The ability to build a new house online and “add to shopping cart'”is finally here, according to national homebuilder and developer Taylor Morrison, which has debuted a home reservation system that gives shoppers the ability to construct a home entirely online and then reserve the configuration with a small deposit.
The first-to-market technology gives home shoppers to select their floor plan, lot, the home’s exterior design, structural options and interior finishes and see it come to life through an interactive visualizer. The enhanced reservation system debuts in Taylor Morrison’s Eave’s Bend at Artisan Lakes community in Palmetto, Florida, with plans to scale the technology nationwide, starting with additional Florida communities by the end of the year.
“Keeping a pulse on how consumers like to shop and adapting to meet their needs is good business,” said Taylor Morrison Chairman and CEO Sheryl Palmer. “Taylor Morrison’s reservation system empowers customers to take control of their homebuying experience and is a great planning tool —beyond 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 construction process.”
For many, a home will be the largest purchase they ever make, yet 90% of potential homebuyers overwhelmingly express a lack of control over the homebuying process, according to a consumer survey conducted by Wakefield Research on behalf of Taylor Morrison. In addition, 70% say the cumbersome way 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 purchasing a car with a click of a button, consumers continue to expect an online retail experience across every industry — they can’t turn that off,” said Chief Marketing and Communications Officer Stephanie McCarty. “An ability to add to your cart—and modify your cart—is common consumer behavior that hasn’t existed in our industry, but we no longer need to be an exception. We’re curating an online retail experience for homebuilding.”
Aligned with the company’s commitment to help consumers make informed choices, the reservation system shows an estimated purchase price and monthly payment — both of which update as each selection is made. Before placing the reservation on the home they digitally built, customers review an itemized list totaling their selections and can adjust based on their desired budget.
Last spring, Taylor Morrison launched its first iteration of the reservation system which allowed customers to choose a lot, floor plan and home’s exterior design, with plans to quickly build upon the technology. In a study of customers using Taylor Morrison’s suite of online tools, home shoppers revealed visually seeing their customization come to life yielded a strong emotional attachment to the home; and designing the home’s interior was the most enjoyable part of the process — two prominent enhancements in the reservation system now available.
With the enhanced reservation system, a home can be further personalized by selecting structural options, such as an added study or chef’s kitchen, and customizing the interior design by selecting a preferred price level, choosing a style from curated collections that reflect personal tastes, exploring design details such as kitchen and bathroom backsplashes, and completing the design with Taylor Morrison’s most popular upgrades.
Over the past three months, to-be-built and spec reservations made through the system have had a conversion rate of approximately 40%, accounting for 13% of company sales.
