If, we, as the real estate community really understood the concept of branding and its importance, we would save a fortune by cutting the misplaced dollars we are spending in the name of “getting their name out there.”

Most of us are re-treads – people who fell into this business and came from some other background. In 15 years of asking, I’ve only found one person who grew up wanting to be a real estate agent (and she is no longer in the business). I can’t tell you how many people I’ve interviewed as a Broker that said the reason they wanted to be an agent was because they liked houses and people. If that is the sole reason they are here my advice to them has been – “Don’t get started in this business because in 6 months you will hate them both.”

Those that make it in this industry in today’s world are those that approach it with an amount of business prowess. Unfortunately, that isn’t taught in the “learn everything you need to know to become successful in real estate in two weeks” class. So, we throw the newbies to the vultures (vendors who sell BS products that do nothing but line the pockets of the vendors and serve as filler our nation’s dumps). We let them sling mud on a wall and see what sticks and hope against hope that they will be one of the very few fortunate ones who will survive the first three years.

Over time, those that emerge as mega agents realize that to truly win in this you must realize that it is a business not a career (and there is a major difference) and start learning how to become the “RainMaker.” Although we have dozens of proprietary campaigns to generate more leads, from time to time, we need to strip back to the basics and dive into the philosophy to align ourselves with the right thinking to launch our business to the next level. This week, it’s all about how to brand effectively so that you may maximize your ROI in any marketing or advertising program your engage in. From Al Ries, a master of marketing and branding in the retail sector, we take the lessons and apply the fundamentals to our real estate businesses.

One Secret in Branding is the Law of the Generic

One of the fastest routes to failure is giving a brand a generic name. The generic is forgettable and will be attributed to something or someone else. You are much better off creating a word for a brand than using the generic – think Google.com vs. SearchEngine.com or Amazon.com vs. Books.com or Redfin.com vs. WebsiteBasedRealEstateCompany.com

In the world of real estate, our default brand of old is our high school headshot picture. We slap it on everything we do because someone back in 1985 told us that was the ultimate expression of personal promotion. Although, your picture does allow you to be unique (and unique used in this way is better for some vs. others) it also is inherently problematic as a brand.

I live in an area that has a predominate luxury agent. She has a large team and she has used her picture in almost every conceivable place over the years. I remember distinctly the day I got to meet her at one of her palace listings almost 15 years ago. As she greeted the agents who graced her broker open and introduced herself, I did not recognize her. In fact, I thought that she was in distinct danger of failing prey to a lawsuit over false advertising. All these years later, she still uses the same picture (that was heavily re-touched 20 years ago – and the years between now and then have been less than kind). She is handcuffed to that picture; if she changes it her brand will de-stabilize her brand and if she doesn’t she will be increasingly held as dishonest. Either way she loses. Establish your brand and logo with longevity in mind. 

If, we, as the real estate community really understood the concept of branding and its importance, we would save a fortune by cutting the misplaced dollars we are spending in the name of “getting their name out there.”

Most of us are re-treads – people who fell into this business and came from some other background. In 15 years of asking, I’ve only found one person who grew up wanting to be a real estate agent (and she is no longer in the business). I can’t tell you how many people I’ve interviewed as a Broker that said the reason they wanted to be an agent was because they liked houses and people. If that is the sole reason they are here my advice to them has been – “Don’t get started in this business because in 6 months you will hate them both.”

Those that make it in this industry in today’s world are those that approach it with an amount of business prowess. Unfortunately, that isn’t taught in the “learn everything you need to know to become successful in real estate in two weeks” class. So, we throw the newbies to the vultures (vendors who sell BS products that do nothing but line the pockets of the vendors and serve as filler our nation’s dumps). We let them sling mud on a wall and see what sticks and hope against hope that they will be one of the very few fortunate ones who will survive the first three years.

Over time, those that emerge as mega agents realize that to truly win in this you must realize that it is a business not a career (and there is a major difference) and start learning how to become the “RainMaker.” Although we have dozens of proprietary campaigns to generate more leads, from time to time, we need to strip back to the basics and dive into the philosophy to align ourselves with the right thinking to launch our business to the next level. This week, it’s all about how to brand effectively so that you may maximize your ROI in any marketing or advertising program your engage in. From Al Ries, a master of marketing and branding in the retail sector, we take the lessons and apply the fundamentals to our real estate businesses.

One Secret is the Law of Publicity
Most of us have been taught that we need to advertise ourselves to become successful. In a counter intuitive twist, the birth of a brand is achieved with publicity, not advertising. Most marketersconfuse brand building with brand maintenance. Not only is PR more effective, it is far cheaper than running the advertising machine. When launching a brand we want to focus on creating buzz. Be audacious, be out there, be true to your core message but swing for the fence. They don’t build statues to those that sat on the bench and played it safe. Likewise, I have yet to meet a mega agent who has gotten there by playing it safe and trying to appeal to everyone.

I know of an agent who spent most of his waking hours pounding the living heck out of a geographical farm area. He had built a fairly large awareness of who he was and that he wasn’t going to go away. At Halloween he had his printer take his picture and make life sized paper cutout of his face and make masks out them. He then passed them the day before just in case people hadn’t landed on a costume yet. Dozens of kids used the masks and the neighborhood still talks about it years later. Did he alienate some? Absolutely, it by even the most liberal standards is audacious. Did it work? Yes, his market share went from 24% to 78% that year.

Leverage the power of Buzz and PR to launch your brand.

If, we, as the real estate community really understood the concept of branding and its importance, we would save a fortune by cutting the misplaced dollars we are spending in the name of “getting their name out there.”

Most of us are re-treads – people who fell into this business and came from some other background. In 15 years of asking, I’ve only found one person who grew up wanting to be a real estate agent (and she is no longer in the business). I can’t tell you how many people I’ve interviewed as a Broker that said the reason they wanted to be an agent was because they liked houses and people. If that is the sole reason they are here my advice to them has been – “Don’t get started in this business because in 6 months you will hate them both.”

Those that make it in this industry in today’s world are those that approach it with an amount of business prowess. Unfortunately, that isn’t taught in the “learn everything you need to know to become successful in real estate in two weeks” class. So, we throw the newbies to the vultures (vendors who sell BS products that do nothing but line the pockets of the vendors and serve as filler our nation’s dumps). We let them sling mud on a wall and see what sticks and hope against hope that they will be one of the very few fortunate ones who will survive the first three years.

Over time, those that emerge as mega agents realize that to truly win in this you must realize that it is a business not a career (and there is a major difference) and start learning how to become the “RainMaker.” Although we have dozens of proprietary campaigns to generate more leads, from time to time, we need to strip back to the basics and dive into the philosophy to align ourselves with the right thinking to launch our business to the next level. This week, it’s all about how to brand effectively so that you may maximize your ROI in any marketing or advertising program your engage in. From Al Ries, a master of marketing and branding in the retail sector, we take the lessons and apply the fundamentals to our real estate businesses.

One Secret in Branding is the Law of Fellowship

In recent years there has been a trend in real estate to become more and more competitive within the ranks. Yes, the general agent population as independent contractors find themselves competing against even those that they sit next to in the office. But to those that have nailed their brand, and realize that no one else can compete with them in that space, sharing and collaboration are positive attributes. In order to build the category, a brand should welcome other brands. Competition between two leaders raises awareness and allows for emergence and increase in market share for both. Competition between two mega agents is a great thing. One, it keeps them doing what they must to stay ahead (market, advertise and be leaders) and two, it creates a very visible ad war that creates buzz that helps both of them. No one cares when someone is out in front by themselves, it’s not newsworthy, but if you have a competition everyone wants to watch.

Think about the TV ratings for the midweek practices of one sports team. They do drills, practice game play and it is often more technically interesting than the game, however, you have to get a TV that has reception into the thousands of channels before you can even find a way to watch. Now consider the Superbowl, World Series or NBA Championships. Two teams that when playing against each other gain far more support, recognition and fan base than when they play alone.

If, we, as the real estate community really understood the concept of branding and its importance, we would save a fortune by cutting the misplaced dollars we are spending in the name of “getting their name out there.”

Most of us are re-treads – people who fell into this business and came from some other background. In 15 years of asking, I’ve only found one person who grew up wanting to be a real estate agent (and she is no longer in the business). I can’t tell you how many people I’ve interviewed as a Broker that said the reason they wanted to be an agent was because they liked houses and people. If that is the sole reason they are here my advice to them has been – “Don’t get started in this business because in 6 months you will hate them both.”

Those that make it in this industry in today’s world are those that approach it with an amount of business prowess. Unfortunately, that isn’t taught in the “learn everything you need to know to become successful in real estate in two weeks” class. So, we throw the newbies to the vultures (vendors who sell BS products that do nothing but line the pockets of the vendors and serve as filler our nation’s dumps). We let them sling mud on a wall and see what sticks and hope against hope that they will be one of the very few fortunate ones who will survive the first three years.

Over time, those that emerge as mega agents realize that to truly win in this you must realize that it is a business not a career (and there is a major difference) and start learning how to become the “RainMaker.” Although we have dozens of proprietary campaigns to generate more leads, from time to time, we need to strip back to the basics and dive into the philosophy to align ourselves with the right thinking to launch our business to the next level. This week, it’s all about how to brand effectively so that you may maximize your ROI in any marketing or advertising program your engage in. From Al Ries, a master of marketing and branding in the retail sector, we take the lessons and apply the fundamentals to our real estate businesses.

One Secret In Branding is the Law of Credentials

We as an industry make claims to different things all the time. It seems everywhere I look there is another #1 or area expert. So many, in fact, that the whole notion has been diluted to the common denominator of average. The crucial ingredient in the success of any brand is its claim to authenticity. Consumers are inherently suspicious and look for holes in our claims. We want to distinguish ourselves and become the expert in our primary claim and be able to support it.

One of the fallacies in real estate is that we sell houses. You don’t sell houses. Let me say it again, you don’t sell houses; especially if you want a successful marketing campaign. Yes, you may have made over $500,000 in GCI this last year, even closed 38 transactions, but you don’t sell houses.

You sell your USP or Unique Selling Proposition. There are hundreds of thousands of agents in world today. If all you do is sell houses, then there are at least a few others that are willing to do the same thing. They may even deliver it with the same level of service and for a lower commission. What makes you better than any other? Why should a client hire you and pay you the commission that you are asking?

As an industry, we have been caught without enough distinction from one another which is why we face an ongoing war with “Commission Compression” – and before you get cocky on me and say “I’m not struggling with commissions” wait until the market swings back. If you thought it was bad before…

What is your USP? Is it that you return phone calls (which is become rare these days), or do you specialize in cash-flow oriented investors, or are you pet-friendly?

What are your strengths? What can and do you do better than anyone else? What are your values and if the truth be known, does your ideal client even know? What do you care about and hold most dear? What can you truly be an expert in?

Market around those things and you will find yourself in the rare air of those agents who make the rules about how the real estate game is played and who hold the top %1 who dominate the marketplace. And remember, the real power of credentials is not only self-proclaimed but acknowledged by others.

Every once and a while I get something that is just too good not to share. Dean is a fellow Master’s Program Graduate and is the CEO of one of the finest Ad agencies I’ve ever been exposed to. I received this article last week from him and thought it dovetailed into the branding series I just wrapped up. I hope you enjoy Dean as much as I do -

Does your company logo really make a difference?

Identity is powerful. Your logo will be front and center on every piece of promotional material you’ll ever create and it will enter the minds of millions over the lifetime of your business.

“Just how important is my company logo?” If this question crosses your mind once in a while along with the oh so seldom: “what if I get audited thought”, keep reading. Consider for a moment that you’ll spend an estimated 5% to 10% of your annual revenue on marketing materials where your logo will be boldly communicating - a negative vibe, a mute statement, or a commitment to innovation and excellence. Identity is powerful. Your logo will be front and center on every piece of promotional material you’ll ever create and it will enter the minds of millions over the lifetime of your business.

The fact is, we live in an extremely visual society. Giorgio Armani, Ferrari, Donna Karan, Rolex, Nike, and Dell are a few representations of identity, looking good, and performing well. These companies are spending millions of dollars and thousands of personnel hours protecting and building their identities. But they’re also making truckloads of money because we live in a society where looks matter, and looks influence buying decisions in the retail and corporate worlds. The difference between these brand-committed companies and many others is that those who invest in their identity capitalize on the power that design has to lure the mind in their direction.

Based on a small research sampling of around 2000 businesses, my agency discovered that 8 out of 10 small to medium size companies had a less than adequate logo while close to half the larger ones had a less than adequate logo. We qualify “less than adequate” based on design features such as obtrusive or dated colors, incompatible type treatments, dated type treatments, clumsy or awkward graphics and type, no conveyed meaning, poor size relation, and lack of easy reproduction. We judge using these factors, plus our 20 years of experience in branding.

We decided to take it a step further and survey representatives of the companies whose cards we reviewed. It was no surprise that we discovered those with well designed logos and identities had credible stories to tell about the impact their corporate image has made in their marketplace. They remarked that positive conversations would often be started when the recipient looked at their logo, their card, their brochure, their shirt, etc. Conversations where the brand played a role in winning new business were frequent as well. Administrative staff spoke confidently about their image, sales people said they would hand out more materials, and the sales process was improved, as were sales results in most every case.

On the flip side, we found that approximately 50% of those companies with a poor logo defended their ineffective brand. We also found adverse reactions and very little willingness to discuss the matter until we started talking to the sales and marketing people. They had plenty to say. “We hate our logo,” or “Our image stinks,” or “I’m embarrassed to hand out a business card,” and many more tiptoe slams against the brand (the company). We observed that not only was the logo unprofessional, but in about 90% of the cases, the rest of the company’s materials such as collateral and the Web followed suit and the sales staff was not motivated to present it.

At Strata-Media, we’ve designed logos for more than 1000 companies across the country, from small concerns to Fortune 500. Since our inception, we’ve never once had a client say they wished they didn’t re-design or upgrade their logo. There can be, however, timing issues when changing your logo. When you’re company relocates is a great time to change your identity because you will be re-printing most of your materials and putting up new signage. Launching a new ad campaign or producing a corporate brochure is great time because you can leverage the expense and exposure of the new printed materials and advertising. Repeated complaints from your staff are grounds to strongly consider a change. In addition to your company’s feedback, it pays to have a marketing professional review your company’s overall image about once every three to five years to ensure the brand is staying in tact. Strata-Media reviews at least 50 brands per year and every client who participates in the exercise says it was a valuable experience.

In closing, changing your logo is definitely a cost consideration, but in some cases it’s more expensive to keep an ineffective logo than it is to change it. There’s often at least one competitor with a stronger image, and that company, without question, will attract more business because of their brand and their commitment to the details. My recommendation: be that brand.