Have you ever been in a situation where you have an excited customer, you give them a quote, and suddenly their face drops at the price? Their dream project has just been crushed in their mind, because they can’t afford it on their own. But what if you could help? When you learn how to offer financing for your general contracting customers, you not only help them afford their dream project, but you also get business you could’ve lost. Let’s get you both on the road to success.
Figure Out What Options Are Right for You
While your customer is the focus of offering financing, you also need to figure out what financing options are right for you. As a general contractor, you can either offer financing through your business or through a third party company.
When you offer financing yourself, there is no middle man: it’s just you and the customer. You and the customer can work out a financing plan that works best for both of you and the project. However, you have to work on the project without having all of the money upfront. You’re also at risk financially if the customer fails to pay on time or at all.
If you offer financing through a third party company, they do all of the hard work. They figure out how much credit to offer and are the ones responsible for dealing with the customer if they fall behind on payments. You also get the money up front instead of getting installments over a set period of time. It’s a fantastic option for both you and your customers.
Let Your Customers Know
Offering financing doesn’t do you any good if your customers don’t know about it! You can be proactive in letting your customers know about your financing by posting on social media, updating your website, and adding it to your marketing materials.
The most important time to let your customers know about financing is when you’re planning the project and giving them a quote. If the customer is unsure they’ll be able to afford your services, the option of financing may persuade them to continue with the project without having to sacrifice anything. You should also let customers who are paying in cash know that you also offer financing. With that option on the table, they may choose to increase the scope of their project or add other upgrades. Not only will they get a better product, you will also get more business!
Financing in Action
Choosing the right financing option, then letting your customers know are the two most important steps when learning how to offer financing for your general contracting customers. Financing in action is simple. You go through the contracting process as normal, but there’s an added step of the customer either applying for financing through you or through your financing ally. When you partner with HFS Financial, this extra step is made easy. Your customer fills out our 60-second application on your website through our free widget, and we fit them with the right loan. It truly is that easy! Contact us at 1-800-254-9570 to get one step closer to offering financing for your customers. “You Dream It, We Finance It.”