Taylor Morrison brings home building online with its enhanced, industry-leading technology
SCOTTSDALE, Ariz., October 27, 2022 /PRNewswire/ — The ability to build a new home online and “add to cart” is finally here. As consumer buying behaviors become increasingly digital, national builders and developers Taylor Morrison (NYSE: TMHC) is disrupting the new housing industry with its revolutionary housing reservation system.
First-to-market technology gives homebuyers the ability to build a new home entirely online – and see it come to life through an interactive viewer – by selecting their floor plan, lot, exterior design, house, structural options, interior finishes, then reserve the configuration online with a small deposit.
“Keeping the pulse of how consumers like to shop and adapting to meet their needs is good business,” said Taylor Morrison President and CEO Sheryl Palmer. “by Taylor Morrison The reservation system allows customers to take control of their home buying experience and is a great planning tool. In addition to making it easier to select and explore home features before making a purchase, the platform provides transparent pricing, educates consumers, and helps them better understand the new home-building process. .”
For many, a home will be the biggest purchase they’ve ever made, but 90% of potential buyers overwhelmingly express a lack of control over the home buying process, according to a consumer survey conducted by Wakefield Research. On behalf of Taylor Morrison. Additionally, 70% say the heaviness of buying a home is making the housing crisis worse.
“Whether it’s ordering your groceries online to be delivered right to your door or buying a car with the click of a button, consumers continue to expect an online retail experience in all sectors, they can’t turn that off,” the chief marketing and communications officer said. Stephanie McCarty. “The ability to add to your cart – and edit your cart – is a common consumer behavior that doesn’t exist in our industry, but we no longer need to be an exception. We’re building a selling experience online retail for home building.”
In keeping with the company’s commitment to helping consumers make informed choices, the reservation system displays an estimated purchase price and monthly payment, both updated with each selection. Before placing the reservation on the home they built digitally, clients review a detailed list totaling their selections and can adjust based on their desired budget.
“With affordability at the forefront in today’s evolving mortgage rate environment, homebuyers are looking for clarity around price,” Palmer said. “Consumers need transparent information about the total cost of their purchase so they can look into it or change it.”
Last spring, Taylor Morrison launched its first iteration of the reservation system that allowed customers to choose a lot, floor plan and exterior design of the house, with plans to quickly rely on technology. In a customer study using by Taylor Morrison Suite of online tools, home buyers visually revealed that seeing their personalization come to life generated a strong emotional attachment to the home; and designing the interior of the house was the most enjoyable part of the process – two major improvements to the booking system now available.
With the enhanced booking system, a home can be further personalized by selecting structural options, such as an additional study or chef’s kitchen, and customizing the interior design by selecting a preferred price point, choosing a style from curated collections that reflect your personal tastes, explore design details such as kitchen and bathroom backsplashes, and complement the design with by Taylor Morrison most popular upgrades.
Over the past three months, build and spec bookings made through the system have had a conversion rate of around 40%, which represents 13% of the company’s sales. As you’d expect, millennial shoppers have a slight lead in total bookings, but what’s more surprising is the consistent mix of baby boomers, millennials and gen Z taking advantage of technology. The success of the reservation system throughout the pandemic-inspired housing frenzy and more recent housing chill demonstrates that the technology is aligning with how a growing number of consumers across generations prefer to shop, whatever the market.
The improved reservation system makes its debut in by Taylor Morrison Eave’s Bend at the Artisan Lakes community in Palm tree, Floridawith plans to scale the technology nationwide, starting with other Florida communities by the end of the year.
To experience building a house online, visit: www.taylormorrison.com/fl/tampa/palmetto/eaves-bend-at-artisan-lakes.
The 2022 Taylor Morrison Consumer Survey was conducted by Wakefield Research on behalf of Taylor Morrison among 500 American adults actively looking to buy a home, between August 16 and August 23, 2022, using an email invitation and an online survey. The study’s margin of error is +/- 4.4%.
About Taylor Morrison
Based at Scottsdale, AZ, Taylor Morrison is one of the country’s leading real estate builders and developers. We serve a wide range of consumers coast-to-coast, including first-time home, moving, luxury lifestyle and resort buyers under our family of brands, including Taylor MorrisonEsplanade and Darling Homes Collection by Taylor Morrison. From 2016 to 2022, Taylor Morrison was recognized as America’s Most Trusted Builder® by Lifestory Research. Our strong commitment to sustainability, our communities and our team is highlighted in our latest Environmental, Social and Governance (ESG) report on our website.
For more information about Taylor Morrison, please visit www.taylormorrison.com.
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