What are we going to do to keep up with the demand of housing the last 4 weeks?
Home Buyers today can get a 30-year fixed-rate-mortgage for under 3% for the first-time ever….
We know there is an inventory challenge, so what can we do (now) to keep future homebuyers interested in buying a new home, and how do we take them through a modern digital customer journey as we continue to social distance and deal with the reality of Covid-19?
According to realtor.com “Nearly two-thirds of consumers, 61%, said it was a good time to buy a home in June, in a Fannie Mae housing survey of 1,000 participants. That was a 9 percentage point increase from May. Roughly 41% of respondents said it was a good time to sell, also an increase of 9 percentage points from the previous month…That optimism translated to a surge of mortgage applications for home purchases. They rose 33.2% year over year in the week ending July 3, according to the Mortgage Bankers Association”.
America’s fifth largest homebuilder Taylor Morrison would agree with the sentiment around being “digitally ready” to tackle the new normal. The Arizona-based company, saw its net sales increase 94% annually in June, a record pace according to CNBC. It also posted a record sales pace per community. Sales were strong across the company’s portfolio, which covers 22 major housing markets in 11 states.
“To experience our best sales month in company history amid a pandemic, amid transitioning our business to a virtual environment seemingly overnight, and amid the economic and psychological impact on consumers speaks volumes to not only Taylor Morrison’s resiliency, but our customers’ resiliency, too..While nearly all of our sales offices are at some degree of open, we are still operating in a new, more virtual world. Our customers and team members have adapted to more online options beautifully, and I believe that is fully reflected in our financial performance.”Sheryl PalmerCEO and Chairman
It is refreshing see this mantra from Taylor Morrison. As our worry for the category is this constant cycle of legacy thinking and doing it the same way they always have and expecting the same results…
At Cecilian Partners we continue to experience first hand feedback around the acceptance of how things are today, and how they’ve always been…
“Your product is great, but it’s a significant cost in both time and money. Our system is manual, but it’s working.”- Developer Marketing ExecCEO and Chairman
“Businesses that didn't pay heed to the internet at the start of the 21st century had a hard time keeping up with the competition. The same holds true today when it comes to technology. Whether you're part of a startup or an established small business, you should always be on the lookout for the next big innovation -- not just to stay in the game but to build the next billion-dollar business.”- Forbes MagazineFall of 2018
There is a constant misnomer around being “digitally ready” in the MPC category that we see every day, and simply don’t understand.
We desperately want to help…
Are these businesses set-up to have the same kind of repeat month-on-month growth that we see in June? Are these businesses invested in the right business technology tools to achieve consistency and an element of foundational control across sales, marketing and operations?
What if I told you there is a technology that can automate certain tasks that typically takes a week, and have it be completed in 1-hour.
What if I told you we can save Community Developers over $250K of operational waste annually.
What if I told you we can increase absorption rate for Home Builders by at least three weeks, allowing them to focus on the next homebuyer and their internal process.
What if I told you we can give homebuilders a better and more qualified lead, in real-time, and with a keen understanding of the floorplan, elevation, price, and other details prior to ever shaking the future home buyers hand.
What if I told you we can provide a service to builders that unifies stakeholders in the community and gives a best-in-class customer experience for all parties involved.
Here is another great mantra of thinking from Inc. authored by John Boitnott:
“Technology lets employees allocate energy to more important, higher-level tasks”.
“Giving your team best-in-class tech demonstrates you care about their success. When you don't supplement their work with any internal resources, it speaks volumes about your trust in employees. It's frustrating and demoralizing to those workers when they interact with people from other companies using more powerful tools.”
The time is now to invest in smart technology that keeps up with the demand of housing today. We are entering a new mantra of customer-thinking and strategy that is centered around digital, tech, and the ability to be as efficient as ever.
Do not wait until 2021 to make this decision… The time is now to embrace the new normal, and be technologically ready and armed to meet the demand of today’s modern homebuyer.
Let’s talk about how to get you and your team ready… **