As bank credit tightens its grip, equipment sellers find themselves striking out more frequently with traditional lenders, making them more receptive to independent finance companies and brokers than they’ve been since the Great Financial Crisis. Surveys by Secured Research reveal that vendors are now 2.6 times more inclined to consider incorporating a broker into their lineup compared to 2018. So, how can brokers capitalize on this opportunity and increase their chances at bat? In celebration of the recent beginning of baseball season, here are three strategies for brokers to score more wins with equipment sellers.
- Charlie Hustle
In today’s uncertain landscape filled with ‘long maybes’ and ‘maybe laters,’ exceptional service and clear communication are your most potent pitches for success. Don’t solely rely on your application platform for transparency. Sending an end-of-day summary to all stakeholders involved in active deals with your vendors can significantly enhance trust and boost application flow.
- Hit ’em Where They Ain’t:
While competing with the Dodgers and Yankees of construction equipment financing (aka (banks and large lenders) might pose challenges, other sectors like restaurants or small machine tools present lucrative opportunities. By specializing in areas “where they ain’t,” brokers can find themselves in a favorable position as traditional lenders tighten their grip on certain industries.
- Be a Designated Hitter:
Craft payment-driven marketing campaigns explicitly tailored for equipment sellers. Their sales teams may be overwhelmed, and their marketing efforts may fall short. Utilize your expertise to step in and provide valuable support. Collaborate with equipment sellers to identify inventory they’re looking to move and develop marketing materials targeting end-users, showcasing enticing “as low as” payment options. Demonstrating your commitment to “getting runners on base” will be appreciated and set you apart from competitors, shying away from the challenge.
As we’re still in the early innings of 2024, scoring runs in the big leagues remains challenging. However, with a dash of creativity, relentless hustle and unwavering effort, you can position yourself as the MVP when equipment sellers need one the most.
