December 23, 2020
Building a Real Estate Brand With a Lasting Competitive Advantage
You may be struggling with making your brand stand out from the competition, and you're not the only one. According to recent findings from EmpathyBroker, "40% of consumers struggle to differentiate between brands," bringing worrisome news to many businesses.
When you're considered to be the same as your competition, there's no special reason for a prospect to choose your brand over another, and that’s especially true in something as emotional as real estate. This is where building a real estate brand with a lasting competitive advantage will make a positive difference by making real connections with clients while staying relevant and authentic.
One of your biggest goals is to create positive recognition of your brand among prospective buyers, so your audience feels an emotional connection to you. Powerful real estate branding is an effective way to accomplish this goal. Moving forward, you will learn what a real estate brand includes, the importance of establishing it, and the elements of a great real estate brand that resonates with buyers.
What Is a Real Estate Brand?
Real estate branding is a representation of who you are and how your market audience perceives you. A strong real estate brand provides potential buyers with confidence in your business and leads to lasting connections and sales with your agents. It includes your business name, logo, brand promise, brand message, and more.
Your logo, specifically, is an important part of your visual identity. It is what will spark consumer recognition and influence trust and credibility. According to recent findings, "71% of consumers said it was very or somewhat important that they recognize a brand before they make a purchase." Furthermore, the importance your logo plays in influencing consumer recognition stems from psychological studies published in a scholarly journal, which determined that "pictures are not only more effortless to recognize and process than words, but also easier to recall." Fortunately, we know how to design a great real estate development logo that evokes positive emotions and associations with your brand.
There are also 10 steps for real estate branding that you should be intimately familiar with for more successful results. This step-by-step process leads to the creation of a sustainable, competitive consumer advantage.
Importance of Establishing a Real Estate Brand
Establishing a brand is one of the most important factors that every business, no matter the industry, has in common. Your brand is your reputation, and that alone is more important than the services you provide. Why? Because if your reputation is negative, buyers will never give your real estate business a chance to show them how superior your services are over the competition.
In addition, three major advantages strongly emphasize the importance of establishing a strong real estate brand:
1. Differentiates from the competition
In real estate and home building, creative and unique branding can be a difficult matter. However, it's not impossible. With the right practices and a complete understanding of your buyers, you can resonate with consumers in a way that sets your real estate brand apart from others.
From personal and social factors that build a relationship with your market audience to their personal experiences that influence repeat business and word-of-mouth advertising. No matter what it is that sets your brand apart, differentiation builds consumer trust. Given that 81% of consumers have said that "they need to be able to trust" brands before closing on a deal, this is of the utmost importance.
2. Connects you to the buyer
Buying a home is one of the most emotional investments a person will ever make, and we get to play a massive role in that by helping a buyer feel emotionally connected to your brand. A strong relationship between your real estate brand and the buyer encourages brand loyalty in your customers. Brand loyalty, in turn, leads to a wider reach in your market audience.
Statistics support this statement, finding that "81% of customers trust recommendations from family and friends over those from companies," and "customers with an emotional relationship with a brand have a 306% higher lifetime value and will recommend the company at a rate of 71%, rather than the average rate of 45%." Simply put, connections with your buyers leads to more sales.
3. Prepares you for success
When you are confident in your brand and its story, you are better able to communicate it to prospective buyers. This is important because you and your brand story play a significant role in your relationship with buyers. In fact, UWA Online reports that 55% of consumers who love a brand's story are willing to go to them over the competition, and "if marketers can promote a company's authenticity through branded storytelling, it can help consumers trust that company and develop a long-lasting relationship."
Elements of a Great Real Estate Brand
When it comes to developing a real estate brand that exceeds your customer's expectations, there are three essential elements to consider:
Authenticity has been and will be important in the coming years. In fact, Stackla's research has shown that 90% of consumers said authenticity is important when deciding which brands they like and support. When you are upfront with your clients about what your real estate brand has to offer them, a strong foundation of honesty and trust is built between you and your client — a foundation that will certainly succeed better than one built off of empty promises.
You don't want to underestimate the importance of understanding exactly what the marketplace wants so you can provide your consumers with a helpful and relevant solution to their wants and needs. Anything less will only ensure you differentiate your brand from the competition negatively.
Differentiation is an element every brand cannot survive without. It is the perception your real estate brand has, and most importantly, what sets you apart from your competition in consumers' minds.
Forbes explains that it's more important than ever to have a differentiating real estate brand, especially "as technology has empowered consumers to be more self-sufficient in the home buying and selling process than ever before. This has become absolutely critical for agents [and real estate brands] looking to differentiate themselves from the competition."
Get in Touch with Real Estate Branding Experts
Don't stay up all night worrying about how you're going to establish your real estate brand as superior and different from the competition. With help from experts, your company's real estate brand will resonate with your market audience and influence sales in no time.
Milesbrand specializes in branding services that identify, differentiate, create, and communicate your business' superiority over the competition. Don't hesitate to contact us for more insights and resources in real estate or home builder marketing.