Rebranding a multifamily or apartment community can bring many perks, like boosting your reputation, modernizing your property’s look, and increasing its value. In this blog, we dive into the exciting journey of rebranding and offer tips and tricks to help you avoid common pitfalls. Whether you’re thinking about a simple refresh or a complete makeover, we’ll guide you through the process to help your community shine. Let’s get started!
The Decision to Rebrand: Common Scenarios
Based on our extensive experience working with hundreds of multifamily communities, these are the most common reasons that might prompt a rebranding effort.
New Ownership: New owners often consider rebranding for a few main reasons:
- Improving Reputation: If the multifamily community has a less-than-ideal reputation or negative reviews, rebranding can help. By adopting a new name and website, the SEO can be reset, offering a fresh start with a chance to elevate the community and attract a higher-quality tenant base.
- Updating Image: The current name and logo might be outdated or not aligned with the new owner’s vision for the property.
- Modernizing Appearance: Refreshing dated exteriors and interiors can make the property stand out from competitors in the area.
Existing Ownership: Many of the reasons mentioned above apply, but the most common we encounter are:
- Outdated Branding: The current branding may simply be old and in need of a refresh after many years.
- Boosting Performance: If the property is underperforming, rebranding can be an effective strategy to enhance its appeal and improve overall performance.
Brand Refresh vs. Complete Brand Makeover
Brand Refresh: There are a few key differences between a light refresh and a complete makeover of an asset’s rebranding.
- Maintain Current Name: If you are happy with the existing name of the property, you could just adopt a new logo and/or color scheme for the community.
- Maintain Current Logo: In this case, the name and logo would remain the same, but you may decide to update your website and other marketing materials for a light refresh.
- Signage Update: If the current signage is tired or dated, you may choose to update the signage with the current name and logo. However, signage is a large capital expenditure that is used in many areas across the community, so, in this case, we typically recommend at least updating the logo if you are happy with the name.
- Amenities: A light refresh of the leasing office, model unit, and other amenities across the property can show tenants that you care about their community and their quality of life
Complete Brand Makeover: Elevating your property with a complete brand makeover can be a powerful tool. Here are the key components typically involved in a comprehensive rebranding project.
- New Name: Changing the name of your property allows you to reassess current trends and cater to your target market. The name can play a crucial role in generating interest from potential tenants.
- New Logo & Colors: Carefully consider your color palette. Ensure that it complements any existing elements like unpainted brick or stucco. Think about what colors will attract your ideal tenants, considering their age range and lifestyle. Single professionals or young families? What colors are the surrounding properties using? Aim to stand out from the crowd.
- Updated Amenities: Review every area of your community to ensure cohesive branding.
Leasing Office:
- New Residents: The leasing office creates the first impression for prospective tenants. Many potential tenants look at several properties in a short period of time, so what sets you apart? Ensure it looks clean, fresh, and well-landscaped. Small details like a freshly painted door and an inviting doormat matter. Does the door squeak when you open it? If so, that could suggest a poorly maintained community to a potential tenant. Inside, create a lounge area that impresses upon entry, avoiding cluttered desks as the first view. Potential residents form an opinion of whether they would consider living in a community within 15 seconds, so an eye-catching and positive experience is crucial.
- Current Residents: The leasing office is still frequently visited by current tenants, even with the option of handling everything electronically. There is still just something nice about going to speak to someone in person when you have questions or maintenance requests, and we find that most leasing offices have a revolving door of current residents coming through. A well-maintained office demonstrates ongoing investment in their quality of life, potentially increasing renewal rates and occupancy.
- Onsite Team: A beautiful and efficient workspace enhances your onsite team’s daily experience. This can result in greater employee retention and confidence when leasing at higher rents.
- Vendors: Well-maintained, well-run, and freshly designed properties often receive preferential treatment from busy vendors.
- Model Unit: Ensure model units are as memorable as your leasing office, with a matching color palette for cohesive branding.
- Keep the approach to the model unit spotlessly clean daily.
- All lights and lamps should be on for tours to create a welcoming environment.
- The interior furnishings should be refreshed daily, and the unit should be clean and smelling fresh.
- Signage Update: New signage can create a modern appeal for your community.
- Monument Sign: This is how potential residents locate your property, so ensure it is easily visible from the street and creates a dramatic impression. This is your opportunity to kickstart the image and branding that they will encounter in your community.
- Directional Signage: Help potential residents easily locate your leasing office and its entrance, and ensure guests can find the right building and unit when visiting residents.
- Amenities Signage: All signs should be cohesive and easy to understand.
- Marketing Makeover: Showcase your updated name, logo, signage, and amenities on your website and all marketing platforms.
- Online Presence: Make sure potential residents see your new name, logo, and professionally photographed amenities on your website and apartment search sites. Update these apartment search sites with new photos.
- Other Marketing: Update all social media and printed materials to reflect your new branding
Increasing Value Through Design
Multifamily executives often focus on the technical aspects of CapEx projects without fully considering the factors that influence tenant retention, renewal decisions, and employee satisfaction. Neglecting to engage an interior designer can lead to significant investments of time and money that may not resonate with tenants and employees. To enhance NOI, a critical factor in valuing a multifamily asset, it’s essential to focus on increasing income and reducing expenses. Here are some ways that interior designers can help owners achieve these goals.
Increasing Income
- Increase Occupancy: An interior designer can help rebrand a community in a cohesive and modern way, attracting potential residents and encouraging current residents to renew their leases.
- Increase Rents: A well-executed rebranding project can elevate the community’s image, justifying higher rental rates.
Decreasing Expenses
- Fewer Unit Turns: Retaining satisfied residents is more cost-effective than turning over units. When a tenant moves out, repairs and updates are necessary for the next occupant, and these costs can vary based on the length of tenancy and the business plan for unit upgrades.
- Less Employee Turnover: A rebranding can boost your onsite team’s morale by creating a beautiful, modern work environment. Reducing staff turnover saves on training costs and helps maintain occupancy rates and minimize delinquencies. This often-overlooked benefit can be a powerful factor when considering a rebranding effort.
Tips and Pitfalls for Multifamily Executives
Property Portfolios
Should all your multifamily properties be branded cohesively?
It depends on your primary goals:
- Building Your Ownership Team’s Image: If your focus is on establishing a strong, recognizable brand for your ownership team in the marketplace, then a cohesive branding strategy can be very effective.
- Unique Property Identity: If you aim for each property to be unique and cater specifically to its local market, consider customizing the branding to best fit the area’s demographics and preferences.
DIY or Professional?
Rebranding can be a complex undertaking. While some multifamily executives attempt DIY rebranding projects, they often share with us that their final results were underwhelming and say that, in hindsight, they should have reached out to a designer at the beginning of their project to avoid the costly mistakes they made. Professional interior designers can guide you through the entire process, delivering dramatic results that can significantly enhance your asset’s value. Their specialized skills and expertise can be invaluable when investing in rebranding projects. We recommend engaging them as early as possible in the process.
LISA LANDRY BIO
Lisa Landry is the CEO of Landry Designs, an award-winning interior design firm she founded in 1998. Specializing in enhancing the value of multifamily properties nationwide, the firm also excels in residential and commercial makeover projects. Lisa and her team have collaborated with hundreds of multifamily owners and property management companies to attract higher-quality tenants, boost occupancy rates, and increase NOI through their innovative designs. Their comprehensive services include revamping leasing offices, model units, amenities, and complete rebranding, all delivered with a fun and seamless process.
In addition to her design expertise, Lisa has significant experience in multifamily ownership and asset management through her real estate business, Above & Beyond Multifamily. Here, she helps investors achieve their financial goals through multifamily investing. Her extensive background in multifamily design and onsite experience has facilitated her transition to property ownership. This dual expertise provides valuable insights to her design team, allowing Lisa to maintain a unique perspective in both the design and ownership realms.
