In a highly competitive market space of agencies of every size and specialization, it’s very natural for a medium size business owner to feel overwhelmed by each challenge. For us, every challenge feels unique and insurmountable at the beginning.
The time is difficult for agencies irrespective of sizes, clients are becoming increasingly demanding while margins are dwindling. The tech companies are trying their hands in agency business while more brands are preferring in-house set-ups. Real estate scenario is no better than other businesses. In fact, it’s harder considering that the industry itself has gone through a hardship recently in the wake of demonetization, RERA and GST.
Though the agency scenario at the background of real estate advertising is diverse and complex, here are a few notable areas of struggle which are loosely based partly on our experience of running an agency business and partly on years of observation.
Creating a unique value proposition
Creating a USP is always difficult for a mid-size agency, however, it is even more challenging when you are catering to a specific industry. Real estate industry cares less about branding and focuses more on active selling. It’s an agency’s task to create value in branding communication and make the clients see that value over and over again. It’s not an easy task! It should be a conscious call, taken after hours of critical evaluation that will cater to real estate brands regardless of their size or stature. The consistent efforts to deliver more value than promised resulted in client satisfaction and retention.
Building client’s credibility
Real estate brands aren’t among the most trusted ones in the market. They are often be looked at with doubt and it takes longer for a real estate brand to earn credibility. It’s an agency’s undertaking to build trust through clear, concise and trustworthy communication – throughout the brand’s lifecycle. For a mid-size agency, it may look like a humongous task considering the amount of hard work and consistent efforts it has to put to establish the client’s brand as a preferred identity in the eyes of its customers.