A new trend is taking hold of the real estate market, as developers and agents find new ways to make their offerings stand out in a crowded market. Property Rescue offers customers a referral program where individuals can earn up to 1% of the sale price, and PropertyLoop offers a commission program where agents can earn up to 2.5% of the monthly earnings of new agents. Not only are incentives like this becoming more creative as time goes on, but they are also transforming the real estate sector.
The Power of Offering Incentives
Real estate companies often offer limited-time discounts on homes to encourage people to make quick decisions. A new property developer may run a 10% discount on the asking price on set apartments during a one-month window to drive sales. Even Redfin has a sign-and-save program, which works in the same way as a casino sign up bonus. With casino bonuses, new customers can get deals that include a £100 bonus and 100 free spins, but only when they make a deposit. Each casino may have individual bonuses too, reflecting the approach that Redfin is taking.
Redfin’s Subscribe and Save program, which launched this year, offers cashback that equates to 0.25% of the property price. There are terms and conditions, as with the iGaming market, but it goes to show that in crowded markets, offering unique incentives can be a powerful way to stand out, regardless of the sector you are operating in.
Referral Bonuses and Free Upgrades
Referral bonuses are often given to existing clients who refer others to the agency. If someone refers a friend and they buy a home, the referrer may be given a gift card, cash bonus or even a service voucher. Barratt Homes are one example, with a payout that ranges between £500 and £1000. Redrow Homes also offers a recommend-a-friend scheme, where both parties receive a bonus when a purchase is completed.
Incentives like this are very powerful as in the world of real estate, people are often very much connected and involved with the process, so capitalising on this is proving to be a good way for agents to navigate the crowded market. As time goes on, more and more real estate developers are also offering free upgrades.
Taylor Wimpey, Redrow Homes and Bellway Homes are just a few examples here, with upgrades ranging from free appliances to smart home technology. Seasonal offers are also common, with certain promotions tailored to the holiday season. Holiday bonuses and summer sale events can include limited-time home improvement bonuses, such as complimentary interior decorating and special financing deals, can be a good way to encourage people to take action quickly. The key with any promotion is to provide a clear and tangible benefit with a sense of urgency.
As time goes on, and as real estate companies become more adept at crafting tailored rewards programs, new and exciting formats are sure to emerge, which could radically change the real estate sector as we know it.
