When builder Chris Pierce presents the idea of financing to families looking to add a pool to their backyard, he says their perspective noticeably changes. It’s no longer just about adding a body of swimmable water in the back, but realizing a long-awaited dream.
“A lot of people don’t know that financing is an option on a pool,” says the COO at Mr. Pool in Montgomery, Ala., noting that families seem relieved and excited “when they realize ‘I can get my dream pool for a set monthly payment and I don’t have to use our savings or emergency funds.’”
Before his company offered financing, most clients would pay for pools by refinancing their homes. Others would use personal funds from their checking or savings accounts. While clients had the money available and were ready to commit, the investment was a big one, and families were often somewhat nervous about doling over that much money at once. However, once financing was a part of the package, he says people were more excited and took them up on loans, since customers tended to prefer keeping their cash in savings, especially if the financing rates were good.
There are many benefits for both the builder and the clients to use financing, Pierce says. On the client side, not only do they get the swimming pool they envisioned without cutting back on features, but they can create a monthly payment plan that’s reasonable and affordable. It provides them with a positive feeling about this large investment. Builders can upsell their pools with even more features, which clients happily add on once they realize they could get a little more for their money. The most popular ones, Pierce says, have been waterfalls, textured concrete, and tanning ledges. Other companies have noted increases in requests for firepits, decks, and outdoor kitchens as well. His business, which builds at least 400 pools a year, has increased by nearly 25-30 percent after it began offering financing options.
When looking for a financing partner, Pierce says it’s important to find one that has competitive interest rates and fast turnaround times. There’s a short window of time from the moment a client expresses interest in building a pool before they are scared off or start looking elsewhere. The initial moments are key to building a smooth, trusting relationship backed by good rates and possibilities that the loans can provide in the process of the build. He has worked with Lyon Financial for many years as a partner, which has helped ease the process for both his business and his clients. He notes that with a good financing partner, strong communication with clients and low interest rates are crucial to close a sale.
“It makes it easier on families in today’s times,” he says. “They can say, hey, I can do that for $425 a month. It’s having that option to help them get their dream pool.”
For more information about financing solutions, visit lyonfinancial.net.
