From regulation to reputation: Make RERA your branding tool
Author: Guest contribution from a reputed branding and marketing consultant.
Introduction:
RERA, Real Estate (Regulation and Development) Act, 2016 is a great opportunity for small and medium-sized builders to use as a strategic tool and build great brands. Most often, it is merely considered as a compliance requirement and a box to tick. When used strategically, it can be a game-changer and an asset to winning loyal customers.
To be able to achieve this, small and mid-sized builders need to change the mindset from that of compliance to credibility. While most builders see this as a regulatory challenge, homebuyers see this as a trust factor. It is this perception shift that builder(s) / promoter(s) should adapt to build winning real estate brands. Use this effectively to convert the face of the brand from being ‘compliant’ to ‘a credible partner or real estate developer’.
Showcase your RERA credentials as Proof of Trust
RERA registration is a credibility badge that can be put out on display. Highlight it in all your consumer touchpoints and make it part of all customer interactions.
- Display RERA registration numbers on all project marketing materials including brochures, websites, hoardings / billboards.
- Add a RERA-verified badge like that of industry associations and approving authorities
- Provide a link to the project details page on the respective state’s authority web pages
Effectively use RERA registration data as part of your marketing storytelling
Real estate projects registered under RERA already provide full information about that specific project – project name, project details, timelines, approval status and more. Marketing-savvy builders leverage this information as part of their marketing narrative.
- Share a schedule for periodic updates highlighting the project’s progress
- Call attention to information submitted to the RERA authority
- Create and market a culture of transparency
- Share a RERA checklist with homebuyers
Highlight on-time delivery
‘On-time’ has become the de-facto standard of establishing trust and build reputation. Airlines, world over, have successfully adapted this into a brand promise. Make it your brand’s significant trust factor to demonstrate reliability, respect and professionalism.
- Update customers with real-time progress updates; go that extra mile to regularly talk to customers who have invested in your project and establish yourself as an accountable developer / promoter
- Always highlight your project(s) on-time fulfillment of RERA compliance requirements and customer commitments
- Regularly and proactively update your customers in case of unforeseen delays
Lastly, be an advocate for RERA
Businesses that regularly champion transparency and ethical practices are held in high regard. Go ahead and educate about the advantages of RERA and their rights as customers or homebuyers.
- Engage your social media channels or email database to educate customers as to how RERA protects homebuyers
- Hold separate short explainer sessions with an in-house RERA champion as part of all your on-site customer visits or project walkthroughs
- Handover RERA checklists as part of your project marketing brochures and communication materials
Conclusion
For small and medium-sized builders, who often don’t have deep marketing budgets, RERA is a blessing in disguise. Make it part of your strategic marketing tool and transform it from being a real estate regulatory requirement to a marketing opportunity and establish credibility, trust & a competitive brand differentiator.
Disclaimer:
The information contained in this article is provided for general informational purposes only and does not constitute legal advice. Readers should not act or refrain from acting based on any content included herein without seeking appropriate legal or professional advice on the specific facts and circumstances at issue.
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