Apartment Branding for Faster Lease-Ups

We’ve probably all heard at some point “Build it and they will come.” But that little phrase carries a lot of questions with it: What should I build? Who will come? And how quickly will they come? It’s just a phrase—but we’d like to offer as an alternative:

“Brand it, and they will come faster!”In the multifamily industry, apartment branding hasn’t always been the priority. Apartment communities are built on the idea that a place to live, shelter, is a necessary item. While it’s true it’s necessary, it’s also true that there is a lot of competition.

To maximize your lease-up speed and revenue, apartment branding is more than a “nice-to-have”—it’s a core factor.

Apartment Branding for Marketing Success

Branding vs. Basic Supply: The Difference

There is a housing shortage for both homebuyers and for those that wish to rent. So, if you follow rules of supply and demand, the housing will eventually lease up because it’s in demand—but maybe not as fast as you’d hoped.

Competition has become fierce in the market. There are many apartment communities near yours, offering similar amenities and units. Why shouldn’t they pick your competitors? Why should they choose you instead?

Branding. Branding can expedite the process, tightening up your lease-up process. By creating an emotional connection with prospects and residents, and helping seal the deal with full end-to-end branding that emphasizes clarity and consistency and forms trust.

Or, if you’re more into the money side of things, think about it this way: If you have units vacant for longer, that’s missed revenue. That’s an increase in marketing costs to reach a wider group to see if someone in that group will convert and sign a lease. Also, if a resident moves into an apartment, and the unit next to them is empty, they may begin to question why they signed a lease at this place instead of the one across the street.

Identify End Goals Before Branding

What’s your end goal? In multifamily, there are two primary goals for properties: Build-to-sell or long-term hold.
Before you brand you’ll want to know which direction you’re headed in. Then, you’re better prepared for strategic branding decisions. 

BRANDING APPROACHES 

Branding approaches will be different for each path. For:

• Build-to-sell: Will you maintain the brand for the new owner or allow for rebranding? If your plan is to sell before leasing up, more intensive branding development may not be the right move for you. Alternatively—if you plan to lease up before selling, branding will be vital for you to attract residents before you sell.
• Long-term hold: Investing in more extensive brand development makes a lot more sense if you’re retaining the property for the long-term.

Knowing what’s next in terms of ownership can help marketing teams understand the role of brand strategy. It’s possible that a light touch with branding may be enough to get the property sold. If you plan to hang on to the property as part of your portfolio, branding should be a larger budget line item and a bigger consideration—as it can, as mentioned above, help with leasing rates and speed.

How Branding Accelerates Leasing

THE POWER OF APARTMENT BRANDING

Excellent apartment branding is the key to reaching the brand’s ideal resident profile (IRP) and possibly raising rental rates (be sure to offer actual value along with that perceived value, though.) Branding sharpens targeting, and it helps keep focus where it’s needed: on the resident. 

A well-crafted brand points to your community like a beacon—“pick me!” Your community can stand out if you choose to make it different in the ways that you can: with branding. When you create perceived value (“this is worth it!”), you can speed up leasing.

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Refresh Your Property—Including Your Brand

Flooring isn’t the only thing that needs a good refresh every so often. Your apartment brand could use a little zhuzh. 

Your property upgrades shouldn’t be limited to the physical. Think about your verbal and visual brand identity too. Is it still serving your current IRP? Does it still look good? Does it still sound good? Your countertops and flooring will get worn out with time, and your brand may also become a little lackluster over the course of several years, especially when compared to the new kid on the block.

Instead of a full-on brand revamp, consider a brand refresh. Tighten up your design elements, tailor your colors to be more appealing, and work out a brand voice that sounds more like the brand you’ve become (if that’s what the brand should be).

Wondering when you need a brand refresh? Here are the tell-tale signs and times:

• Shifts in the target demographic (keep up with who you want!)
• Competitor landscape changes (keep up with the Joneses!)
• New market trends or community repositioning (be accurate to your offerings and stay in the limelight!)

Maximizing an Apartment Brand Investment

ROI is always a consideration for marketing decisions. How can one prove the importance and the efficacy of an apartment brand?

Track it all.

And start off on the right foot.

In order to effectively maximize your apartment branding investment, please do the following:

• Invest in high-quality design and messaging from the start—not when something “just isn’t working.”
  • Rationale: Upper management won’t be keen on spending more money if your first branding efforts were haphazard or sub-par. Goodbye marketing budget increase request.
• Create a brand that addresses long-term goals—whether you’re selling or holding.
  • Rationale: If selling, your brand should paint a picture for the new investor or buyer. It won’t be doing all of the heavy lifting though. If you’re holding the asset, you’ll want to work harder on creating a brand that will last and does what you want. Focus on your future goals and align your brand strategy with it.
• Use data to track your branding effort impact
  • Rationale: Is the community leasing up faster? Are occupancy rates higher than before branding was developed? Track it all. This is evidence of ROI—and should be brought to any budget or progress meeting for the marketing team.

Apartment branding can help with faster lease-ups and higher returns (if you do it right). It’s a long-term investment with a sometimes-large up-front cost. However, when you’re dealing with a competitive market and strong demand—standing out is a necessity. And branding can help you get there.