There is no dispute that there are many property awards in Malaysia. These range from localised accolades to international ones. Deciding what awards to enter could be challenging but it is essential to weigh up the time and effort it would take to enter against the potential gains.
With resources often stretched, deciding on the award would depend on the company’s goals and what it hopes to achieve by winning such a trophy. But putting the company forward for such awards should not always be the top of the agenda. Here are several reasons why simply entering an award could be beneficial to your company.
Benchmarking
Entering an honourable award like the Malaysia Property Award™ (MPA), Malaysia Developer Awards (MDA) or StarProperty Awards can often entice a property developer to look at its operations from a different perspective and compare itself to their competitors. To stand out from the competition, property developers need to be innovative, diverse, strategic and dynamic, among others. Competing in such awards would encourage companies to look inward to better themselves, which could be more valuable than winning the trophy itself.
Increased credibility
An award win, short-listing or nomination can act as a third party acknowledgement for the participating property developer. A win can give a seal of approval to the company or its projects and serves as a sign of quality for potential home buyers and investors. It can also help with relationships with suppliers and financial institutions. Furthermore, it is a great way to differentiate your company from competitors and send out positive signals to home buyers and investors.
Good publicity
Property awards can be an overlooked tool in marketing activities. A win with a reputable award can improve brand awareness and promote sales. The MPA, MDA or StarProperty Awards celebrate the property developer’s hard work and success. The winners are undoubtedly published on many media venues, from print to social media platforms. Such a win could open doors to getting contracts, finding new supply channels and breaking into new markets.
Attract talent
Property awards elevate a company’s hiring stature among new recruits. By pitching the company as an award-winning one, you can attract the talent needed to push the company forward. At the same time, it can increase employee morale to be working for an award-winning developer. This also helps to ensure staff retention as employees are focused on what’s great about their company and can feel proud to be a part of it.
But property developers should take note that the awards they are pursuing are reputable ones, not those seen as buyable.
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