There is a veritable geyser of data tracking housing today. From existing-home sales, to house prices, to new-home permits, to starts—housing metrics abound.
Lord & Essex Homes Puts New Spin on Home Buying
A limited-time promotion by Aurora, Ill.-based Lord & Essex Homes gave home buyers at threee separate communities the chance to win up to $5,000 in upgrades.
A limited-time promotion by Aurora, Ill.-based Lord & Essex Homes gave home buyers at three separate communities the chance to win up to $5000 in upgrades. The promotion, called Spin to Win, ran during October to extremely positive consumer reaction.
"This promotion helped us close some sales when the buyers realized they could get a few little extras they thought were out of their reach" says Kathy Revelas, sales manager at the Highlands at Ogden Falls, one of the participating communities. "We had a phenomenal October in terms of sales, and this promotion really helped."
Before buyers went to contract on any new home at the participating communities, they were given two spins on a giant money wheel. The wheel had ten spaces: two indicating "Dinner for Two," and two spaces each devoted to dollar amounts of $1000, $1500, $2000 and $2500. Buyers were able to apply the total amount of both spins, up to $5000, toward upgrades on a new Lord & Essex home. The three Chicago-area communities involved in the promotion were The Highlands at Ogden Falls in Oswego, The Townes of Ogden Falls in Oswego and Parker Ridge in Lockport.
Taylor Johnson Associates of Chicago, who is in charge of advertising and media relations for Lord & Essex Homes, devised the promotion. The three communities closed 21 sales during the promotion.
"Almost every buyer has the experience of falling in love with one or two features in a model, and then the features wind up being just out of reach in terms of price," says Kari Harrison, director of sales and marketing for Lord & Essex. "We want to send that buyer away with a smile. Fortunately, because of some year-end supplier incentives, we were able to offer this promotion."
Harrison adds that buyers can use the bonus on any option or upgrade at the communities. Depending on the result of the spins, the bonus might pay for all or part of a fireplace, hardwood flooring, a three-car garage, a built-in entertainment center, an oak trim package, an extended dinette with bay windows, upgraded appliances or an upgraded elevation. Lord & Essex offers a variety of home styles ranging from the low $110s to the low $180s in these three communities.
"Some builders don’t offer promotions, and some do. Lord & Essex Homes always likes to pass our savings along to customers because we think it makes the home buying process fun and exciting," says Harrison.
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