5 Signs It’s Time to Rebrand Your Apartment Community
You know what they say, “when life gives you a bad logo, rebrand!” Okay, maybe that’s not how the saying goes, but you get the idea. It’s time to talk about when to rebrand your apartment community.
As a property management expert or owner, knowing when to rebrand your apartment community can be a game-changer. Whether you’re noticing changes in the multifamily industry, lack of interest from your target audience, or new competitors threatening your offer, a rebrand can help potential residents perceive and interact with your business in a better light. Plus, it may just be the ‘cherry on top’ that seals the deal to hot leads.
Wondering if you need a new look? In this blog post, we’ll explore 5 signs that it’s time to rebrand your apartment community.
SIGN #1: DATED LOGO OR NEVER DEVELOPED A BRAND BEFORE
Gradient color schemes, overly detailed graphics, and drop shadows are all design elements that are (sorry!) out of style and out of touch. It may have looked great 10 years ago, but if your design has one of these elements or has simply grown outdated, this is one of the most obvious signs it’s time for a rebrand.
Or maybe your apartment community never really had a “brand” before – hint: just a logo doesn’t count.
Updating your brand to a more modern, professional, and appealing logo can help reconnect with your target audience and add your apartment community as a fresh new face to the block.
SIGN #2: MISALIGNED BRAND IDENTITY
Your brand identity is more than just a logo or color scheme; it’s the way you communicate your community’s values, mission, and personality to your target audience. If your brand identity is misaligned with your business goals and target audience, it can lead to confusion and outright mistrust from potential residents.
A few examples of misaligned brand identities include:
- Does your apartment community claim that it’s ‘luxurious, modern, and upscale’ even though it’s actually dated and in need of renovations?
- Is your ideal target audience a younger student demographic, but your language and visuals have grown outdated?
- Have you added new amenities, updated countertops, installed a pool, but have yet to change your marketing strategy?
- Are you struggling to connect with prospects and even current residents?
If any of these are ringing a bell, it may be time to consider a rebrand.
SIGN #3: YOUR COMMUNITY IS GOING THROUGH NEW RENOVATIONS AND UPGRADES
Imagine this scenario: Your apartment community has undergone extensive upgrades and renovations. You’ve revamped the amenities, renovated floor plans, and introduced new communal spaces like a pool and state-of-the-art fitness center. However, despite these improvements, your efforts to attract new tenants seem to fall flat. Your inbox remains empty, and your phone fails to ring with fresh leads.
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It’s time for a rebrand. A fresh new look is a great way to bring some intrigue and attention to any upgrades or renovations you’ve completed in your community. By creating a new brand, you can redefine your community’s mission statement, target market, and marketing materials to match your new premium offerings. Plus, by incorporating the renovations and upgrades into your new branding materials, you can position yourself as a luxury experience and raise prices.
Sounds like a win-win situation to us.
SIGN #4: NEGATIVE PERCEPTION
So, you’re the talk of the town, but not in the good way? If your community is suffering from a bad reputation, it’s time to do some damage control. Negative reviews and word-of-mouth can put a dent in your efforts to attract new residents. A fresh new look can help you distance yourself from the past, show that new things have emerged, and build trust with potential residents.
SIGN #5: NEW COMPETITION
If there’s new competition on the block that offers amenities or services that you don’t, or an increasingly saturated market, a new brand identity can help differentiate yourself and attract new residents.
Knowing when to rebrand your apartment community is crucial for staying competitive and appealing to your target audience, and if any of these signs are ringing a bell, the time may just be now.
While a logo alone isn’t going to lease up your units… a strong logo, brand identity, purposeful messaging, and a great marketing strategy will create a solid apartment marketing plan.
Source: Multifamily Insiders