When it’s time to make big changes at your property, you should consider a variety of factors such as the reasons behind your rebranding, as well as how you’ll do it – for you to successfully upgrade your community and create a welcoming property. By doing your homework and crafting a detailed plan, you can transform your current property into a desirable community for current and prospective residents alike.
Know the Reasons Behind the Rebrand
There are a lot of reasons that might lead you to rebrand your community. You may want to keep up with competitive nearby multifamily communities, your community may be dated and facing declining occupancy, or you may have recently acquired the property and want to increase value. Whatever the reason behind your initiative, be clear with your goals during the rebranding process as it will be an investment of both time and resources.
Do Your Research
In an article featured on MultiHousingNews, experts offer tips on the rebranding process and completing detailed research is top of the list. You’ll need to study what other communities are offering and even look at data from residents to see what features they desire or expect to find in a similar community. Thorough research will allow you to logically design and implement your rebrand strategy.
Pay Attention to Location & Demographics
Is your property run-down while nearby communities are getting face-lifts? Are you hoping to attract younger residents or seniors? By paying attention to similar communities as well as your target demographic, you’ll know which direction to take for your rebranding efforts. You’ll likely include studying location and target groups in your research.
Some Upgrades Are Always a Good Bet
Your rebranding may not need certain trendy upgrades, but others will always be a safe bet. You should aim to improve your exterior appearance and make the interior welcoming. Popular features like pools, kitchen upgrades, and fitness centers can set your community apart.
The MHN article discusses devising a practical budget, in which you prioritize the different demands on your resources. When planning your budget, you’ll want to refer back to your research and look at the upgrades that residents would expect to find. As one expert says, you can’t just change the name without making improvements. Other elements to your budget might be staff changes, landscaping, and system upgrades, according to MHN.
Once you’ve decided to upgrade and rebrand your community, your residents and possible new renters will benefit by receiving a new and improved welcoming environment. By having a clear vision of why you need to rebrand, doing diligent research, creating a budget, etc. you’ll be well on your way to both improving your investment and improving the place your renters call home.