In this engaging discussion, Erica Lehner, Director of Business Development for GoodLeap, shares her passion for customer service and financing solutions in home services. She emphasizes the critical role of financing amid today’s economic challenges and how soft credit pulls can ease the loan qualification process. Erica dispels common myths about customer preferences, clarifying that flexible 15-year loans are often more appealing than 0% interest offers. Her insights into integrating financing into business culture and enhancing customer education are particularly enlightening.
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question_answer ANECDOTE
Peterman Credits GoodLeap For High Close Rate
Chad credits GoodLeap and training for boosting his financing-led sales rates and team confidence.
He emphasizes presentation and a strong partner as keys to success.
volunteer_activism ADVICE
Make Financing Part Of Your Culture
Make financing part of your company culture by planting the seed early and normalizing it across teams.
Train CSRs and techs to mention financing in confirmations and introductions to avoid awkwardness later.
insights INSIGHT
Financing Is Becoming Essential
Rising product and system costs make financing increasingly essential across HVAC, plumbing, and electrical.
Customers now expect financing options even for repairs and mid-range purchases.
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In this episode of the "To The Point" podcast, hosts Chris and Chad sit down with Erica Leonor, the Director of Business Development for GoodLeap. They dive into the critical role of financing in the home services industry, especially in the current economic climate. Erica and Chad, a long-time GoodLeap partner, discuss the importance of offering financing, common misconceptions contractors have, and strategic ways to implement financing into your business.
They touch on key topics such as:
Today's Economic Climate and Approval Rates: The discussion starts with a look at the current economic situation in 2025 and a positive outlook for 2026, with hopes for lower interest rates. They address how rising costs for home systems make financing more crucial than ever for homeowners.
The Power of Soft Credit Pulls: Erica explains that a soft credit pull allows a homeowner to see if they qualify for a loan without it impacting their credit score. Chad shares how his company sends out text messages to customers before an appointment, encouraging them to get pre-approved, which makes the sales process smoother and boosts his team's confidence.
Addressing Misconceptions about Financing: A major misconception is that customers don't want financing, or that everyone wants a 0% interest loan. The hosts and Erica clarify that a 0% interest loan is not always the case anymore, and that the most popular option is a 15-year loan that provides a low monthly payment to start. They also stress the importance of not "shopping with your own wallet" and assuming what a customer can afford.
Best Practices for Contractors: The group advises contractors to make financing a part of their company culture. Instead of offering a confusing array of options, they recommend keeping it simple with just 3 to 5 options that technicians and sales staff can confidently explain. They also discuss the value of offering financing for repairs and smaller jobs, not just large installations.
This episode is a must-listen for any contractor looking to scale their business and provide their customers with flexible and affordable payment solutions.
Timecodes:
00:00:05: Chris and Chad intro the podcast.
00:03:13: Introducing Erica Leonor, Director of Business Development at GoodLeap.
00:06:19: Erica's background and personal life.
00:08:08: The importance of financing in today's market.
00:09:17: Discussion on today’s economic climate and consumer behavior.
00:11:34: Popular financing options, including the 15-year loan.
00:12:56: The importance of a good customer experience with financing.
00:13:36: What is a soft credit pull?
00:16:05: Chad discusses how his company became as much a financing company as a service company.
00:18:20: The importance of training technicians on financing.
00:19:50: When should a technician bring up financing?
00:22:06: Common misconceptions contractors have about financing.
00:27:08: The danger of assuming what a customer can afford.
00:30:18: Are there more declines than normal?
00:34:48: The impact of lead sources on financing approvals.
00:37:39: Common mistakes contractors make with financing.
00:40:19: Financing for repairs and smaller jobs.
00:42:04: Erica's final advice for contractors.
00:42:54: How to get in touch with Erica at GoodLeap.
00:43:17: Chad's closing remarks.
00:44:02: Chris thanks GoodLeap for their partnership.
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To The Point - Home Services Podcast