Excerpt from an Oct. 5, 2011, article in YourHome.ca article by Ryan Starr:
Branding isn’t a new concept in the Toronto real estate industry, mind you.
Consider Tridel, arguably the best-known condo builder in the GTA.
“We’ve done testing on a number of occasions where we ask people to name three condo developers,” says Jim Ritchie, Tridel’s vice president of sales and marketing ( www.tridel.com). “They always get us, we’re always in there . . . but we just don’t see a consensus as to who No. 2 and 3 are.”
Tridel’s name-brand recognition has much to do with longevity: the company has been building condos since 1968.
To ensure Tridel continues enjoying instant recognition among buyers, developments are always branded as Tridel first and foremost; Tridel’s specific project names are secondary “sub-brands,” Ritchie says, much like BMW is the brand and the various models are sub-brands.
He cites Rêve, Tridel’s new 13-storey, 305 suite condo at King and Portland Sts., as an example. “The way we brand that community, it’s a Tridel community, it just happens to be Rêve.”
Name-brand recognition aids builders trying to sell condos based only on a set of floor plans.
“The idea of buying a condo from a piece of paper and then waiting for it to be built and then moving is not that simple. It’s rather complicated,” Ritchie says. “So we want the Tridel brand to give them the assurance that we know what we’re doing; that we know how to build a community and we’ll deliver it in first-class condition.”