As a business owner, you’re always looking for ways to bring in more revenue and grow your company. As you consider perks you can offer to bring in more clients, have you wondered if it might be worth it to offer pool financing? Almost every homeowner that enters your store will need financing of some type before they can finalize their plans with you to build a swimming pool. If offering pool financing removes that barrier to a sale, you’ll probably find that it’s well worth it.
How Does Offering Pool Financing Work?
First, let’s talk about what offering financing to your customers is not. If you’re picturing building a pool for your client and having them make monthly payments to you for the next 20 years, that’s not it.
In general, if you offer swimming pool financing for your customers, you’re partnering with a finance company to connect your customers with a loan. The finance company handles the paperwork and loan process. To connect your client with the finance company, you generally just refer them to a form on your website and your part is done. From there, you’ll usually get a notification that the loan was funded (or their application was rejected) so you can finalize your sale.
Benefits of Offering Pool Financing
Offering pool financing isn’t just a nice perk you do for your clients. It can actually help your bottom line as well!
First, offering pool financing gives you a leg up over your competition that doesn’t offer this type of service. Homeowners are always looking for businesses that can make their lives easier, and offering financing is one way to do that. If two companies are offering comparable services but one offers financing and the other does not, the company offering financing will likely get the sale.
Not only does offering financing give you an edge over your competition, but it also makes the sales process faster. When homeowners know that they can finance their purchase quickly, easily, and safely through you, they’re much more likely to move forward with the sale quickly.
Offering financing also helps your client easily find the pool loan they need. There are many different types of loans out there, and it can be confusing for homeowners to figure out which one is right for them. If you offer financing through a specific lender, that takes all the guesswork out of it for them. They know exactly where to go and what type of loan they need.
Generally speaking, the type of pool loan they can get through your connection will be a personal loan. If they go to their local bank for a pool loan, they’ll likely need to get a home equity loan or cash-out home refinance. The application process on a personal loan is much quicker! You’ll close the sale and get started on their pool much faster when they don’t have to go through a lengthy loan process.
Options for Pool Financing
Overall, we think you’ll find that offering pool financing is well worth it. It’s a no-cost investment for you, a great service to your clients, and can even help you sell more pools.
There are several reputable financial institutions that specialize in the pool industry. You’ve probably met some of their representatives at pool shows and other industry events. When it comes down to picking one of them, or another company, ask for references or check their reviews so you can be confident in the partnership. It’s also possible to work with more than one financing company. Many pool builders have a financing page on their website with links to multiple companies.
There are plenty of industry events coming up. Attending one is the perfect opportunity to discuss your options for offering pool financing.