Home improvement, along with nearly every other industry in the country, has seen the effects of the Covid-19 lockdowns and new social distancing practices. No doubt most of us have tired of the restrictions and had hoped that by now, the worst would be behind us. However, it appears as though a new normal is emerging. People are spending more time at home, whether to avoid the crowds or because, for many these days, home is where the office is.
While many industries have suffered in recent months as face-to-face retail businesses, restaurants and others were forced to shutdown, companies such as Lowe’s and Home Depot have seen their sales rise and stock prices go up. This seems like a trend that will continue as people continue to spend more time in their homes.
As states begin taking the first steps to open up, home improvement contractors have been reporting an uptick in sales. Some surveys are suggesting that even as parts of the economy open back up and people begin returning to their offices, trends seem to signify a shift in the location and size of homes being purchased. These are showing more homeowners purchasing larger, older homes, located outside of major cities. This means more homeowners will be faced with the task of upgrading their homes in addition to spending more time on DIY projects and tending to their home gardens.
How can you prepare your home improvement business to better serve your customers in this new climate? One way would be to give them affordable financing options to increase their buying power. By spreading out their payments over time, they can afford the upgrades they really want, now.
How can this be done? By working with a company like FinFi, you are able to connect to a range of lenders. This gives customers up and down the credit spectrum viable financing options. And you can also give your customers the opportunity to see what kind of offers they could qualify for without affecting their credit. If you want to learn more or see how FinFi could integrate into your current financing solutions, get in touch at firstname.lastname@example.org.