A lecturer at the University of Professional Studies, Dr. Michael Boadi Nyamekye, has indicated that a solid real estate brand identity hinges on the ability to identify a specific target since the business is multifaceted.
Taking realtors through some of the necessary steps toward developing a vibrant and trusted brand, at the Africa Real Estate Conference and Expo, the lecturer and a religious leader said the real estate market is segmented into three groups, namely, the lower class, the middle class, and the upper classes, adding that it is important to identify and develop a strong brand strategy towards attracting the desired group of people in order for one’s brand to stand out.
According to him, the ability to attract a certain fraction of the space helps to control the upward and downward flow of the market’s viabilities.
"If you don’t give the market the story to talk about, they will define your brand story for you". You have to tell the story yourself, or else people will form their own opinions and perceptions about your brand, which can help boost or break your brand. The story you sell out directs the segment of the market you control, and this aids you to survive in the market.
‘Your brand identity should be clear and plain. It should be relevant to the market group you seek to serve. People should remember you for something significant they derive from your services offered to them. Also, your brand identity could give you a premium on what you would not be given in a normal sense. Therefore, when you create and establish a higher brand objective and define your brand promise, you can start crafting a marketing plan that is geared towards achieving those goals’.
Dr. Boadi Nyamekye called on realtors to take advantage of the housing deficit in the country, which presents a huge market, hence the need to build a solid brand identity that aids in capturing a segment of the market.
Source: Reuben Affum-Ankamah(Real Estate Times Africa)