Financing Roof Deductibles Made Easy

The deductible comes up again and you try so hard to communicate to the homeowner that it's their contractual obligation between them and the carrier. You explain that by law they need to pay it and then you hear it, but we can't afford it. Can you help? Now we have a whole market of people, especially with rising deductibles, hail, wind and hurricane specific deductibles. Deductibles that are percentage of home value. No matter how you skin it, there are people that just need financial help. So in this video, I'm going to be teaching you three really easy ways that any company of any size can get started with right away, if you're not already doing it, to start offering financing for deductibles. And by doing this, this entire market of folks who will need financial help at this point, you cannot serve them. There's literally no way that you can serve them. You're not going to win that business. But by offering financing, you now open up this world of opportunity to serve an entire segment of the roofing market that was off limits to you. And in fact, in the Pitch Pro movement, we had a leadership roundtable not long ago and one of our members was not offering financing at all. Started offering financing, closed eight deals in a week as a one man show, 100% due to the financing offer. Now is running ads on Facebook for financing and he is bringing in business at a higher rate than he was able to because he found that in the market he's serving, people just need financial help. So by offering that help, he earned more business and created an experience for his customers. And I want to help you do the same thing. But first I just want to say a quick welcome or welcome back. My name is Adam Bensman, the roof strategist and everything that I do here on my channel is designed to help you and your team smash your income goal and give every customer an amazing experience. In this video is going to help you give people an amazing experience that otherwise just simply couldn't afford to work with you. So I'm so excited to have you here. And if you want some more videos on the whole deductible topic, I want to get you inside a freebie of mine. It's the Pitch like a pro roofing sales training video library available for free by clicking the video description or going to the roofstrategist.com and we have a new way to help too. You can text us, you can text the word free F R E E over to 303-222-7133 and that phone number is in the description as well. Just text the word free, we'll get you set up. And the cool news is all this now lives in our brand new free training center. So you're going to get that and a whole bunch more. And if you're already in, take a look. You should have received or will very shortly a new link to log into our free training center to access the pitch like a pro roofing sales training video library. The roof claims crash course, my recommended reading list, 10 closing techniques for every situation and more. And listen, the truth is if you're being a little impatient, that's cool, just hop on and re enter it. We'll get you configured right away, get you into that free training center. And what I want you to do is click on the pitch like a pro roofing sales training video library and then pop on down to the objection section. You're going to see a whole bunch of videos on the deductible in there. And I really hope this helps for every situation that you'll see soon encounter in the field. All right, so financing deductibles. Three ways to do this. By the way, if you're an individual sales rep, you will need the buy in from the owner or leadership because a lot of the financing will need to be set up through the company. There's one exception on this list which I'll be touching on shortly. So the three financing options, number one is the one that people avoid the most. And what is it? It's accepting credit cards. Now got more on this. Don't you worry. We're going to talk some fun things about credit cards. So many folks want to just use the credit card because they get the points. Now there's generally about a 2.9% fee on credit cards plus around 30 cents a transaction for common carriers at the time of filming this. So you're let's say 3%. But if that means offering to accept a credit card for one to $2,000, yeah, there's a small fee involved, but it means that you're collecting that money right away, you get paid right away. So accepting credit cards, there's a few ways to do that. And by the way, all these resources that I'm going to talk about, I want you to vet them for yourself to make sure they're a good fit for your business. Alright, so the first one is Podium. Now I personally use Podium. They're a text messaging platform. So when you text the word free to 303-222-7133 you'll get a link to download a free copy of your pitch like a programming sales training video library. And also if you text the wor to us to 303-222-7133 you'll get a link. So anyway, this podium is really cool. From a text message set up to be able to have this auto intelligence and help guide people through the process. But the other thing that you can do is text over invoices and when you text over invoices people can pay via credit card. The rates are very affordable. I think they're even lower than what I shared with you. You'll have to double check with them and then you can have automatic reminders of follow up with a customer. So podium is not free, but it is a cheap solution that will help in many ways. The other option is using this program called Wave Apps. If you look at Wave apps, it's a way that you can very quickly just get set up online to accept credit cards. It integrates with a program called Stripe and you're able to start emailing invoices and people can pay via credit card on there, which is really great. The other thing that you can do with these is set out in house payment plans. Okay, so there are tools within Stripe or Wave Apps or online credit card processing that if a homeowner has a deductible of a thousand, you could break that up, let's say over four or five months, agree upon a payment plan and of course you'll want to charge a bit more than a thousand since they're leveraging your money. But you could say hey, at 300 bucks a month for however many months, four months to finance the deductible. So you can do all of this in house. So again, accepting credit cards is about a 3% ish fee. Some are lower and you can set up those in house payment plans. Some people just want to use a credit card because they get all the rewards. So number one easiest just get set up with credit card processing. Number two, by the way, oftentimes your field reps can be set up with card readers. I know podium will again at the time of this writing I believe they have a way for you to get credit card readers so your team can just tap and be done. All right, so option number two is a company and they don't even know I'm doing this video by the way is fund my deductible FMD and fund my deductible. I'm going to let their website do the talking. You can reach out to them but they are an organization set up to basically offer the in home financing option. But they do all of the tracking and all of that. So it's just like kind of a done for you process and they I interviewed Ryan by the way on the channel. So if you, if you search deductible the roof strategist you'll probably see see us chatting there. So really resource take a look at is fund my deductible. Then we're going to start having some fun on option three, which is traditional financing. So many people don't think to use traditional financing and in fact many storm restoration contractors they don't even offer financing because they're like hey, well we do mostly storm work or cash jobs but we don't have financing. I would challenge you look at getting financing options set up because again some homeowners may want to qualify and finance a larger deductible and if you can't help them, you're not going to earn the business. So a couple things, One, you can finance the deductible itself, but one thing when it comes to an insurance claim is you can finance the entire project. Now I personally wouldn't do this on my home, but for many people if they can take the insurance proceeds and pocket that cash and finance the roof, that's entirely up to them. And that makes that person a little bit wealthier. By taking that insurance proceeds and keeping it so long as the roof gets done and you're billing the insurance for everything on the scope and that homeowner is contributing their deductible, you can do that. They can finance the entire project and keep the insurance money so they're staying liquid from that money from the insurance and still financing the full project. So that is an option for you. Now again the traditional financing you're going to need to have a be set up with a lender and that needs to be through the company. I did mention at the start of this video that there was an option for salesperson without having to rely on your company's offerings. And that is what we call a heloc. HELOC stands for home equity Line of Credit. This is a mortgage product where someone if they have enough equity in their home, there's a debt to loan ratio and all the banks are different but they can go to their local bank, they can go to their community bank, they can go to their main bank if they're with a big bank and say hey, you know we have A loan. We want to take out a home equity line and there's new offerings available where that homeowner can take a loan against the equity in their property. These are often a little bit lower interest. They're treated as cash. So you'd get paid same as cash. Then the homeowner would have this loan against their mortgage. Now, the neat thing about a heloc, the interest rate is tax deductible because it is a mortgage product. So far as I know. I'm not an accountant. I'm not your accountant. Please double check all of this with any financial experts or legal experts on your team. So there you have it. Three easy ways to begin offering financing for deductibles to help you win more business. Number one is accepting credit cards. Look for any options for card readers. I like Podium because you can text those over and the company can run that. We have Wave apps and Stripe integrations setting up in house payment plans. And then number two is looking at a program dedicated to this, which is Fund my deductible to offer that in house. And Fund my deductible can walk you through it. Or traditional financing options through your normal home improvement loans or loans you'd provide someone if they're buying a retail roof from you. And again, they can finance the deductible, potentially even the entire project, and pocket some of the proceeds from the insurance. Again, so long as we do this all above board legally and are invoicing for what's actually done in the homeowner is contributing their deductible. And, and if you're a salesperson and you can't really control this, do talk to homeowners about getting a HELOC or a home equity line of credit. They're usually pretty quick, low fees. And again, that homeowner has the tax deduction of paying the interest. So that is a perk. So there you have it, your three ways to finance deductibles. If I missed one or I missed a way for you to help with deductibles, drop a comment and let me know. And if you haven't done it, pop right into here to get a free copy of my pitch. Like a pro Roofing sales training video library. When you're in the free training center, go to the playlist in there and look at objections. I got a whole bunch of videos and if you want to hang with me here on YouTube, YouTube thinks that you're really going to love this one. So hop on in and I will see you on the next video.