Real estate in Ghana has grown in importance over the past decade. With an estimated over one billion Ghana Cedis contribution towards the country's gross domestic product (GDP), real estate has become one of the most significant facets of the Ghanaian economy.
The increase in developments across the country has created a golden opportunity for real estate brokers and agents to serve the needs of house hunters and developers. Brand equity in this regard is crucial to the success of any broker or agent.
It is defined as the value attached to a brand because of the powerful relationship that has been developed between the brand and customers and other stakeholders over time (Keegan, Moriarty, Duncan 1995).
Property expert Lamudi Ghana offers some helpful tips to differentiate you from your competitors.
Create brand awareness
Having a company is one thing and another to create a brand. The latter means more estate developers and house hunters are likely to know of your existence. It also means that your target audience is able to identify your brand immediately a cue is given. Advertising on media and marketing platforms is a great way to achieve brand awareness. Additionally, the growth of social media serves as an opportunity to leverage your brand among target audiences.
Ensure your brand’s perceived quality is positive
Quality service is a catalyst for success in the real estate industry. According to research conducted by the Profit Impact of Marketing Strategy (PIMS), perceived brand quality emerged as the most important factor leading to profitability. Trust is of utmost importance to house hunters and developers. This means you need to build it in order to have a favorable perceived quality.
Associate your brand with likeable attributes
This enhances your brand and differentiates you from others. For instance, research has shown that color has a strong bearing on the emotions of individuals. While red communicates energy and passion, blue represents trustworthiness, responsibility and security. The benefits and a positive customer experience with your brand go a long way to creating favorable brand associations.
How loyal are your clients?
Building brand loyalty is needed to stay in business. Attracting new clients is much more expensive than maintaining existing ones, thus it is important to ensure that your clients look to you as their most preferred broker or agent. This makes it difficult for competitors to communicate to satisfied clients because of their little motivation to learn about alternatives.
Other proprietary assets
This covers aspects such as logos, slogans and packaging. Establishing relationships with developers and other key stakeholders is also crucial to the success of your brand. For instance, a good relationship with a corporate entity ensures that you are always called upon each time there is a need to find new property.