Tips for Showcasing Your Multifamily Property’s Upgrades on Social Media

Modern Gem Design :: Tips for Showcasing Your Property's Upgrades on Social Media

You’ve taken the steps to make necessary renovations to your property but no one will know about them without properly marketing your property. That means it’s time to really show off the beautiful new updates you’ve made not only on your website but also using social media. We’ve already shared our tips on marketing your property on social media but today we’re going a step further with some tips for really showcasing all your property has to offer!

Model Unit

You can use your model unit to really highlight the story behind your property just like you would with an in-person tour. Giving future residents a look either through photos or video of the unit will give them an idea of the quality finishes you’ve incorporated throughout your property. By doing so, they can start to picture themselves living there which will ultimately help get them through your door for an in-person tour.

Available Units

Similarly to your model unit, you can highlight the units you have available on your social media accounts. Give a quick tour and make sure you showcase each units’ layout and specific benefits. This could include spacious closets, a balcony, a storage area, high-end appliances, etc. Since you have several layouts in your property this will give future residents an idea of unit size and layout so they can determine which works best for them. (Don’t forget to mention which layout you’re highlighting!)

Outdoor Spaces

Your units might not be the only area that you’ve made updates! Highlighting the outdoor spaces your property offers will help draw prospective residents in. Show off your pool and grilling areas. If you have a dog park, make sure you share that so pet parents know your property is pet friendly.

Your amenities have a huge impact on the quality of life you offer residents so you want to make sure you’re highlighting every area of your property. Ideally you’ll showcase your current residents enjoying these spaces so you can help give prospective tenants an idea of the community they will be joining.

Staff Members

Your office and maintenance staff are the people interacting with your residents on a regular basis. So you’ll want to introduce them and showcase their personalities on your social media accounts. This give not just prospective residents an idea of how friendly and helpful your staff is but it helps keep your current residents in touch with them.

Make sure you introduce new team members as they join, highlight birthdays, and other fun activities your staff is involved in.

Property Updates and Maintenance

This might not be the glamorous side of your property but residents like to know that the property they live in will be taken care of. Give residents a look at new landscaping as it’s going in. Let them know you’ll be painting or adding new amenities. Showing these on social media is a fun way to give current and future residents a sneak peek of what’s to come!

Neighborhood

Location is often a large factor in where people live so it’s always fun to highlight the neighborhood. Is there a new restaurant going in down the street? A boutique that many of your residents frequent? Give shoutouts to these other businesses. Highlight walking trails or other nearby activities that your residents can enjoy. This will show you’re in tune with what’s going on in the neighborhood while you highlight how great of an area it is to live in!

Unlike with printed marketing materials or on your website, social media can give a much better picture of what it would be like to live at your property. Because of this you want to make sure you’re doing everything you can to showcase all your property has to offer.

Contact us today if you’re looking for help with upgrades that you can proudly showcase on social media.

Part II: 3 Tips for Completing Your Multifamily Property's Rebrand

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)
  • Clubhouses
  • 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!

Part I: 5 Signs It Might Be A Good Idea to Rebrand Your Multifamily Property

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.

The Importance of Model Unit Renovations

I’ve seen it many times throughout my career as an asset manager while touring new acquisitions, doing property due diligence and shopping comps. You walk into that unit that makes you want to immediately turn around and walk out. It’s filled with optical pollution and smells like a bowl of 20-year-old potpourri. There are frumpy dark patterned curtains with ruffles, a brown corduroy sofa that’s sunken in and shapeless, way too many doilies, knickknacks and faded faux foliage that has a layer of dust stuck to the leaves. That’s when you know it’s definitely time for a revamp!

Why Are Model Unit Renovations So Important?

Model units are a very important marketing tool that should be utilized to its finest. When you get traffic to your site and the interested renters are in the palm of your hand, it’s up to you to sell the property to them. As you do the grand tour, you take them on a nice clean path that showcases the exterior amenities such as the sparkling pool, fitness center, or bark park, which eventually leads you to the model unit. It is imperative to show the potential renter a clean, nice smelling apartment that allows them to envision themselves living there.

Based on the style preferences of your target demographic, the model unit should always showcase a sense of sophistication, a hint of some sort of renovation (new hardwood floors, new cabinets, updated lighting package or an accent wall for example). This shows the renter that the staff and management company take good care of their property, which shows value to the potential renter. If the property is undergoing an interior renovation (partial unit or full unit), the model unit is an excellent place to showcase what these newly renovated units will look like. It’s your place to “wow” them and show them what they could get with that premium charge.

The model unit also allows the renter to be able to picture how they may arrange their own furnishings into the apartment. They want a visual for inspiration on how they can make it their own cozy place they call home. When someone walks into that model unit (as well as the clubhouse or leasing center), all that they take in (sight, sound, smell) invokes some sort of feeling. You want your property and unit to invoke positive, inspiring, vibrant, sophisticated, cool, modern feelings.

So what can you do to refresh your model units? A fresh coat of paint is one of the easiest ways to add new life to a space that will give it a whole new look. I like to use a neutral main body paint (eggshell) with a bright white trim (semi-gloss) and add a couple of bold accent color walls, one in the living or dining room and the other in the bedroom. Another way you can sway a potential renter is to present the property and its lifestyle of living through the furnishings, art, and décor in the model unit. It gives the renter an immediate impression of the property so you want to make sure it is well put together. Style it in a way that is somewhat on trend but add some interesting eclectic pieces such as throw pillows, accessories and other décor that will make it unique and impressionable.

When is it Time to Bring in Professional Help?

Not sure where to start? Or do your model units needs more than a fresh coat of paint to attract new renters? Modern Gem Design is here to help! I’ve renovated several model units during my career and I absolutely love, love, love doing them! I have so much fun being able to analyze the space and envision a total transformation. There are several elements that need to be factored in to renovating a model unit including:

  • Picturing the unit without the existing pieces
  • Analyzing the floorplan and target demographic
  • Assessing the existing pieces which includes furniture, art, accessories, and décor to see if any can be used and repurposed to fit within the new design

You can also repurpose existing pieces from the clubhouse into the model unit and vice versa. Doing so could save you thousands of dollars. All the fine details are something we focus very closely on to not only provide you with a beautifully updated model unit but in a cost-effective way.

If you are interesting renovating or refreshing your model unit, please contact us today to schedule a consultation. 

Why You Might Want to Consider Rebranding Your Multifamily Property

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.