In Part I of this blog series, we addressed some of the signs that you might want to consider rebranding you new multifamily property including:
- Your multifamily property currently doesn't have an identity
- You want to improve the previous poor reputation
- You are planning on renovating or adding amenities to your property
- Your revenue isn’t where you want it to be and you want to attract a higher price point
- You’re losing tenants to nearby competition
Now that you’ve decided it’s time to rebrand, we’re sharing our top tips to make your property image overhaul a smooth and successful process.
Know your community’s strengths and define your target market
Your community’s strengths are essentially what makes your property unique compared to your competition. Maybe your property has a perfect location or you offer amenities that other nearby properties do not. Whatever it is, knowing your property’s unique value proposition is paramount when it comes to rebranding and appealing to your target market.
Similarly, you’ll want to consider who you are targeting with your new property image. Young professionals? Families? Students? By defining your market, you can build your new brand with this audience in mind. Not only will this help with your new marketing plan but this will also help when it comes to renovations.
Cosmetic repairs are important in rebranding your multifamily property
Most rebranding projects also include some renovations. This will ultimately help attract more future tenants in renting out units of your multifamily property. To evaluate where your property needs the most updating, take a quick scan and evaluate what your target market values most. This will help guide your renovations. Typical renovations that are included in an image overhaul include:
- Paint schemes (interior and exterior)
- Outdoor living space
- Leasing center
- Fitness center
- Model units
- Common areas
- Business centers
Don’t forget your landscaping. While repainting the exterior of the property improves the overall impression of the property, you should never overlook your landscaping. Pair a freshly manicured lawn and beautiful landscaping with a new coat of exterior paint and your property will certainly stand out to future residents.
Hire experts to set your new brand up for success
There are a lot of moving pieces when it comes to an image overhaul so bringing on help to handle each of these pieces will not only alleviate some stress but also help set your new brand up for success. You’ll want to consider hiring:
- A graphic designer to help with your new logo and marketing materials
- A copywriter for your marketing materials and website copy
- A photographer to take quality photos to show off all the new improvements you’ve made to the property
- A design renovation firm to help coordinate all the renovations that need to be done
Hiring these professionals can help with some of the heavy lifting so that you can focus on getting the best ROI for your property.
If you’re looking for help with your property image overhaul, contact us today!