2024 is promising to be one of variable results with rates stabilizing and possibly even decreasing, while demand continues at record levels. Driving traffic is going to be KEY in your efforts to increase sales. If you do nothing, you can expect nothing. Stay aggressive, engage your buying public and get the conversation started. Retailers and communities selling homes use various tactics to boost sales during periods of uncertainty. Here are a few ideas from retailers on how to drive traffic and soften, stop or reverse the decline in an ever-changing market environment.
- Promotional Events: Successful retailers organize special events or sales promotions, offering discounts, financing access, and other incentives to attract home buyers sitting on the fence. Consider “Open Houses”, car shows, entertainment to draw traffic.
- Clearance Sales: Clearing out older inventory with clearance sales or special pricing can entice buyers waiting for a better deal.
- Loyalty Programs: Offer exclusive deals for friends and family of existing customers. Satisfied customers will encourage people they know to search for a home with you. Even think about incentives for referring customers that send someone they know to you.
- Marketing Campaigns: Launch targeted marketing campaigns with various channels, such as social media, email, or traditional point of sale (POS) advertising, to create awareness and attract potential buyers. It is not just one channel, but POWER UP with campaigns in all channels.
- Bundle Deals: Combining multiple option packages into a bundle can provide customers with perceived added value and may incentivize them to make a home purchase; getting more for their money. An example might be – Stainless Steel Appliance package for $1, Energy Star level energy Package INCLUDED, etc.
- Financing: Offer direct interaction with lenders allowing home buyers to understand the requirements of a home purchase and which lenders will work with their situation of get them qualified. Your weekend events can feature a lender on site to answer questions and step you through the process.
- Trade-in Promotions: Retailers can make it more widely known that they will take trade-ins; YES TRADE INS. And these trades cn be re-furbished and sold as previously owned, or sold to re-marketers that re-furb and sell.
- Tax Refunds: NOW is a great season to promote using tax refunds as down payment on a new (or even one of the trade-ins) homes. This is seasonal, but always effective. Some retailers will even match a refund to close the sale. Work with a lender to accept tax refunds (greater than a number specified by lender) as a home down payment.
Remember, tactics vary, but maintaining ethical practices during these and other activities are crucial to maintain trust with the market, prospects and customers. Help the homebuyer understand the responsibilities of homeownership and assist them in making an informed decision. You have the determining factor of how well your sales will reflect the efforts. Do nothing, get nothing. Focus tactical efforts on driving traffic and your sales will exceed today’s expectations.