Why aren’t there any other developers or real estate moguls (excluding hotel brands and Trump) creating brands for their properties?
THAT REALLY HURTS! You don’t know how much time and effort I have spent trying to brand my rentals and you haven’t even heard of them. My brand is “MIKE"S RENTAL HOUSE” - don’t you think that is a catchy name? (I tried “SLUMLORD PROPERTIES”, but no-one wanted to live there).
Mike
I brand my properties, I have them paint a huge picture of my smiling face on the biggest exterior wall. In the picture I’m wearing the sunglasses with dollar signs over my eyes. 8)
I think most of us don’t want a big target on our backs that say “Hello World! I’m rich AND egotistical”.
Adding to what Dee said… on a serious note, it’s tough to have a consistent brand identity on different buildings. The Trump brand represents luxury on the highest level. Hotel chains are all the same as well. Trump’s name couldn’t be on high end hotels/ apartment/ offices and low income housing, industrial parks, etc. without seriously diluting any brand identity. Branding is only effective when it consistently is recognized for one thing. Once it’s well established you can create brand extensions, but you can’t ever be too far off what the brand is known for. Such as Trump going from luxury buildings to luxury suits. He could never start selling concrete sewer pipes under the Trump brand without diluting it’s identity.
If you have a diverse portfolio of properties, it’s best to keep them separate as far as recognition, or categorize them in separate, branded companies.
I really do wonder why Trump is so revered and respected? It seems to me like a gimmick, or marketing etc.
Rarely do you read or hear anything critical about the Don, it’s usually accolades of admiration.
BTW,Have you purchased the new book “Why we want you to be Rich”? ;D
The money in Real estate is in the publishing biz. now you can take that to the bank!
As for the rest us we’re trying to make an honest buck
He certainly has more substance than other celebrities like Paris Hilton. He built his celebrity status by being rich. Trump loves to be known as rich. People like Bill Gates seem to almost be embarassed of being so rich. Trump associates himself with the best and most luxurious things (helicopters, planes, yachts, models, limos, penthouses in NYC, etc.) therefore, he becomes that. Guilt by association.
He’s revered and respected because everyone wants what he “is”. A lot of it is an act, he doesn’t make an incredible amount of money a year, especially for NYC standards. But it’s what allows him to charge much higher rents, rates, and prices.
Trump isn’t helping himself selling “Trump Ice” with a red/ orange label. I’ve always hated the “Trump Taj Mahal” in AC. He can still bounce back from all his negatives because he “is” still what everyone wants to be.
I have experimented with branding, and plan to invest more into the idea.
People always relate to the “trump” concept. Love 'em or hate 'em, YOU REMEMBER HIM.
I further feel that Branding is a good way to market not only rentals, but rehabs, assuming you put out a quality product.
Lack of money and resoures. The Japanese learn, instead of re-creating the wheel, they just make it perform better.
Name recognition is key. Why re-create? If it is not broken, don’t fix it. The difference between a smat man and a wise man, a smart man learns from a smart man mistakes. Saying goes… work smarter and not harder…K.I.S.S