Taylor Morrison
brings home building online with their enhanced, industry-leading
technology
SCOTTSDALE, Ariz., Oct. 27,
2022 /PRNewswire/ -- The ability to build a new home
online and 'add to shopping cart' is finally here. As consumer
shopping behaviors become increasingly digital, national
homebuilder and developer Taylor
Morrison (NYSE: TMHC) is disrupting the new-home industry
with its revolutionary home reservation system.
The first-to-market technology gives home shoppers the ability
to build a new home entirely online—and see it come to life through
an interactive visualizer—by selecting their floor plan, lot, the
home's exterior design, structural options, interior finishes, and
then reserve the configuration online with a small deposit.
"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 percent 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
percent 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.
"With affordability top of mind in today's evolving mortgage
rate environment, home-shoppers crave clarity around price," said
Palmer. "Consumers need transparent information into the total cost
of their purchase so they can lean into or modify
it."
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 your personal taste, 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 percent, accounting for 13 percent of company sales. As to be
expected millennial shoppers have a slight lead in total
reservations, but more surprising is the consistent mix of Baby
Boomers, Millennials and Gen Z leveraging the technology. The
success of the reservation system throughout the pandemic-inspired
housing frenzy and more recent housing cool-down demonstrates the
technology aligns to how a growing number of consumers across
generations prefer to shop—regardless of the market.
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.
To experience building a home online, visit:
www.taylormorrison.com/fl/tampa/palmetto/eaves-bend-at-artisan-lakes.
Survey Methodology
The 2022 Taylor Morrison Consumer Survey was conducted by
Wakefield Research on behalf of Taylor
Morrison among 500 U.S. adults actively looking to buy a
home, between August 16 and August 23,
2022, using an email invitation and an online survey. The
margin of error for the study is +/- 4.4%.
About Taylor Morrison
Headquartered in Scottsdale,
Arizona, Taylor Morrison is
one of the nation's leading homebuilders and developers. We serve a
wide array of consumers from coast to coast, including first-time,
move-up, luxury and resort lifestyle homebuyers under our family of
brands—including Taylor Morrison,
Esplanade and Darling Homes Collection by Taylor Morrison. From 2016-2022, Taylor Morrison has been recognized as America's
Most Trusted® Builder by Lifestory Research. Our strong commitment
to sustainability, our communities, and our team is highlighted in
our latest Environmental, Social, and Governance (ESG)
Report on our website.
For more information about Taylor Morrison, please
visit www.taylormorrison.com.
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SOURCE Taylor Morrison