrow money for a shorter period of time.
Payment - This is going to be a client that is payment conscious and is concerned namely with affordability.
We are able to offer plans to fit all of these needs. Below is a list of available plans from GreenSky that fit each need. You can find more information Here on how to become a merchant.
Cash - 0% for 24, 36, 48, or 60 months
No Interest No Payments - 0% for 6, 12, or 18 months (There is interest charged if the project is not paid off by the end of the term)
Reduced Rates on set terms - 2.99%-9.99% for 60 to 144 months (Lower payment factors and more time to pay)
The first way to a successful financing program in your roofing or remodeling company is offering plans that make sense to a customer. If you wouldn't sign up for the terms, how can you expect anyone else to. Make sure you are offering customer's the ability to pay you in a way that is comfortable and budget friendly. For a financing program to work you must have a way to quickly and accurately show the financing terms you are offering. The HIRevPro platform is a great way to do just that. You can find more information on the industry leading platform Here. If you are currently not financing jobs call us and we would be happy to help get you on the right path based on your business objectives.
Sales, Simplified.
Brad Corbin