In the highly competitive world of property investing, proper marketing can make the difference between success and failure. For long-term success and a stable business model, branding is also important. Many people may confuse the two.
The purpose of marketing is to motivate potential customers to take action. Branding is necessary to build a base of loyal customers. An essential part of effective brand marketing is utilizing your current customers and tenants to generate new tenants from word-of-mouth and glowing reviews. To turn your existing tenants into your raving fans, you need brand marketing.
Establishing your brand
Your brand is what distinguishes you from your competitors. Your branding clearly conveys your values and company characteristics. Branding is the foundation and launching point for all of your marketing efforts. Think of your brand as solid and stationary. It is there for your tenants and is consistent and reliable. Marketing is more fluid. It goes out and finds new tenants and motivates them to move to your brand.
Do small investors need a brand?
Large corporations spend millions and have entire divisions devoted to developing, maintaining, and protecting their brand. Small investors do not have that luxury. It is understandable to feel that branding should be low on your list of priorities and that you already have many things competing for your time.
The best way for a small investor to view branding is not to think of it as a task you complete, like doing taxes or mowing the lawn. Think of your brand as your reputation. Businesses of all sizes have a reputation and identity. While you may not give much thought to brand marketing or branding, you do care about your reputation.
This means that you devote some time to thinking about the impression people have of your company. What is the first thing that comes to mind when they see one of your properties? Do they recognize it as a property owned by you because it looks fresh and well-maintained?
Your personal style, standards and values
Your want your properties and brand to convey a positive impression to everyone. You do this by applying your personal style, standards and values to everything your company does. That includes things like how the company vehicles are maintained and the landscaping. Think about other companies that make an impression on you.
You are making an impression on others with your company, and you want it to be a good one. You must be proactive in taking steps to control and influence the impression people have of your business.
Related Articles:
How to Attract and Keep Happy Residents
Great Ideas for Resident Retention: Easy Customer Service Makeover Tips
Multifamily Tenant Retention Strategies
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