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Buying a home is a big decision and the process is full of friction, so many buyers drop out long before they reach the sales stage and make a purchase, leading to major frustration for homebuilders.
The traditional way of homebuilders selling homes, with long email chains, phone calls, and in-person visits, does not align with the expectations of modern buyers. Homebuyers today are shorter on time and expect digital experiences that make everything easier. If they do not get that, they go elsewhere.
To help you to reduce homebuyer drop-offs with digital tools, we’ll be looking at:
- Why do homebuyers drop off?
- How can digital tools keep homebuyers engaged?
- Case Study: How Castle Green reduced buyer drop-offs
- What does the introduction of digital tools mean for homebuilders?
Why do homebuyers drop off?
There are many reasons homebuyers drop off the buying process. This includes a change in circumstances, insufficient funds, a change of mind and a difficult buying process. Many of these factors are related to dated buying processes that are long-winded and difficult to follow.
The buying process is too complicated
In such a fast-paced world, buyers don’t always have the patience to deal with drawn-out homebuying processes. They often face long response times, slow admin and outdated sales procedures leaving them chasing for updates. This can become a frustrating burden that leads buyers to pull out of the chain.
There are no self-service options
Before even committing to buying a new home, homebuyers often weigh up their options and want to spend time browsing. They may not have the time to visit a new build site, especially if they are relocating, so they may prefer to enquire online and reserve their home without waiting.
The website does not help them enough
A key reason homebuyers will drop out of the buying process is because the website is too difficult to use. This is particularly true for new build developments where the homes aren’t even built yet. If the website doesn’t answer key questions or give updates on the development progress, homebuyers lose interest and move on.
With such a high percentage of buyers withdrawing from the home-buying process, there are lots of things we can do to keep them engaged and push the sale over the line.
How can digital tools keep homebuyers engaged?
By implementing the right tools, you can make the home-buying process much more seamless for your customers. Reduce drop-offs by removing friction by using some of the following solutions:
Virtual tours and interactive site plans
By setting up virtual tours and interactive site plans of new developments, homebuyers can explore the development and virtually walk through homes before they are built. They can do this as many times as they want to get a feel for the property and development which can make them more emotionally invested in the space.
Digital sales assistants
Chatbots and automated responses can keep buyers engaged even outside of office hours, answering questions and satisfying their queries when nobody is available to answer a call or email.
Smart CRM and ERP integration
Link sales data, pricing and availability with smart CRM and ERP integration. This will show potential homebuyers real-time availability and remove any admin headaches.
Self-service portals
Customers can check availability, book viewings, and track the progress of their home build whenever they want to. Self-service portals allow homebuyers to see the progress of their home when it suits them, without calling a salesperson.
For example: Castle Green added a digital assistant and CGI tours to their website. This made the buying process easier and helped to convert more leads into sales.
Case study: How Castle Green reduced buyer drop-offs
The challenge
Castle Green saw too many buyers losing interest due to slow, manual processes and a lack of digital engagement.
The solution
Reckless built a digital assistant and interactive experience that gave buyers a smoother way to explore and purchase their newbuild homes.
The results
- £1M in additional revenue generated
- More qualified leads through digital engagement
- Higher conversion rates thanks to an improved buyer journey
Key takeaway
It’s pretty simply – homebuilders who invest in digital tools to support online homebuyers will see fewer drop-offs and more completed sales.
What does the introduction of digital tools mean for homebuilders?
Homebuyers now expect frictionless, digital sales journeys. If a website does not help them explore, enquire, and purchase easily, they are more likely go to a competitor who offers that experience.
Reckless has helped companies like Castle Green transform their digital experience to engage customers and increase sales.
Find out how we can help and get in touch now.
