There comes a time in any business cycle where growth and sales plateau. There a lot of reasons why your growth may have slowed or even declined, from macroeconomic events to shifts in niche markets and simply poor execution. It may be time to rebrand your real estate business.
As a real estate agent or broker you are most likely all too familiar with expanding and slowing markets.
One aspect that many entrepreneurs often don’t consider as a factor is misaligned branding. Whether your brand messaging and design was off from the beginning or felt out of touch as industry dynamics changed, it can hurt your business.
For a refresher on why real estate branding is important please read our article.
This article will provide tips and resources on how to rebrand your real estate business successfully.If your real estate sales have fallen flat it’s time to ask your customers what they think of your business name, slogan, logo, color choices as well as imagery and website via surveyClick To Tweet
Do You Need to Rebrand Your Real Estate Business?
When it comes to branding important decisions are often made in a hurry for small business owners. During the startup phase entrepreneurs are usually excited and quickly decide on a business name and logo just to get going.
During later stages business owners often make decisions to rebrand based on a hunch or simply wanting to “change things up”.
Rebranding your real estate business can be a resource and time intensive undertaking. Before you start changing any of your brand assets let’s find out if it’s actually the right move for you.
As a general rule of thumb if your business is expanding and you are hitting and exceeding sales targets it’s best not to change anything.
On the other hand if things have fallen flat it’s time to conduct a survey. Ask your customers and other stakeholders what they think of your business name, slogan, logo, color choices as well as imagery and website. The more data you can gather the better.
Once you have a large enough dataset do an honest analysis. If the data tells your there’s a disconnect between your brand and your target audience then it’s time to rebrand sooner rather than later.
Creating A Brand as a Start-Up
Maybe you are just getting started with your branding efforts.
The first thing do when when starting your brand from scratch is:
- Research your target audience and your competitors.
- Pick your focus and personality.
- Choose your business name.
- Write your slogan.
1 and 2 is basically settling on your niche. Here are 50 real estate niches to help motivate you: https://www.jasonfox.me/50-real-estate-niches-you-can-focus-your-marketing-on-in-2019/
Here is some help with creating the right name for your real estate business.
While you are working on a name you should probably consider picking the right domain name at the same time. It will do no good to pick the perfect business name and not be able to get a domain name for it.
Rebranding Starts With a New Logo
Above are 3 examples of successful real estate businesses. The point of me adding them was to remind you that logos do not need to be mind-blowing.
Your logo sets the foundation and design direction for your entire brand. The creative choices you make here will determine how the rest of your brand will look and feel.
An important decision you’ll have to make is whether you simply want to tweak your logo or to start with something completely new.
If your survey data indicates that your branding is only slightly off you can get away with a few tweaks to freshen things up.
If you are looking to pivot from lets say residential to commercial or entry level to high end real estate you mos