Building homeowners their dream backyard is the ultimate goal at Premier Pools, but it’s important to do it in a way that doesn’t turn it into a financial nightmare.
“Spending $90,000 or $60,000 in cash is a lot of money,” says Chase Rayburn, vice president of sales for three of Premier’s franchises across Texas. “And try to take all that and spend it on a pool and have nothing else, it’s a scary thing to do.”
Rayburn estimates that about half of their customers come in planning to pay in cash. However, many people underestimate how much a pool costs, especially during times of economic uncertainty. Others may reluctantly be putting all of their savings into the project with little left for a rainy day.
To make it less scary, Rayburn’s team provides customers with the option of financing, where they can pay for the pool over a longer period time, rather than all at once. After walking customers through various financing options, Rayburn’s team often can, not only successfully close a sale, but also add more amenities and features that customers originally could only dream of affording.
“They can add a spa, a water feature, a lot tend to add more decking space than they were originally thinking,” Rayburn says. His builders also sometimes propose building in phases – for example, space for a future outdoor kitchen can be planned and prepped but added at a later time so the project does not have to be completed all at once. Financing makes this possible, he says.
When talking to customers about financing, Rayburn says it helps to look at it from a monthly perspective, instead of the total cost. For example, a $5,000 water feature really comes to about $42 a month with financing. Can they afford to adjust their current spending to accommodate that? Once they’ve determined what a comfortable monthly payment looks like, Rayburn’s team helps customers find rates and figure out how much they can buy in an outdoor backyard.
Rayburn also notes that builders who truly understand and can clearly explain financing to customers hold a distinct advantage over those who merely provide it. He emphasizes the importance of guiding clients through the process, especially as financing increasingly has become the key to turning a dream into reality in today’s shifting pool market.
To that end, he’s made sure his sales team is well-trained on financing, so they can, in turn, educate customers on how it works, and why a financing route might be a good idea for them. That way, not only can they close the sale, but also guide customers through the process rather than leave them to figure it out alone.
“Even customers who might have enough money to pay fully in cash can benefit from financing,” he says. “They can get a 20- or 30-year loan, but pay it off within 5- to 6 years.”
For more information, visit lyonfinancial.net.
