As an apartment building owner, what’s your brand? It might not be something you’ve ever thought about, but your apartment building already has a brand. Your brand comes from the image your property is portraying to both the people living there as well as the general public.
Your brand comes from your building’s appearance, reputation, and external marketing. It should help distinguish you from your competitors. A great apartment brand will also help convey your company’s core values and characteristics. It will become the foundation and launching point of your marketing campaigns.
The Benefits of Apartment Branding
- Focuses your marketing efforts. When you know what your brand is, your marketing becomes stronger and more effective. For example, if you want to target millennials, then you’ll want to take to social media as suggested in this article from Multifamily Executive. Focusing your marketing to a demographic is a smarter use of your budget and will lead to a higher conversion rate. When you start to brand through marketing, remember to filter your marketing efforts through the requirements of the Fair Housing Act. You can find a great guide from Vegas One Realty that can help you avoid problematic terminology.
- Helps build a solid community. Great multifamily property branding will focus on targeting a particular demographic. When you brand for that demographic, the people moving into your property will share common interests and values. That can create a stronger community in your building. The result is people living there longer and becoming more invested in their home.
- Increases your revenue potential. People pay more for the brands that they love. That’s true whether its coffee, shoes, or an apartment. When your property has a brand that excites people, they are willing to pay more money to become a part of it.
How to Brand Your Apartment Building
It’s up to you to take charge of your brand and ensure it’s a good one. Maybe you didn’t realize you needed a brand. Maybe your current brand is old and dated. Or maybe you are simply looking for ways to rebrand. Whatever the reason, there are many easy and creative ways that you can improve your apartment brand and increase your revenue.
Update the appearance in line with your brand
The appearance of your building should be in line with your brand. That includes the exterior as well as the public spaces such as lobbies and courtyards. Once you’ve identified your brand, carry that over into the design. Consider elements such as:
- Integrating your brand’s dominant color scheme into the design. You can do this with feature walls in the lobby or even canopies on the outside. This helps potential renters connect the physical building with marketing that they’ve seen. This will help build your brand and attract your target demographic to your space.
- Update your signage. Use similar fonts in both your building’s signage and marketing. That will strengthen brand identification. This can be a great opportunity to rename the building, too, bringing it more in line with your brand (for instance, Shady Acres isn’t a great building name for a place targeting millennial renters!).
Branding your building’s appearance doesn’t have to be a huge financial investment. There are many ways you can update on a budget. Check out this “Redesign on a Dime” article from Multifamily Executive for more inspiration.
Design with a single demographic in mind
What demographic are you targeting with your brand? If your apartment complex is in an up-and-coming area of town, it might be young working professionals. If it’s in a quiet established community, it might be baby boomers. Baby boomers are in the market for “luxe urban apartment living,” according to Curbed, and are looking for key amenities in their property. Know who your target demographic is and what they are looking for, then design your space with them in mind.
You might find it helpful to create a fake profile of your ideal renter and keep them in mind while making design decisions. Think of that profile when designing your communal spaces and choosing amenities to include in your apartment. Would they prefer a business center or a community room? Hot tub or a dog park? Knowing who you are designing for can make these decisions easier. Be sure to adhere to the Fair Housing Act requirements when targeting demographics, though.
Market lifestyle, not living space
Focus your apartment brand on selling a certain lifestyle. People choose where to live because it fits the sort of lifestyle that they want. Prove to them you can deliver it through a boutique-style service versus mass-market appeal. That’s exactly what Portus is doing with their buildings in Denver, Colorado. They have branded their buildings as eco-friendly, artsy apartments for professionals. It’s been a huge success for the company.
Brand your property through lifestyle shots in your marketing. Include residents enjoying certain amenities, entertaining friends and family, and enjoying the local area. While residents will still want information on the home itself (such as room sizes, monthly bills, etc.) that’s not what will get them through the door. Branding through lifestyle will help attract motivated renters to your property.
Ready to start branding your apartment building?
Need more ideas about how to brand your apartment building? The Theresa Bradley-Banta team can help. We work with our clients to help them maximize their income potential through their investment properties. We know how to help you achieve your real estate goals, whether you are a first-time or experienced investor. Get in touch with our team for a consultation and let’s talk about how to build your brand together.
Latest posts by Theresa Bradley-Banta (see all)
- Multifamily Common Areas Maintenance & Management Tips - March 31, 2020
- 8 Tenant Gift Ideas That Will Boost Your Bottom Line - November 11, 2019
- Need a Package Delivery System at Your Multifamily Rental Property? - October 28, 2019