Branding today has become critical for any business to sustain. A powerful brand image puts any business into limelight and also helps people to remember it. The real estate industry is no exception. The business of building and selling property is a constant struggle against incredible market odds; however, a brand name can help projects sell faster.
In a recent poll conducted by ConstructionBiz360, 100% respondents felt that branding is important in real estate space.
A credible brand image brings with it key aspects that every property buyer looks for before investing. The aspects include reliable construction, innovative designs, provision for desirable amenities, good project locations and honesty in dealings.
According to Sanjay Bajaj, managing director (Pune) at property advisory firm Jones Lang LaSalle India, “Brand-building is a valid and beneficial exercise that profits both the builder and his clients. A respected brand image is a developer’s most valuable asset. However, the creation of a credible brand image requires positive feedback from existing customers and a good market reputation as far as delivering consistent quality and value is concerned.” Moreover, it should be noted that fame and prestige carry with them a large burden of responsibility towards the interests of numerous stakeholders, Mr Bajaj added with a note of caution.
“A brand name and brand image help a builder gain lots of advantages. His name is inserted in the list of reputed industry professionals, he is trusted by his clients and employees, he can wield greater clout with financers and can even attach higher rates,” opined Saurav Ranjan Datta, marketing head (Retail and Commercial) at Shriram Ozone Group, a reputed property firm headquartered in Kolkata.
Some industry analysts are of the opinion that a branded builder is a trend-setter in the real estate market and often the rates charged by him decide the prices of other projects in same locality having similar configuration.
How to build a brand
In order to build a brand image in the property industry, a builder should make his presence felt at major real estate exhibitions, showcase new projects and may even reward buyers with discounts or gifts.
In addition, the builder can aggressively advertise his ready and ongoing projects in leading property-related publications and other periodicals and put up attractive hoardings at strategic and eye-catching locations.