Consumers in Thailand trust the bigger developers with familiar brands such as Land & Houses Pruksa, Sansiri, Ananda and Supalai having emerged as the most reliable in 2017, show the findings of a Chulalongkorn University survey. The brand trust index survey was conducted by Chulalongkorn Business School who polled consumers.
After-sales service is the most important factor for homebuyers with unit pricing and the residential environment also key issues for consumers, according to the survey. On the other hand, residential design was viewed as not being as important to consumers. This shows price and long-term quality are what the most trusted brands do better than the competition.
“Customers are most concerned about what happens after they move in, but most property developers barely focus on this factor. Developers have to change their mindset to focus more on customers and provide better after-sales services because the property sector is a red ocean business with many competitors,” says Chulalongkorn University Brand Centre Director Ake Pattaratanakun to the Bangkok Post.
Land and Houses and Pruksa were the most trusted developers when it came to the single detached house segment while consumers trust Sansiri for its townhouses. In the condo segment, it was Ananda and Supalai leading the way. Each of these 5 brands recorded brand trust of 81 per cent each in the survey These developers currently represent THB 37 billion in property market value.
The survey collected data from 1,142 people in Bangkok and surrounding provinces who have either purchased a residence for their own use within the last 12 months or are planning to buy a home in the near future.
The school decided to look at brand trust in the property sector because of its large market value that totalled THB 831 billion in 2016. The property market is also closely tied to Thailand’s macroeconomy and several other sectors, like construction, are directly connected to it.
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