EnerBank Blog

Waterproofing a home isn’t something a homeowner generally considers until it’s too late. Major snow melts or big rainstorms result in water seeping through windows or holes in the walls, causing damage to carpets and furniture—with great potential for mold if it isn’t fixed quickly. The cost of fixing problems and then preventing future issues can be astronomical and are most often expenses homeowners weren’t expecting and prepared to pay.

Some solutions can be relatively inexpensive, like a water sump pump or a dehumidification device. But a comprehensive combination designed to prevent flooding completely could cost upwards of $6,000-$10,000. With that kind of total bill, however, some homeowners might think they need to waterproof their home (along with other repairs) in steps.

How Offering Options Help
If a customer doesn’t have money on hand to waterproof the house, especially after they’ve spent money replacing carpets or other damage caused by leaking water, they need options. Some homeowners might think the best option is to max out their credit cards, look to open a home equity line of credit (HELOC) or dip deeper into one they already have, tying up money they might need for the next emergency (or vacation).

Enabling your contractors to offer a choice of financing options—such as a Same-As-Cash loan and a low monthly payment loan through financial partners—can allow homeowners to get these repairs and preventive waterproofing projects done much faster and easier than they can with credit cards and HELOCs. Even better, they can often borrow more so they can finish the complete project at once rather than in stages.

In addition to helping the homeowner, financing options can benefit your business as well:

• Competitive Advantage: In today’s competitive market, any company wanting to win the next piece of business needs to offer options. And, not only just different types of waterproofing solutions, but also a choice of payment options that are easy to apply for and obtainable for most homeowners with decent credit. This is especially important if there’s a big storm, you’re inundated with leads, and the homeowner is concerned they’ll move to the back of the line if they can’t get their financing put together immediately. If you can offer financing that the homeowner can jump on, you will have an advantage over your competitors who only accept cash or credit.
• Increased Sales: A homeowner concerned about water leaks and floods, especially after just cleaning up from another one, probably needs to waterproof their home—and quickly. Payment options help a homeowner see the bigger picture—maybe with just a slightly bigger monthly payment, they can see they afford the comprehensive solution. An informed homeowner might be more likely to move forward with a higher quality sump pump or dehumidification device—or both—if they are confident it will prevent any further issues and will ultimately save them money in the long run.
• Satisfied Customers Who Refer You to Others: Being able to finance a complete waterproofing solution easily would make any homeowner happy. That’s especially true if they don’t want to use their savings or investments for this purpose, don’t have the full amount saved up, or don’t want to pay with high-interest credit cards. Also, if you offer them a positive overall experience and install quality materials, they’ll likely refer friends and family to you—and come back for other services you offer.

Offering options helps the customer solve their water problem, and also helps your business grow. So, to help homeowners keep their house dry, make sure you’re offering a choice of how to pay so they can choose the option that works best for them to get the job done.

Sources:
https://www.homeadvisor.com/cost/basements/seal-a-basement-or-foundation/