PROPERTY BRANDS – DEVELOPING A STRATEGIC BRANDING MODEL FOR THE REAL ESTATE BUSINESS
||Pfrang, Dominique C.
||PROPERTY BRANDS – DEVELOPING A STRATEGIC BRANDING MODEL FOR THE REAL ESTATE BUSINESS
||17th Annual European Real Estate Society Conference in Milan, Italy
||In the field of consumer goods branding is constantly in the focus of companies’ efforts to gain an advantage over their competitors by reaching a beneficial positioning of their products in the mind of consumers. Research and practice continuously document the power of brands in influencing individuals’ quality perception, loyalty, and willingness-to-pay. Facing an ongoing intensification of competition in the market, property developers more and more invest in developing property brands aiming at lower vacancies and a premium in rents and sales prices. However, too often real estate actors adopt only a part of the necessary branding process, not going beyond a catchy slogan and the design of a logo. Thus, the full potential of branding a property is not utilized. Against this background this paper aims at developing a strategic model for the establishment and management of strong real estate brands. Following a benchmark approach, a behavioral brand equity model is developed and applied in a survey identifying the strongest brands in Germany’s commercial office market. From there, a conceptual framework for real estate branding processes is deduced. In this way the existing gap of knowledge concerning real estate branding should be partly closed and valuable insights for the daily management practice should be derived.
||Real Estate Marketing, Real Estate Branding, Property Branding
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