Century 21, RE/MAX lead in brand awareness
Real estate brief
By Inman News, Wednesday, December 3, 2008.Century 21, RE/MAX, Coldwell Banker and Prudential are among the leaders in real estate brand awareness, according to the results of an online consumer survey.
They survey, which is based on 875 online interviews between March 3 and Aug. 10 with U.S. adults who bought or sold a home in the past two years or plan to purchase or sell a home in the next two years, was conducted for Century 21 by Millward Brown, a market research company.
About 97 percent of respondents in the latest survey noted that they have "seen or heard of" the Century 21 brand, compared with 93 percent for RE/MAX, 89 percent for Coldwell Banker, 75 percent for Prudential, 51 percent for ERA, 38 percent for GMAC, 33 percent for Keller Williams, 18 percent for Weichert and 14 percent for Realty Executives, according to the Millward Brown 2008 Ad Tracking Study.
When asked, "How likely are you to consider choosing each of these brands the next time you buy or sell a home?" respondents selected Century 21, RE/MAX, Coldwell Banker and Prudential as their top picks, in that order.
Also, respondents stated that they were most likely to recommend the Century 21 brand to someone else, followed by RE/MAX, Keller Williams and Coldwell Banker.
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Submitted by Tom Everitt on December 3, 2008 - 10:06am.
Clearly, they've never heard of ThinkTom.com Realty in Vancouver.
:)
Tom
www.ThinkTom.com Realty (obviously)
XO
Submitted by Alisha Alway Braatz, High End Bend on December 3, 2008 - 10:11am.
Very nice, Tom. :)
My questions are: where are these respondents from? And I am also wondering, in this new economic climate, how important the Brand Awareness is compared to the personal relationships of a realtor/client. We here in Bend, Oregon have just witnessed Remax shut down, as well as a local namebrand. So how nimble are these big name brands when it comes to running their businesses?
Alisha Braatz
www.HighEndBend.com
Submitted by Marc Davison on December 3, 2008 - 1:39pm.
My question is - do they know what these brands mean and stand for and can they articulate what differentiates one over another.
Recognizing a brand name is a far cry from having an inherent appreciation of a brand. The difference can mean everything.
Marc
1000Watt Consulting
Submitted by Kevin Ostler on December 3, 2008 - 1:45pm.
So the survey was conducted for Century 21 by Millward Brown, and Century 21 came out on top. That's great customer service by Millward Brown.
Submitted by Mark Holt on December 3, 2008 - 8:02pm.
Will the brand awareness for Realogy brands increase with their imminent bankruptcy? Icahn thinks that's where they are heading, so he sued http://dealbook.blogs.nytimes.com/2008/12/03/realogys-creditor-wars/
The survey didn't indicate positiveness, but it's an good bench to determine erosion in brand value if the financial fallout Icahn is hedging happens.
Submitted by Judy Peterson on December 4, 2008 - 5:33am.
This is a little bit like asking the question, what's your opinion of Kleenix vs safeway tissue paper? It's brand recognition not brand identity. Sounds a little self serving to me.
If this survey were done in the Philadelphia area, Prudential Fox and Roach Realtors would be top of mind for recognition and identity, IMHO.
Judy Peterson,
Realtor
Prudential Fox & Roach Realtors
610-889-5509
www.MainLinePaToday.com
Submitted by Karen Rice on December 4, 2008 - 11:59am.
I would also venture to say that in the NJ market, Weichert would have a higher recognition as well.
Plus, brand recognition is great, but that doesn't erase the fact that many of the local offices are hurting.
These reports...you can conduct your own study to support whatever you want.
Northeast PA / Pike & Wayne County Real Estate Agent
Lake Wallenpaupack Real Estate Website
Submitted by Luis Cano on December 20, 2008 - 8:39am.
I can imagine how much these companies spend on advertising every year at the expense on their agents. Being number one does not translate to being the most profitable.
Submitted by Dan Cheek on December 23, 2008 - 6:38am.
As ususal, we see an agent-centric response. This is simply one take on consumer awareness of our industry (and a pretty broad one at that). It doesn't matter what customers know about the brands - they just know them. And as this was an online survey, it speaks to the Internet customer's perception, which (initially) is much more important than what they actually known about the companies.