Signs that your brand is outdated
In the multifamily rental business, you will always have competition. Whether it’s the hip, new lofts that just opened down the block or the remodeled complex in the trendy neighborhood across town, your competitors are after the same thing you are: qualified renters.
Even if you have been holding steady for years and have low vacancy rates, it pays to take an honest look at your brand. A clunky logo, old signage and a dusty website can cause potential residents to think twice about your community.
So, how do you know when your property is ready for a complete rebrand?
You’re seeing less traffic. Both in-person and online, less traffic is a sign that your brand isn’t speaking to people. Especially given the unprecedented demand for multifamily housing, low traffic is signal that it’s time to make a change.
Vacancy rates are rising. While vacancy rates hinge on a number of factors, as you know, a relevant brand is an important piece of the occupancy puzzle.
Your demographic is shifting. Young adults are often the prime rental target, but more people of all ages are choosing to rent. Baby boomers are renting in record numbers, for example, and a brand shift might appeal to a broader market.
It’s been years since you redesigned. You shouldn’t change your name, logo or other branding hallmarks so often that it confuses your target market; however, if it has been more than a few years since you even thought about your brand image, it’s time to consider it. If you still have your original branding from the last housing boom in the 1980s, it’s well past time.
(This site shows Pepsi’s brand evolution between 1898, and it’s a great example of evolving with the times but maintaining brand integrity for customers.)
Being in your office makes you crabby. We’re only partially joking here. If you like your job, but walking through the office doors makes your mood downshift, it could be your brand. The visual impact of your brand should convey positive feelings for both you and your renters.
We are incredibly satisfied when we get our hands on a dated brand and propel it into the 21st century. We live for this stuff. Take a look at some examples of our rebranding work that has given several properties a vibrant new life, and contact us to learn how a complete rebrand could be right for you.