A renovation offers the perfect time to rebrand and attract a new audience
Make the most of a multifamily renovation with a brand-new brand strategy and marketing position in order to attract a wider audience of potential renters.
Let Go
A renovation-inspired rebranding requires letting go of your old story. Before the renovation, maybe you catered mostly to practical single professionals who work in the immediate area. After the renovation, you need to let go of all the old ideas about what defines your ideal renter.
I mean, of course hold on to your existing treasured residents. Sue and her min pin, Max, have been there for years, and the community wouldn’t be the same without Chuck’s FAC hamburgers and hot dogs in the courtyard. Bring them along for the ride and show them how your growth includes their needs, but don’t feel hemmed in by your current renter profile.
Of course, you will work with a team of architects and interior designers to refresh your community’s units and communal areas, but your renovation involves a lot more than new paint and upgraded finishes.
Think about who the following value-add renovations might attract:
- High-speed wifi and smart technology
- Outdoor seating areas and gardens
- Pet-friendly spaces
- Community gathering spaces, including fitness studio spaces, community kitchens, lounges, movie rooms, hot tubs and more
- A new coworking space or spaces
- Playgrounds or other family-friendly features
- Electric vehicle chargers, upgraded parking and designated areas for rideshare drivers
- Secure package lockers
- Recreation features like virtual driving ranges or table tennis
- Any area that highlights a great view
- Unique art
- Accessible entrances and mobility-friendly units
- Larger units with more bedrooms or office space
Sue and Chuck might be welcoming young families or newly retired world travelers as their future neighbors. Remote workers might begin to fill up the coworking spaces while green-minded residents practice yoga in the garden.
Modernize
Upgrading and updating your community also means bringing it into a new definition of modern. The way people work and live looks a lot different than it did even 10 years ago, and your renovation should reflect that.
As the community transformation begins to take shape, you should also consider how to modernize your branding and marketing.
We like this investor’s take on what it means to modernize a multifamily property:
“Let’s say you own a slightly older Class A apartment building in a neighborhood with a fair bit of construction activity going on. With new luxury units delivering, will your property be able to compete in its current state? Maybe it can. But either way, you risk increasing vacancy rates — and associated vacancy costs — if it can’t.
What do I mean by slightly older, though? Before your property gets offended, I don’t mean old old — even a few years without significant improvements can be a detractor for renters seeking the best living experience — but, generally, if your competition is offering amenities, apartment features, and services you currently aren’t, it may be time to invest in some upgrades. Even adding something like a community garden or replacing fitness center equipment can have appreciable benefits.”
I know, five to 10 years doesn’t seem that long, but it can have a huge impact on your property’s appeal. You need to know what today’s renters want and find ways to deliver that within your budget and space constraints.
Get Real
Life is not a TikTok reel. You might show well on social media (and you should – social media is an important marketing tool), but how do people react when they get a real-life taste of your community?
Your prospective renters want to know what it feels like to live there day-to-day. If you have neglected their very real lifestyle needs in both your physical design and your marketing, you may lose out on many quality residents.
Everyone’s lifestyle is different, which means you need to get really clear on what you can offer and to whom.
Think about:
- Why renters want to live in your neighborhood (access to recreation, transportation and entertainment are often big deciding factors)
- How you can complement or augment what the surrounding area offers (if you are located in an arts district, maybe add an art gallery or art-themed events)
- What sets you apart from similar properties in your area
- Who else in the community could become a collaborative partner to create elevated experiences for residents
- When and where to reach prospects who want the kind of lifestyle you can offer (that’s where a fabulous outsourced branding/marketing team – like us! – comes in)
One of our recent clients, Shift in Aurora, Colorado, did a great job of considering their residents’ lifestyle when renovating. They knew they wanted to attract a work-from-home, live-on-your-own-terms demographic, and their thoughtful value-adds delivered. We worked with them to create an accompanying rebranding strategy that helped reach new audiences and give life to this suburban multifamily property.
Need help creating a new multifamily brand personality and strategy? That’s what we do. Reach out today.
