While rebranding your property or properties may be a large undertaking with several moving pieces including the coordination of the marketing and management teams, it is also a great opportunity for you to create a fresh new look for your property that will not only help boost your bottom line but also gain trust with current residents. Why you might want to rebrand your multifamily property may vary, but the process and the factors to consider prior to starting this project are all similar. So we’re diving in to help you take a look at the entire process and where to start!
Real Life Scenario
You are a real estate investment company or a property management company that has just acquired a one off multifamily property or a portfolio of multifamily properties with a value add strategy in mind. The properties have been severely neglected. They have deferred maintenance and poor reputations within the submarket along with a negative online presence. The property has cannibalized units, poor management staff and previous owners that only had a budget to merely maintain the properties in decent condition.
This is a great scenario that illustrates the time when it may be a good idea to give your property an overall facelift. Rebranding can give you the opportunity to create a fresh perspective and provide more effective marketing opportunities while boosting your bottom line.
With a value added approach in mind, you must have adequate funds budgeted for capital improvements. Doing so should allow you to spend allocated dollars towards improving curb appeal, improving and/or adding key amenity areas and renovating the unit interiors. Being able to focus on getting the property properly staffed is key in getting the property back up and running smoothly, gaining trust from the residents while achieving and maintaining a consistent occupancy of 94-96%.
Define your Target Market
First and foremost, knowing your target market is key to determining the direction of our rebrand. Are they young professionals, families, students, seniors, pet-lovers?
Your target market will influence everything from your new property name to your logo to the color schemes and amenities you incorporate into your property.
Know your Community’s Strengths
Where is you community located? In the heart of the city? Near great schools or close to parks? You’ll want to make sure you highlight these strengths of your property’s location and community when marketing your rebranded property.
You’ll also want to highlight the key amenities you offer that will appeal to your target market. Do you have a rooftop pool? State of the art fitness center? Pet wash station and bark park?
Knowing your community’s strengths will help you highlight these key offerings in your new marketing strategy to appeal to your target market.
Create a New Community Name and New Logo
After determining your target market and your community’s strengths that will appeal to that market, you’ll want to create a new community name and logo. While this may seem daunting, it can actually be turned into a fun crowd-sourcing contest!
For example, host a contest asking either current residents, property management staff or even both for their suggestions on a new property name with a prize of $200 cash or gift card. This will allow your community to get involved and invested in the new property identity so they are as excited as you for the new brand.
Encourage those brainstorming names to keep it simple and easy for most people to spell. Anything too complicated will make it hard for your target market to remember. You’ll also want to research the area for main street names or natural attractions that may coincide with the new community name.
Once you have names narrowed down, you’ll want to do a city search to make sure that name isn’t already take by another community in the area or there’s not another community with a similar name.
After finalizing the new community name, you’ll want to create a new logo to reflect the name and property identity. It all should flow and make sense for the property location, target market, and community strengths.
Update Marketing Materials
You’ll next want to update all your marketing materials to reflect the new branding. This includes all your brochures, letterhead, floor plans and even your online presence. This includes updating your website as well as your social media accounts.
When it comes to your website, you’ll want to make sure there is no overlap between your new URL and your old URL.
Update Signage with New Logo Design
Along with updating all your marketing materials, you’ll need to update your signage! This includes your monument sign(s), building signs, parking signs, exterior amenity signs, as well as any other signs on your property.
Two of our go-to firms to help with both your new logo and your signage are Fource Communications and Dodd Creative. Both of these are nationwide creative firms based in Dallas, TX and we’ve worked with both on several projects.
Dodd Creative actually created the Modern Gem Design logo and Fource Communications help with new logos and signage packages for most of the properties in our portfolio. Needless to say, we’d highly recommend them for any rebranding and signage needs.
Update your Community’s Amenities
And last but not least, you’ll want to finish off the property rebrand by updating your community’s amenities to reflect the new brand. This will include:
- Exterior Paint
- Clubhouse/Leasing Center
- Business Center
- Model Unit Furnishings/Artwork/Décor/Paint
- Fitness Center
- Pool Furniture
It’s important to note that while it is important to consider a rebrand if your property or properties need it, it is a long-term commitment that requires patience and perseverance. It requires a lot of coordination between various teams and moving pieces that need to work and flow together. It often takes about 12 – 18 months before the total transformation comes to fruition. However, at the completion of the property rebranding, you will have a fresh new look to help attract your target market and boost your bottom line.
If you are interested in rebranding your property or portfolio of properties and need some assistance, please contact us today to schedule a consultation.