Renovation loans can mean increased business and help keep your pipeline full. They can also create opportunities for many other professionals. When you educate them about how renovation loans could help them and their clients you can create a referral base, all looking to you as the renovation loan expert.
Here are a few such professionals to consider building relationships with:
- Home Contractors
When a small update becomes a major renovation or clients inquire about updates that turn out to be beyond their budget, a renovation loan could help homeowners access the funds needed to make the project a reality. Having a good relationship with a local contractor could mean more loans coming your way during renovation season.
Homeowners may start with an architect to begin looking at how to transform an existing property into a dream home. These initial meetings can take place as much as several years in advance of breaking ground. They could make their clients aware of renovation financing options which could make it easier to put the plans in motion.
- Interior Designers and Decorators
While home décor and furnishings are not generally improvements that can be paid for with funds from a renovation loan, larger updates such as kitchen or bathroom redos certainly are. These experts may also be the ones to suggest larger projects such as taking out a wall to open up a dated floorplan, or adding a master bath or outdoor patio to help the home better meet the needs of its owners. Some home buyers will even consult with an interior designer while house hunting, getting their thoughts on how to improve properties they are considering.
- Plumbers, Electricians, Roofers, Landscapers, & Other Tradespeople
Large scale plumbing or electrical repairs, a new roof, or other extensive home repair project could easily stretch the budget of many homeowners or buyers. Most renovation loans require that a general contractor manage the project, but these specialized contractors may be the first to know that repairs are needed and can point the homeowner in the right direction for financing assistance.
Photography by [Jakub Jirsak] © 123RF.com
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