New “luxury” style communities are coming into the market at break-neck pace. As they dominate the market, older multifamily communities are struggling to keep up and compete with their newer, more modern counterparts.
Even if your older communities aren’t the newest or the nicest on the block, you can leverage their unique strengths and employ smart marketing strategies to stand out as you figure out your best methods for branding multifamily value-add communities..
Spotlight Your Community’s Strengths
LUXURY IS OVER THE TOP
New “luxury” communities are pushing their neighbors to the limit. Offering unheard-of amenities that go a little farther than necessary: golf simulators, pickleball courts, speakeasy bars. Things that residents don’t necessarily need—but could be attracted by. There are a lot of “it’s like vacation, every day!” style places that may be going overboard, because they feel the need to have all the bells and whistles to snag their residents.
ADVANTAGES OF OLDER COMMUNITIES
Just because the modern competition is bringing some wild apartment amenities to the table doesn’t mean you give up. As an older community, you’re established. You (may) offer:
- An ideal or convenient location
- A quiet, homey atmosphere
- A mature setting with full trees, nearby parks, bike trails close by
- Larger units compared to newer developments
Beyond these things (which are far better than most amenities) if you have a culture of close-knit community at your apartments, that’s huge. Long-term renters help create the family feel, and loyal employees help with familiarity, as well. Loyalty goes a long way!
Smart Marketing For Multifamily Value-Add Communities
WHADDAYA GOT?
Amplify what you have. We talked advantages. Take note of those things that make your community special, whether it’s a listed amenity, or just a feeling. Pro-tip: that vibe is part of your brand. That resident and staff loyalty is in direct correlation to how you present your brand and how you fulfill the promises you’re making.
That said, there are a few specific things you should focus on to market your older community.
MARKETING IDEAS
Emphasize location – Location matters. What are the area trends, the vibe, the history, the culture? Look into cross-promotion with another local spot, and consider offering a local hot spot tour for your newest residents.
Focus on the atmosphere and vibe – Feels like home? Easy to catch public transit? Big trees everywhere? Trails nearby? Everyone knows each other? These things are a BIG DEAL. Authentically brand your community by pointing these gems out. It’s not everyday you move into an apartment that feels welcoming and homey.
Be the neighborhood know-it-all – Get the inside scoop on everything. Even if you’re not a luxury hotel or apartment, you can still function as a concierge with pro-tips for your new residents. Throw neighborhood recommendations out like confetti, and bump the resident experience up a few notches.
Spoil residents in small ways – You don’t need to hand out golden retrievers as a party favor. Instead host events, like a movie viewing with popcorn. Or a pool party with lemonade. Give your residents small gifts, make them feel seen and valued, and bring about some community bonding in a natural way.
Branding for Lower Property Classes
Branding is value made visible and tangible. Older communities may lack amenities but branding can make up for it, even if it’s on the simpler side—lower class apartments can still use branding. (Consistency accounts for a lot.) You can create culture with your apartment brand. Here’s how:
RESIDENT EXPERIENCE
How your brand makes your resident feel is directly tied to their living experience at your community. Ensure that you are communicative, friendly, and get your residents what they need. Your brand is not your offerings. It’s how you interact, engage, and grow your resident relationships over time. Your brand can encompass a whole lifestyle: of home. Of welcome. Of comfort.
COMMUNITY CONTEXT
What does your community bring to the fabric of the neighborhood? What role do you play in the value you offer to your residents, neighbors, and the broader area? Consider how you interact with local shops and non-profits. Philanthropy and community engagement bring about a better neighborhood and make your brand more authentic and relatable to your residents, as well.
Older multifamily value-add communities can still compete.
Just leverage what you have to offer and get creative with your marketing. And use your branding! That will be your best tool to help underscore your value to your residents as they have a positive experience with your property.
Explore creative apartment branding and marketing strategies for your communities with us at Zipcode Creative—no matter the year your community was built.