Wednesday, August 4, 2010

What's your name in real estate?

For as much time as I spend on behalf of clients with regard to the advertising and marketing of specific properties, I still continue to advise them that branding remains an important ingredient to success in terms of real estate sales.

I have encountered some agents with the national brand name real estate companies who haven’t found it necessary to do as much branding as they should, thinking that the institutional advertising out there would attract more potential buyers and sellers to them based solely on their farm area. Finally, the evidence that this is not a good approach is starting to appear.

The research found via the above link provides proof that more and more consumers are receptive to “store brands” or “house brands” for their purchases. Granted, this is often due to the current state of the economy, and is for much smaller purchases than property. Yet, the trend is there. Obviously, real estate is also a changed industry because of the same economy. I have seen the complete details of this study and it shows a distinct increase in the percentage of consumers who now look at and purchase “house brands” instead of brand names.

While this is happening, I have more and more “brand name” real estate agents and mortgage lenders telling me they don’t see the need to increase their branding and advertising in today’s market.

I’m here to tell you that those agents, brokers, and lenders who know to spread the word will benefit much more and much faster than those sitting on their hands. Your decision to decrease your advertising and marketing budget is also a decision to increase the advertising and marketing of your more aggressive competititors.

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