Many real estate companies understand one thing: they need to build a brand, and that brand is one of the most important aspects of any of their future properties.
Real estate developer companies are about the people who think about the business, not only the properties/buildings themselves but also the company behind it, such as the owner, management team, and employees.
The problem is that many people understand what a brand is, but they don’t understand how to build it themselves. Brands are about the people behind them, not about the buildings themselves, and they are not always clear about what they are.
Many people have long internalized brands and products, and some would argue that they are just as important to them as the properties themselves. Read on to find out what I think most new real estate brands need to know, as well as a few tips for building and establish real estate brands.
There are many things that are noteworthy at first, but they extend to other areas, and there are a lot of them. I think we’ve seen big real estate brands get diluted by execution, so it’s part of making a huge sneaker. The swoosh from Nike is really important, but it goes beyond that and into other aspects of the brand.
I have always been fascinated by the price of a brand and, coming from the design industry, I know what it’s like. I am a godless quantity of 3D renderings that costs $5,000+ but is not as good as other 3D renderings that cost $1,500 or $2,000 (below that there I won’t consider using them).
How is this supposed to work, and how does it work in the context of a new construction and construction project, especially one as large and complex as a new building?
Do you think there is a link between price and quality, or do you think people have a different perception of quality based on what they have paid for things?
I think that just like Yuge™, we try not to monetize content, we try to be good in product and good value.
However, I believe that people are aware that some things are more valuable than others, and I believe that there is a certain correlation between price and quality.
My father’s medical store (based in Milan, Italy) used to be called Discount Medical Supplies and he sold some of the best brands in the world, but at discounted prices. SO, when you deliver the best value at the best conditions, you are winning.
The edge here is that you can define the best conditions based on your market segment, in other words, you don’t have to cut your profit, you just need to focus your value on what your segment really need and found most valuable.
For example, in student housing, a concierge service to receive students’ deliveries from Amazon can be incredibly valuable as much as the fastest Fiber Optic internet connection.
I think people’s ideas about brands are dictated by price and perception, and I think that often leads to people paying too much.
It can mean people don’t find great opportunities for bargains and that can cause a lot of frustration.
So I think that the best value for money and the best property will be the ultimate winner.
Let’s use a hypothetical new coffee brand as an example. We could say to our prospects, “try it, is better than Starbucks!” – we are a dollar per cup, not four but we are better.
We definitely cannot say ‘try it’ and serve coffee that no one in the world would agree is better than Starbucks.
If you keep your promise to the people that gave you a chance, and your coffee is really better than Starbucks, you are in the right direction.
It’s not always about the price, having lower prices in the long-term could be the wrong strategy, but give the right price to a value that no many are delivering its a huge edge on your competition and a huge value for your brand on a long-term perspective
Being in the design business, we think a good 3D rendering consists of several elements, and when you have a visual representation of a kitchen/living area, for example, it becomes epic when the designers and modelers are able to create the perfect balance between realism and dream.
Realism makes people think: Ok, it’s doable! Dream makes people think: I wish I can have it!
In our case, this mix creates an edge over other competition, because most of our competitors are or too dreamy or not very realistic, in any case, they are not able to achieve the balance that makes the people fall in love with our 3D renderings and consequentially with our customers’ properties.
You should do the same with your properties: add one value that most of the competitors don’t see, a value that is very important for your segment.