An analysis conducted by MediaVision of property brand searches across more than 200 residential, commercial and portal/online companies revealed a market predominantly down year on year with pockets of stellar performance from some.
Of the top 10 brands with the highest monthly search volume overall, only four saw a positive uplift in brand demand YoY. Of the top 50 overall, more than half saw a decline in brand demand over the last year, which indicates just how tough and diverse the landscape is right now.
For brands in the fiercely competitive online property sector, an increase or decrease in brand search can be attributed to several things: the effectiveness of the marketing strategy, market-related factors, the economy, changing consumer habits or the efforts of rival brands. Fortunately, positioning from a volume perspective and a robust marketing strategy can have a significant and direct impact on brand demand.
Residential brand frontrunner is Dexters with an increase of 6% YoY. The London agency chain beat out Savills, Knight Frank and Foxtons, who all saw a decline in brand demand.
Dexters made the news back in 2016 by shedding 20 different brands and a holding business to become a single entity that now has over 70 branches across London. The brand has since expanded even more by co-marketing homes acquiring and rebranding more businesses.
With aggressive growth in the market since launching and subsequent status as one of the most valuable start-ups in the world, WeWork leads the way this year with a 58% increase in brand demand.
Flexible office space has become a major disruptor in the real estate industry. With spaces offering co-working, shorter leases, stellar coffee and a greater sense of community for small teams and corporates, demand has increased around the globe in recent years.
WeWork has tapped into this growing trend by appealing to an industrious audience that wants more from an office than just a desk space. Aside from its massive size – members are projected to hit 400,000 by the end of the year – the brand captures news attention with details like amped up amenities, innovative networking events, beer taps, food bars and more – all tied together by a strong marketing strategy.
With an increase in brand demand at 31% YoY, industry disruptor OnTheMarket has become a major competitor to property portals Zoopla and Rightmove, who both slipped from the top spots with a decreasing brand demand. The big portals are still far ahead in terms of volume but there is no doubting OnTheMarket’s trajectory.