Are brokers at large firms taking their brands for granted?
In our 2017 DNA of #CRE survey, we learned brokers in large firms are making the most in commission, with 17 percent telling us they made $1 million or more on deals last year. Meanwhile, brokers at small firms were the least likely to make $1 million or more on deals, at just 1 percent.
We also learned more than half of brokers in small firms don’t have marketing support available to them, while 80 percent of brokers at large firms do. But those brokers are also least likely to believe their brands help them win business.
Does brand recognition mean more business?
Having marketing support allows you to create stronger branding and promotional materials, which may be a factor in the success of brokers at larger firms. As William M. Severi, president of North Bay Commercial Real Estate in Santa Rosa, California said, “Brands are sets of perceptions about companies that all of us carry around inside our heads. What we think of these brands is impacted by logos, product and service quality, price, availability, advertising, word of mouth, personal experience.”
“Brands are sets of perceptions about companies that all of us carry around inside our heads. What we think of these brands is impacted by logos, product and service quality, price, availability, advertising, word of mouth, personal experience.” –William M. Severi, president of North Bay Commercial Real Estate in Santa Rosa, California
With an established brand for your firm, property owners, buyers and investors come to a business proposition with a set of expectations before you even shake hands. In order to compete, smaller brokerages can strive for greater brand name recognition and brand status.
But of course, correlation doesn’t necessarily equal causation.
No matter how big your brand is, you have to hustle.
Before jumping to conclusions about marketing and branding being the number one thing that wins brokers business, consider this analogy: If you ask a short person what it takes to be a great basketball player, they’ll probably say you have to be tall. If you ask a great basketball player what they did to master the sport, they’ll say they worked hard. So, even if your brand helps get you in the door, you still have to work hard, make relationships and build your business, no matter how big or small your firm is.
However, building brand consistency and generating recognition is undeniably beneficial. Smaller brokerages can streamline their marketing processes and create clear brand standards to achieve the same sleek, professional appearance as large, national brands.
Want to learn more about the 2017 DNA of #CRE? Download our report now.