Recent data shows that U.S. homeowners spent an estimated $567 billion on home improvements and repairs in 2022, an increase of 15% from the previous year. That number is expected to continue to grow this year. Moreover, the top priority for homeowners this year will remain home improvement projects rather than moving into another property, largely because of persistently high mortgage interest rates.
The median cost of kitchen and bathroom renovations, which are the two most popular types of renovations among homeowners, is $20,000 and $13,500, respectively. While a major renovation can cost closer to $66,000, and for those who hire a professional designer, it can be as high as $90,000.
The main sticking point is that homeowners don’t always have the cash to pay for renovations, no matter how big or small they are. And when it comes to global remodeling or home expansion, they may not be able to afford it at all. That’s when financial platforms like Enhancify come in handy. Using Enhancify, the contractor can offer homeowners payment options, which will make it easier for them to invest in their homes and choose the contractor as their go-to company.
Enhancify is an online financing marketplace that makes it easy to see and compare many home improvement financing options in one place. Through a customized form built into the contractor’s website, customers can apply for products like home improvement loans, personal loans, HELOCs and credit cards. The contractor simply agrees with the homeowner on the cost of the work and give them a link to the form to fill out.
Homeowners will have the options available to them based on their credit history and the financial details to compare and choose the best fit.
Different lenders offer products with competitive interest rates and payment terms. So, the right option can be found by almost any homeowner. Enhancify delivers offers from dozens of lending networks and end-lenders in one place. The lending partners include big names like SoFi, PenPed Credit Union, Marcus from Goldman Sachs, Avant, Upgrade, LightStream, Lending Club, Lending Point, Prosper, Best Egg, and more.
Enhancify.com specializes in helping all types of businesses and professionals, including roofers, builders, restoration experts, and other businesses that have nothing to do with construction. Contractors can choose from three different membership plans, including the Concierge Plan, which gives them full coverage from the Enhancify team. Depending on the plan selected, they will have access to a variety of features of the platform.
What are the benefits of in-place financing?
If you’re struggling to find more clients for your business, you might want to consider Enhancify as a sidekick. Getting more clients in your business requires a well-planned strategy that targets potential clients as well as in-place financing solutions to build trust and credibility.
Contractors can grow their business, first and foremost. Enhancify helps contractors close 21% more jobs, close jobs 16% faster, and raise job prices by 47%. In-place financing can increase the number of deals they close, but it can also raise the scope of work, and overall cost of the project. Thus, contractors who offer customers such financial solutions allow them to realize all their ideas and even more with financing.
The financing available, in turn, may encourage current clients to refer their friends and family to the business. It’s one of the most cost-effective ways to market services. After all, referrals often have a high chance of being customers. And if the contractor invites contractors who want to try customer financing, he gets $200 for every contractor he brings and who uses Enhancify for more than 30 days with no caps.
And don’t overlook the commission contractors receive for each closed deal. Enhancify is the only service of its kind that offers such an incentive to its partner contractors. Contractors can make extra money by offering financing through the Enhancify platform, which pays a commission for each customer who gets financed. The process is pretty simple: the contractor sends customers to the platform, customers get competitive terms, low rates and quick funding. Once the loan is funded, the contractor receives a commission. With Enhancify, the commission for a funded loan ranges from $50 to $650 and is not capped.