Acquiring a new property to the portfolio is an exciting time. But then you see the branding. The consistency is off. The budget is limited and so is the timeline. Exit excitement, enter high pressure…and serious panic.
Walk through a strategic audit and action plan with us so you can deliver wins that will make your higher-ups happy and won’t have the financial team emailing you in a panic (visible change + budget-friendly efforts).
We’ve broken it down into 30, 60, and 90 day phases to tackle bite size chunks of the brand takeover of your acquired property, promoted property—or inherited full-on marketing disasters. Either way, read on to see what’s worth saving and what deserves scrapping when it comes to leasing impact over budget spend:
The First 48 Hours: Emergency Brand Assessment
When that new brand becomes part of the portfolio, evaluate the following immediately:
- ILS listing: Is it consistent with the brand?
- Photography: Is it high quality and up-to-date?
- Website: Look at conversions, brand alignment, and quality of content (to get a baseline and to understand what needs to be migrated and what can be deleted)
- Logo and visual identity files: Gather all of them up, and see if they cover all the necessary bases—and whether they’re usable
- Brand guidelines: Same idea as above—see if they cover all the bases, whether they’ve been followed, and if anything can be kept or adapted
- Marketing collateral: What is being handed out? Business cards, brochures, folders? Does it look good? Or does it need to be replaced ASAP?
- Signage: Is it in good condition? Is it accurate?
As you’re looking and assessing each of these pieces, think about the holes in the documentation—what needs to be created from scratch and what can be adapted?
The documentation hunt: What brand assets do you actually have access to vs. what needs to be created from scratch?
Brand Triage Time: Keep, Fix, Kill
Need to know what’s worth your time and what needs to be updated? And what’s not worth either of those things? Here comes brand triage. Keep it, fix it, or kill it.
Here’s our quick guide:
KEEP the brand element if:
- It has a positive reputation in the community
- It’s positioned to attract the right kind of resident
- It’s recent and aligns with property class
- It matches your corporate portfolio brand
FIX the brand element if:
- The foundation is solid but execution is inconsistent
- Minor updates would dramatically improve perception
- You can make high-impact changes at low cost
KILL the brand element if:
- It has a bad reputation or is concerning (it’s hurting leasing or legally problematic)
- It confuses prospects about the building quality or property class
- Starting fresh costs less than fixing
Keep in mind:
- The Property Class – Time for a reality check: Is the branding telling the truth about what the property actually is (or is it claiming “luxury” when it’s B- at best?)
- Website – Evaluate whether the content, structure, and approach is actually working or if it needs reimagining, don’t just delete everything without looking at what’s successful, even though you are rebuilding under new ownership
MAKING THE DECISION
If you’re stuck on whether you should fix it, consider how it impacts leasing decisions. Do some math to determine whether it’s “worth it” by comparing costs to impact. Know that any change you make may also require connected things to be updated as well, which can be a hidden or unforeseen cost. Sometimes the changes that need to be made are all about consistency, and a template can fix it. Other times it’s a quality issue and will require some more expensive, custom work—like hiring a professional photographer. Take it all with a grain of salt—and make the best choice for the brand.
The 30-60-90 Day Priorities
It’s finally time for the timeline! A property acquisition (or promotion) feels like it should come with a branding playbook, but somehow, it doesn’t! So we made a property acquisition branding playbook for you, with month-by-month steps to take.
DAYS 1-30: STOP THE BLEEDING
I know we said you could kill a few things, but now it’s time to staunch the flow (of money and of residents).
Quick fixes with minimal budget needs:
- Improve photos on ILS listings
- Create one professional marketing piece (brochure, rack card, a hand out)
- Reflect new ownership on temporary signage
- Placeholder website updates (as needed before it’s rebuilt)
DAYS 31-60: FIX WHAT PROSPECTS SEE FIRST
What’s visible is the clearest to prospects as to whether you care—so invest strategically here. Some high-visibility items that you’ll need to work through include:
- Professional photography (if current photos are tarnishing the brand)
- Branded floor plans and site maps
- Updated signage for curb appeal
- Website content development and design planning
DAYS 61-90: BUILD THE FOUNDATION
To maintain consistency for the long-term, the brand needs attention at its core. Giving guidelines, making rules, crafting templates. Every detail matters, so settle into habits with the team to build the brand and protect it.
Look at these pieces of infrastructure in your third month of the brand takeover:
- Brand guidelines documentation
- Complete marketing collateral suite
- Website launch under new ownership
- Resident communication materials (move-in packets, renewal materials)
Common Mistakes to Avoid With a Brand Takeover
Brand takeovers are enough to make marketing teams lose their heads. The budget’s thin enough as it is—don’t snap, and don’t make these super common mistakes.
Rebranding everything just because you can – This gets expensive. Go for the high visibility high impact first.
Keeping terrible brand elements out of fear – Think the brand’s minimal success will disappear when you swap out the old logo? Not likely. Do the research and be measured in your changes. Your brand is, of course, more than your logo—but be sure that’s not the thing holding you back.
Fixing pretty things before functional things – Make sure your site is mobile-friendly in addition to changing up your content. Hard to appreciate something (or request a tour!) when it’s impossible to read on a phone screen.
Underestimating rollout and training costs – Time is money. And sometimes when you go through a rebrand, it’s like pulling the thread of a sweater—it’s all connected, somehow. Consider what the domino effect of your changes will be, both for costs and for time.
DIY-ing complex brand architecture work – You’re tapped out enough as it is. Hire the professionals to come in with fresh eyes (and fresh brain cells) to translate your vision into something that will work for the brand. It will be worth it.
When to Call In the Pros
Marketing teams are highly capable. But there’s a time and a place for handing things in-house, and a time to call in the experts.
In-House:
- Basic updates (website verbiage, link updates, new business card orders)
- Organizing existing assets (online folders)
- Simple documentation (very basic brand guidelines and rules)
Call The Professionals:
- Portfolio brand architecture
- Full rebranding (including guidelines)
- Photography
- Website design and development
- Naming strategy
- Professional collateral design
Chaos can actually turn into confidence if you know the steps to take. Use the framework to see what’s working, to know what to focus on first, and which brand fixes will help drive improved leasing—all within 90 days.
