|Win a house competitions take off|
One of the consequences of the slowdown in the property market has been the emergence of various win a house competitions across the UK, Europe and the US. A number of homeowners have turned to this innovative way of selling a home in an attempt to preserve the market value of their property.
In order to run a successful house competition, homeowners must take into account a number of important issues. This includes making sure that the competition satisfies the legal requirements in the countries where it is run and marketed. In the UK as in many other countries, running a house raffle or lottery for profit is illegal as per the UK Gambling Act 2005. The UK's Gambling Commission ensures that illegal games of chance giving away a property are not permitted to operate. However, if a house competition is structured as a game of skill or prize competition, this may be considered legal depending on local gaming regulations.
Win a house competitions face other challenges to become successful. When running an online prize competition, it is important to integrate cost-effective payment processing services to allow players to submit their payments as easily as possible. A number of online payment processing companies are reluctant to offer their services for house competitions, therefore this requires time and research.
One of the biggest challenges organisers of house competitions must overcome is to succeed in selling the targeted amount of tickets within the duration of the competition. A successful marketing campaign relies on building presence both online and offline to maximise the breadth and visibility of the competition. This often requires working with experts in online marketing, as well as hiring a PR company to target newspapers, magazines and potentially TV channels for interviews, press releases and special features.
Of course, in order to sell a property in this way one must also take into account the financial and tax requirements in your own country. Structuring the house competition in the right way can help make it more attractive in the eyes of potential players and ensure it is cost and tax-effective for the homeowners. It is vital to seek proper advice on these points to make sure all such questions are addressed before launching the house competition.
In a number of countries, particularly the US and Australia, charities and non-profit organisations have been running similar house raffles to help witht their fundraising efforts. Although house competitions are structured differently, they can also be organised in partnership with non-profit organisations to leverage their networks, raise funds and awareness and help build trust.
These are only some of the issues to consider when running your own win a house competition. Although we are seeing a rising number of house competitions being launched online, many are likely to face obstacles unless they have addressed these points in sufficient detail. It will be interesting to see which ones are successful, to learn how they were able to reach out to enough players and how they are structured accordingly. Whilst they are not new, win a house competitions are expected to be more common online, particularly as competition organisers find new and innovative ways of reaching out to potential players.
Organising your own win a house competition? Contact us to discuss how to we can help you attract new players to your site!