The pandemic created an unexpected rise in home improvement sales that surpassed expectation. A byproduct of this rise in demand was a shortage of supplies. That supply shortage increased costs, pricing and wait time for consumers. What’s next? Are you ready for the next industry shift?!
According to the August 2021 Economic & Industry Update from HIRI, “Growth expectations would be higher if not for shortages…specifically…lumber, but mass shipping delays have been causing issues nearly universally.” Further, inflation is rising and “supply constraints have pushed up prices of products while less spending on services combined with stimulative benefits from the government have been able to support those new higher prices.”
Inflation is increasing, costs are rising, consumer wallets are tightening…so ask yourself again: Are you ready for the next industry shift? What is your bottom line strategy? We’ll answer that for you: financing. Sales are up because demand is still up. But costs are also up…increasing a consumer preference for financing their home improvement projects.
HIRI reports: “Homeowners are still planning home improvement projects at high rates. More than 7-in-10 homeowners have planned projects quarterly for two years now. With such strong rates over the last two years and the ongoing delays in materials and labor, we expect numbers to level off or even regress slightly…”
Three best practices to strengthen your bottom line strategy with financing:
Know your financing company’s rates & promotions!
Rates and promotions change! Make sure you know the latest financing promotions. Foundation Finance provides competitive rates and a no-fee promotion for every customer. Create a goal to offer a financing promotion with every sale.
Make sure your sales staff is trained for success.
A staff well versed in financing will offer it more strategically and increase the sales closing rate. Foundation Finance provides free training to help everyone confidently include financing in their project discussions.
Rely on Foundation Finance for support at every step.
Whether you’re in the field or at the office and need a helping hand, Foundation Finance is always ready to assist. Our dealer support team can answer your questions no matter what the circumstance. Give it a try right now: 855-241-0024, ext 5012.
In a rapidly changing and competitive environment, being ready for anything is what puts you above the competition and keeps your bottom line strong. If you don’t already have a financing partner, seriously consider adding one. It takes less than five minutes and is free to enroll with Foundation Finance Company. Simply click here to apply.