Since Loquax launched the Win a House Watch we’ve had numerous emails from people who want to be added to the section as they’re giving away their homes in competitions. The latest of these comes from Lifestyledreams who aim to “present and promote quality, skill-based prize competitions with full professional, legal, marketing and bank support”.
Their first competition is now live at Win My Ski Chalet. The main prize is a “stunning £700,000 private chalet located in a top French ski resort”. To help you settle in to owning such an expensive property, Lifestyle Dreams will also throw in £30,000 cash and take you out to Les Gets to decide whether the property and potential business opportunity for you.
The team at Lifestyledreams, including entrepreneur Simon James – founder of Laserquest, say that they want to “transform the win my house competition market”. The key to this is getting significant numbers of paying players and offering a decent well thought out prize.
In our last blog about Play Woopi we mentioned that “only Best of the Best appear to be successful when it comes to running expensive pay to entry competitions”. So it’s good to read that Lifestyledreams have been inspired by them (Realwire Press Release).
How to enter…
Entry to the spot the ball competition is £25, cheaper if you make additional entries and the closing date is 1st October 2009. One thing we don’t like is that there appears to be no indication of the number of tickets currently sold or actually available. Total tickets available seem to be omitted in both the terms and FAQs.
Ticket sale numbers are important even just as a gauge of public interest. Like other house competitions if not enough tickets are sold a cash prize is awarded. In this case, 85% of the money accumulated for the prize fund goes to a lucky winner and 15% goes to the property owner (so they can remarket their property). Note that the prize fund is the income generated minus minus at least 35% for the administration of the competition.
If the competition does reach completion, Lifestyledreams have taken time to consider that suddenly taking on an expensive property, either abroad or in the UK, can be quite a daunting prospect for most people. A key difference to Win My Ski Chalet versus other win a home competitions therefore is that if you win and decide you don’t want the chalet, either before or after the evaluation trip, you can opt to take a cash settlement of £630,000.
Just Another Win My House Competition?
In their press release they say they’re “not comparable to the ‘win my house’ competitions” as the prizes on offer are different plus there’s the cash prize alternative. Play Woopi, however, are offering a huge cash sum of £703,000 in their skill competition and there are numerous luxury homes listed on Win a House Watch.
Whilst it’s nice to see a lot more thought going in to the “prize offer”, at Win My Ski Chalet, without paying players the site is only as good as other competitions of the same genre. Everyone who sets up these raffle type competition sites hopes to reach that “holy grail” of actually giving away the prize (whilst making a few bob for themselves).
So we’d say that Lifestyledreams are comparable to the win my house competitions. The only way they’ll ever be able to differentiate themselves from the current batch of house competitions is if they can do significant ticket sales and giveaway the £700,000 chalet or £630,000. That is still a tough call!
Getting public interest is one step, getting paying public interest is a challenge!
Let’s see if they can realise their dream!
£700,000 ski chalet? £630,000 cash? Or not enter? What would you do?