Building Brand Value for Multifamily Through Data & Insights

In today’s competitive market, data-driven decisions are crucial for successful brand and marketing strategies. We recently asked Anne Baum, VP of Marketing at Towne Properties, and  Stacey Hampton of Asset NOI Consulting, to share their thoughts with us. We asked: Where exactly do you find the evidence that your brand delivers results? Let’s dive into the key data sources we need to be tracking.

Find the Data that Proves the Value

A well-executed brand minimizes reliance on costly tactics like escalating marketing spend, concessions, and rent reductions. By comparing traditional marketing metrics, such as click-through rates, contacts, and tours, to operational performance, you’ll see a clear correlation between lower expenses and higher revenue.

Metrics that indicate that a property has a strong brand and customer experience include a rating of 4.5 or higher on Google, a tour tour-to-application rate that is higher than the benchmark, the percentage of leases coming from referrals, and Rental Income Per Unit Compared to Budget at 100% or higher.

Online reviews and reputation management platforms offer valuable insights into resident sentiment and brand perception. High online ratings and the number of referral leases reflect strong resident satisfaction and brand strength.

Resident surveys and feedback provide crucial insights. Renewal rates and move-in/move-out NPS scores measure resident satisfaction and identify areas for improvement.

Website analytics provide valuable insights into website traffic patterns and user behavior. Analyzing website traffic helps understand which marketing channels are driving engagement and identify areas for optimization. A high bounce rate suggests that your website is not effectively engaging visitors.

How Corporate and Individual Property Brands Work Together 

The corporate brand sets the overall tone and values for the entire organization, while individual property brands reflect each location’s unique character and personality. Balance is achieved when clear brand guidelines and frameworks are established, such as standard photos, videos, tours, collateral, and sign packages. The individuality in the design and messaging should reflect the community, the people who reside there, and what’s important to them. 

With a strong operational foundation and mission at the corporate level, properties can then  reflect their purpose in their communities. 

A strong corporate brand provides a foundation of trust, quality, and consistency that resonates with potential residents. Individual property brands then build upon this foundation, offering a tailored experience that appeals to the specific needs and preferences of the target market for that particular location.

Verbal Identity Shapes Brand Personality 

Your verbal identity (brand voice and messaging) shapes your brand personality. Crafting a verbal identity involves defining your target audience and understanding their needs and values. It tells a compelling brand story,  communicating the unique value proposition of your brand and what makes it stand out. Finally, it consists of developing a consistent tone of voice that ensures your messaging is authentic, engaging, and reflects the desired brand personality.

It is essential to train your staff to embody and deliver the defined brand promise. Part of the brand promise is the experience prospects and residents receive from staff. Additionally, make sure brand assets are readily available to site staff. Consider managing websites and marketing sources centrally to ensure brand consistency.

Bring Your Leasing Team into the Brand Development Conversation

Your leasing team is on the front lines, interacting with potential residents and gathering valuable insights into their needs and preferences. The team understands their communities, know what prospects value most, and are deeply familiar with the area they work in daily. Look to them to differentiate your branding, centered around what prospects connect with, such as nearby schools, employers, and popular local eateries.

Physical + Visual Audits 

Beyond the data, conducting regular physical audits is crucial to ensure brand consistency across all touchpoints.This includes assessing the physical condition of the property, ensuring that the property is well-maintained and reflects the desired brand image. It also includes evaluating the property’s visual appeal, ensuring that its exterior and interior design are aesthetically pleasing and aligned with the brand identity. Finally, it includes inspecting signage and branding elements, ensuring that all signage and branding elements are consistent, up-to-date, and effectively communicating the brand message. Remember, physical visits help ensure consistent branding while identifying opportunities to expand it across the community. Existing communities often see improved occupancy with the slightest refresh in branding. 

Additionally, pairing physical with digital audits is also very important to ensure no discrepancy between how the property is represented online and IRL.  It is easy to misrepresent the property through website design, photography, and staging–but discrepancies will impact the tour-to-application ratio when there is a disconnect between the online and physical brand.

Which Type of Brand Do You Want to Be?

You can focus on being the “cheapest or closest to where I go every day,” appealing to renters primarily concerned with affordability and location. Alternatively, you can focus on creating a desirable lifestyle and emotional connection, appealing to renters who seek more than just a place to live. The answer will depend on your target market, competitive landscape, and overall business objectives.

By leveraging data, conducting thorough audits, and actively involving your team in the development process, you can create a powerful brand that drives resident satisfaction, enhances the resident experience, and maximizes your bottom line. 

Remember, your brand is more than just a logo or a slogan. It’s your promise to your residents, reflected in every aspect of your business, from your marketing materials to your resident interactions.