Building trust: Real estate goes far beyond selling plain brick and mortar structures

Colin Bates once said, "A brand is the most valuable real-estate in the world, a corner of the consumer's mind." When he defines a brand, he relates it to the perceptions of consumers and its importance to any profit making organisation by terming it as real estate.

The realty industry is rapidly transitioning from being an unorganised family business ownership to an organised professional corporate.

Today, things including the logo make a lot of difference when it comes to brand building because it talks at length about what the company stands for. Recently, iParmar group changed the logo of its company. Ishwar Parmar, Chairman and Managing Director, iParmar Group, said in his speech at the launch, "Our new logo is literally a new face that reflects solidity, integrity, future focus, vision, energy and sheer passion of the group. It is a promise that in all that we undertake , we will always strive to construct greatness ."

According to Anand Jain, Director of Project Management, iParmar Group, branding is a pivotal springboard that can provide your product a competitive edge and assist in propelling your business forward. "A well communicated USP, convincing product differentiation and building the right brand perception in the minds of customers helps drive sales, builds customer loyalty, increases brand value and above all serves as a catalyst for future business growth."

Additionally, branding is important as it creates an identity of the company. Shantanu Mazumder, Branch head- Pune, Knight Frank India says, "It changes the mindset of the consumers towards the company. Branding helps to register the company in the person's mind, helps consumer in taking the buying decision and creates more acceptance. It also ensures timely delivery. An established brand will always live upto the image. Today brand consciousness is prevalent. Also companies now tie up with international brands."

Simply put, branding is all about establishing an identity and becoming favourably recognised for it. Just like in any other industry, a company's brand stands for itself in the real estate segment too. Consumers always have the comfort level of dealing with someone they have known or they trust.

"In real estate, particularly buyers are more cautious because most times, people put in their lifetime earnings not in just a product- but a dream. Branding is an effective way to facilitate the growth of business, a good brand in the real estate sector also gets you a better price over your competitors which in turn leads to higher profits ," says Vishal Jumani, Director, Supreme Universal .

Avers Jain, "It is essential to create a favourable perception of the company because real estate is the single largest investment a consumer makes. In Real Estate, unlike the retail industry, you are not branding a particular product, but it's all about conveying a company philosophy and management vision that establishes a functional and emotional connect with the group in a consumers mind."

While emphasizing the need for branding, Shailesh Puranik, Managing Director, Puranik Builders Pvt. Ltd. says, "With globalisation everything has changed. In this new age, the buyers have a good understanding of global standards. Everything is very mature now. People do not buy a home just by looking at it. They also consider the brand which is all about trust building and quality. There is a lot of professionalism involved in what was once a highly unorganised business."

Communicating how you want your company to be perceived is what makes branding essential. It goes well beyond the physiological recognisable dimension of having a flashy logo or an attractive tagline Says Jain, "Branding conveys the positioning of the company in the market. It involves delivering an authentic brand promise that connects rationally and emotionally with your consumer via consistent brand reinforcing. These are just some of the pieces that need to come together to ensure successful branding of a real estate company."

The nature of branding in real estate has undergone a sea change. It does not just involve selling plain brick-and-mortar structures. "Branding , today, involves creating a positive perception to strengthen the emotional quotient and intelligent quotient association of a stakeholder. We promote active lifestyles, community and a better quality of life along with our homes," says Jain.

Speaking about how branding has changed, Ashok Kumar, Principal and M.D, Cresa Partners says, "Today, most real estate developers have adopted marketing techniques that seemed to hitherto be the 'prerogative' of consumer and lifestyle product companies. The term 'marketing ' no longer denotes the mere sale and purchase of property, but also encompasses creating customer awareness. And this has enabled the realty segment to graduate to more professional heights."

Source:economictimes.indiatimes.com