Rebranding your recently purchased multifamily property can provide your property with a fresh start. It gives you the opportunity to evaluate what is working, what isn’t and make adjustments to your brand with your target audience in mind. By doing so, you are able to make a pivot in your current marketing strategy and promote your property in a new way to a completely new audience. But how do you know if rebranding is right for your property? We’re digging in and sharing five reasons it might be a good time to give your property a new look.
Your multifamily property currently doesn’t have an identity.
Can you easily provide an overview of your new property? Would you describe it as high-end, modern, traditional, resort-like? Even if you are able to identify key attributes how are they stacking up with your goals? Do you have a high vacancy rate? Are you attracting your ideal tenants? This is a good time to not only focus on defining your brand but also making sure that definition lines up with your goals. This will help you attract the type of residents that are perfect for your new community and help increase your bottom line!
You want to improve the previous poor reputation.
This is one of the biggest reason you’d want to consider a rebrand for your new property. There are numerous reasons the old owners may have had a less than favorable reputation and in the age of online reviews, it can be very difficult to save a property’s reputation. However, you don’t want this past reputation to hurt your property and rebranding provides you with the opportunity to create a new identity and reputation for your property. This also gives you a chance to improve upon any feedback from previous tenants if needed.
You are planning on renovating or adding amenities to your property.
There’s no better time to rebrand than if you are planning to renovate or adding new amenities. You’ll want to make sure these improvements are highlighted throughout your marketing materials to maximize the return on your investment. Renovations and upgraded amenities can help your property stand out to a new audience and by rebranding you are able to shine light on these upgrades. This will help reflect your new and improved property to attract new potential tenants while also keeping your current residents.
Your revenue isn’t where you want it to be and you want to attract a higher price point.
The reason you’re not attracting a higher price point is because your property isn’t reflecting that. Rebranding can help you craft your messaging and maximize the appeal of your property to your ideal tenants. Often, property owners put a lot of work into renovations and upgrading their properties, but fail to reflect those changes in their branding which doesn’t yield the results they are looking for. By rebranding and positioning your property with more of a sophisticated vibe, you’ll be able to attract that higher price point so ultimately, your revenue is exactly where you want it to be.
You’re losing tenants to nearby competition.
Creating a strong brand identity, especially in a competitive market, is extremely important. If you’re losing potential and current tenants to nearby communities, you’re going to want to take a hard look at your marketing and brand. Are you highlighting the value of your property? All of the amenities and upgrades? What is the competition doing or offering that your property isn’t? It may be time to make some adjustments to your brand identity based off what you find. First impressions matter, especially in a crowded market so it’s important that you stand out.
Looking for assistance with a rebrand for your property? Contact us for more info on how we may be able to help.