Value of “Brand” in the real estate business
With more and more real estate firms gearing up for an upswing and entering the brand market, the competition among the real estate players has crossed beyond anticipation. In a bid to win the rat race, real estate companies have been adapting emerging business models and the online media culture (such as the Facebook and Twitter). As per experts, Brand recognition is a must to build relationships with clients and strengthen the reputation in a market where consumer confidence is struggling and trust deficit is hitting the roof.
Branding is the prime reason why a buyer opts for a 1 BHK at a more price, instead of a 2BHK at low rates. In the real estate fraternity, branding has its own significance. As major real estate companies in the country jockey to secure their position in the market, the essence of branding has undergone a rapid change. The importance of company’s image and the projects, in the modern era is something that cannot be overlooked.
Builder’s reputation and developer’s brand
Builders’ reputation and developer’s brand have a thin line in between. However, both pitch and focus on sales strategy and try to rope in as many clients as possible by maintaining international standards to remain relevant to changing demands. As per experts, for those looking for the best investment option in India, taking into account the developer’s brand and builder’s reputation is de rigueur.
Though the premium charged by the builders for their brand reputation is often beyond expectation, it meets the value for money. Furthermore, the premium charged by the reputed developers can also be justified by the fact that certain buyers and investors solely depend on brand name, instead of scrutinizing the facilities and USP (unique selling point)of the project.
Brand loyalty
Going by the realty analysts and advertising gurus, brand loyalty is crucial in every field and real estate is no exception. With the growth in technology, customers can access any property listing without the aid of any third party, this makes brand loyalty a rising need. According to industry experts, the absence of a direct third party endorsement makes branding more firm.
Developers quote that an average buyer buys a home once, or twice (in rare cases) in a lifetime, hence engendering the brand loyalty in the real estate market can turn out to be like running on thin ice. Considered as one of the most preferred investment options in the country, real estate offers a platform and a vision to increase the return on investments. Hence, it is imperative for an investor to go with a brand since it communicates the firm’s offerings, clearly.
