- Branding strategy is all about developing a successful brand. A brand name, logo, or tagline are just the tip of the iceberg when it comes to branding.
- Branding is all about customer experience, and this is especially true for real estate businesses as people spend most of their lives in living and work spaces.
- While it’s not an everyday or common commodity, a real estate company can still reach top-of-mind awareness by utilizing the right branding strategies.
7 Strong Branding Strategies for Your Real Estate Business
Name the first brand or company that pops into your mind when it comes to soda, smartphones, and coffee shops. Did you think of Coca-cola, Apple, and Starbucks? If you did, that’s all thanks to strong and effective branding strategies.
You can consider top-of-mind as an exclusive club in a buyer’s consciousness, one that only has room for two or three brands. For property and real estate businesses, the fight for this spot is tougher. According to the 2019 Profile of Real Estate Firms, some of the biggest challenges residential and commercial firms face are competition from non-traditional market participants and new virtual firms.
On the branding side, owning property and housing are not everyday decisions for consumers. Nevertheless it’s one of the most important decisions an individual can make in their lifetime. That’s why branding strategy is paramount in the real estate industry. You might only have one chance to make an impression that keeps clients interested and earn that top-of-mind spot.
But first, what is a brand?
A brand is more than the name, logo, or tagline. Those are the tangible aspects of a brand – the tip of the iceberg. Your brand is actually much larger - it is how people see you and connect with you. Your brand includes your story, your messaging, your customer service, and the value you provide. These are the key elements that elicit emotional reactions and differentiate your brand while also providing a boost to your name recognition.
Branding Strategies for Real Estate
Branding strategy is about developing a successful brand as your company grows. Since renowned brands don’t happen overnight and are characterized by permanency, a branding strategy should be long-term. Here are some branding strategies that can be applied to real estate businesses.
STRATEGY #1: SPEAK TO YOUR TARGET MARKET
“When you speak to everyone, you speak to no one” - this quote from Meredith Hill captures an essential mindset for building effective branding and marketing strategies. You have to know and understand your target market first before you can speak to them and suggest solutions that better their lives. Whether you’re targeting first time buyers or high-end clients, your logo, selling points, the property – everything about your brand should cater to what they’re looking for. This speeds up the buyer’s journey and allows you to focus on delighting your preferred audience.
For starters, brand colors like green (which signifies safety) and yellow (which evokes a positive feeling) could be more welcoming for first home buyers. While black (which emulates prestige and sophistication) and gray are perfect for depicting luxury. In addition, properties that offer low down payment or easy terms could appeal more to first time buyers. While real estate that banks on exclusivity are good for individuals who prefer opulence.
STRATEGY #2: CRAFT YOUR MESSAGES TO REFLECT VALUE TO YOUR TARGET AUDIENCE
Sometimes your unique selling propositions (USP) are not as unique as you’d like to admit. The high tech parking system your building deploys may also be present in the building across from you. Rent-to-own, fast closing of property sales, and free renovations are already common features and promises in the real estate industry.
This doesn’t mean you should give up on these selling points and resort to an unsavory gimmick. You just have to dig deeper on what kind of proposition fits your business and how it can simultaneously give value to your customers. A good example of this can be a company’s commitment to security, convenience, and peace of mind to its clients, instead of simply enumerating all the high-tech facilities the property has.
STRATEGY #3: KEEP YOUR BRANDING CONSISTENT
A top-of-mind brand takes years to create, and those years involve a great deal of consistency. This consistency applies to your core or flagship product, your image, and your messaging. Consider this: Microsoft is known for Windows. And even though the company’s product and service range has grown significantly, Windows is still the top product associated with Microsoft. People can recognize Coca-Cola just by its logo font or bottle shape, and the phrase “Just do it” will always be connected to Nike.
These brands have made their mark by being consistent. As part of your branding strategy, develop a brand book or style guide and stick to it. Make sure that all marketing materials, campaigns, and releases are cohesive and in line with your brand. Don’t go “off brand” to post something on your social media just because it’s viral and on trend. According to Lucidpress, consistent brand representation in all your platforms can give you a 23% increase in revenue because it stirs feelings of authenticity and familiarity from customers. In order to achieve brand recognition and loyalty, you have to be clear and faithful to what your brand is and what it stands for.
STRATEGY #4: APPEAL BOTH TO REASON AND EMOTION
They say, people buy with emotion and justify it with rational information. When it comes to your branding strategy, you don’t have to be suffocatingly rational, but you don’t want to be too emotional either. It’s all about adding a human touch. Even when your property management is business to business (B2B), the other side of the table still expects to do business with people.
Make your brand relatable. Be the person who understands minimizes pricing frustrations by offering same-day property evaluation and estimate, or be the person who understands the hassle of relocating by offering fully-furnished, move-in-ready units. Be the person who understands and provides practical and useful solutions to the concerns of your target customers.
STRATEGY #5: CREATE ROOM FOR FLEXIBILITY
Sticking to your core product and brand message is vital but that doesn’t mean you should be resistant to change. Once your brand is well established, you might consider expanding your real estate services or extending your market reach to leverage the good recognition and reputation of your brand. Buyer needs, the economy, and industry trends are always changing, so you need to update your branding strategy accordingly.
For instance, the Covid-19 pandemic has caused second thoughts on the ongoing trend for the densification of work and living spaces based on a global real estate report from the JLL Research and Strategy. Because of this, you might want to focus your messaging on living space, as well as health and safety protocols.
STRATEGY #6: BUILD TRUST AND REWARD LOYALTY
Real estate is one of those industries that anchor heavily on trust. Any breach of trust could mean the end for a real estate business. Anything that communicates trustworthiness like posts, policies, and services is a strong basis for a brand strategy. Did you position your brand to be trustworthy? What aspect of your real estate company can people count on the most? Do you have proof, testimonies, or substantiation to back up these statements?
Trust is requisite to brand loyalty. Once you have loyal clients, it’s a good practice to recognize and reward them, and assure a continuous positive experience from your end. Loyal clients can also advocate your brand through referrals and word-of-mouth, so make sure to take care of them.
STRATEGY #7: LEARN FROM COMPETITORS
You don’t have to create your branding strategy from scratch. Since real estate is a huge industry that’s already home to large, successful companies and realtors, you can learn something from them that can benefit your brand. Check their branding and see how they position themselves. Do this not to mimic them, but to expand your own knowledge base and understand the practices and strategies that are currently working. Determine if these are applicable to your brand and use this knowledge to adapt your messaging as appropriate.
Branding strategies require time, dedication, and expertise. A lot of companies are choosing to partner with branding agencies to help them develop and leverage their brand to achieve their marketing goals. With Gohan Concepts, you are guided and supported every step of the way. From brand conception to execution, Gohan can provide you an identity that’s a tailored fit for your company.