Home improvement spending hit a new high of $424 billion in June, and is expected to reach a record high by the end of 2019, according to data from Harvard’s Joint Center for Housing Studies. And while Harvard expects these numbers to decline in 2020, it’s still safe to say plenty of contractors and homeowners across the nation will stay busy while fixing up homes.
Two companies have been taking notes and aim to make remodeling easier. Buildertrend and Rocket Loans are partnering with the goal of simplifying the home improvement financing process for residential contractors and homeowners, the two companies recently announced.
Buildertrend provides cloud-based software for homebuilders, remodelers and specialty contractors, while Rocket Loans is a personal loan provider and is part of the Quicken Loans family of companies.
In this partnership, Buildertrend has integrated Rocket Loans into its platform, where contractors can recommend loan options for their customers based on project estimates. With this new change, homeowners can also explore and apply for financing directly through the Buildertrend platform, according to the company.
“Historically, there’s been a disconnect between homeowners and contractors when it comes to financing, which is one of the most critical steps in determining the outcome of a remodeling project,” said co-founder of Buildertrend, Dan Houghton. “By partnering with Rocket Loans, we're closing this gap and enabling Buildertrend users to play an integral role from the beginning, helping homeowners apply for the project loans they need to make their remodeling dreams a reality.”
On its website, Buildertrend listed potential benefits the platform could have for contractors. These included more sales opportunities, fewer cash flow problems and potential for increased job size.
Addressing contractors, the company stated, “Your customers are more likely to actually do that remodel they’ve been dreaming about, or even just choose upgraded finishes, (i.e., spend a little more) when secure financing is made available. This added service takes the pressure off them to know exactly where the money to pay for the work is coming from, which means a smoother project for you.”