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.
- 00:45:50: Final thoughts and call to action.
Resources Mentioned:
- GoodLeap: https://www.goodleap.com/
- ServiceTitan: https://www.servicetitan.com/
- RYNO Strategic Solutions: https://rynoss.com/
⭐️ Thank you to our Sponsors!
Rilla: https://www.rilla.com/tothepoint
Chiirp: https://chiirp.com/
Contractor Commerce: https://www.contractorcommerce.com/ryno/
Bluon: https://www.bluon.com/get-demo?referral_code=ToThePoint
Avoca.ai: https://avoca.ai/r/tothepoint
Did you find this episode helpful? Don’t forget to Like, Comment, and Subscribe for more valuable insights into the home services industry. Share this video with a fellow contractor who
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Ruthie's Table 4
For more than 30 years The River Cafe in London, has been the home-from-home of artists, architects, designers, actors, collectors, writers, activists, and politicians. Michael Caine, Glenn Close, JJ Abrams, Steve McQueen, Victoria and David Beckham, and Lily Allen, are just some of the people who love to call The River Cafe home. On River Cafe Table 4, Rogers sits down with her customers—who have become friends—to talk about food memories. Table 4 explores how food impacts every aspect of our lives. “Foods is politics, food is cultural, food is how you express love, food is about your heritage, it defines who you and who you want to be,” says Rogers. Each week, Rogers invites her guest to reminisce about family suppers and first dates, what they cook, how they eat when performing, the restaurants they choose, and what food they seek when they need comfort. And to punctuate each episode of Table 4, guests such as Ralph Fiennes, Emily Blunt, and Alfonso Cuarón, read their favourite recipe from one of the best-selling River Cafe cookbooks. Table 4 itself, is situated near The River Cafe’s open kitchen, close to the bright pink wood-fired oven and next to the glossy yellow pass, where Ruthie oversees the restaurant. You are invited to take a seat at this intimate table and join the conversation. For more information, recipes, and ingredients, go to https://shoptherivercafe.co.uk/ Web: https://rivercafe.co.uk/ Instagram: www.instagram.com/therivercafelondon/ Facebook: https://en-gb.facebook.com/therivercafelondon/ For more podcasts from iHeartRadio, visit the iheartradio app, apple podcasts, or wherever you listen to your favorite shows. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com