American author and former dot com business executive, Seth Godin once said that a brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.
In real estate, it is none the less. As the Malaysian market becomes more challenging with the plethora of builders and properties that are available, branding and recognition play an important role in helping discerning property seekers to choose the right product to buy, or whom to buy from.
To be ahead of the game always, property developers adopt various initiatives by focusing their efforts on continuing to build and maintain their brand by being more resilient, creative, innovative as well as adaptive to the needs of their customers.
Having to stay relevant, participating and winning awards benefits both developer and property seeker and ensures the builder, project and industry peers are recognised not only quantitatively but qualitatively.
And as a property seeker, the decision to purchase an award-winning development is heavily influenced by name recognition and reputation. Here are some deciding factors that are contributed by these features:
Triggers brand recall
A branded development or developer exudes an ideal, taste and lifestyle with clear unique selling points that buyers can quickly identify with. Moreover, if the project wins multiple awards, brand recall comes to mind that leaves behind a lasting impression.
For example, Tropicana Corporation Bhd and Sime Darby Property Bhd, SP Setia Bhd and Sunway Integrated Properties are famous brand names offering distinctive service, amenities, and interiors. These brands have been named the Best Developer at the PropertyGuru Asia Property Awards between 2014 to 2017 and since then, property seekers and owners are able to highlight a certain service or expectations from their projects just by identifying the brand name.
Brand Reputation
Branding is the new real estate buzzword after location. Today, many developers are banking on their brand to gain prospective homebuyers to consider integrity and reputation when choosing a developer for a project.
By keeping a good track record that is also aligned with their stated values and principles, developers can earn a sterling reputation because of a consistent commitment to integrity and commitment.
Furthermore, a developer with good financial records reflects on brand reputation by giving consumers more reasons to trust them.
Stand out from the crowd
Awards serve as a tool to show prospective buyers that a developer is good at its job. One who keeps innovating, building new stuff, and keeping ahead with time and technology are beginning to gain traction compared to the conventional built.
The PropertyGuru Asia Property Awards recognises innovative developments by offering awards for Best Green Development, Best Housing Landscape Architectural Designs, Best Architectural Design, Best Condo Architectural Design, Best Retail Architectural Design and Special Recognition in Sustainable Development, among others.
Therefore, developers are more likely to revolutionise their products that will benefit property buyers and the built environment in the long term.
Desirability
Every developer aspires to showcase their accolades for it’s a byproduct of building a great company, emphasizing quality at each step and working with clients to unlock the full potential of the product.
Consumers, on the other hand, are driven by the need to own something that is reputable and recognized. So, this equation works well for both ends as the developer gets to attract investors and consumers and likewise.
Additionally, it also serves to reinforce the loyalty of existing customers and investors.
Want to know which building or development in Malaysia will be the best of the best? Let us do your homework for you! Stay tuned for our upcoming Asia Property Awards!