Rebranding is a time-consuming and complex process. So why should multifamily companies or properties go through it? Simply put, to stay relevant, to reposition themselves in the marketplace, to stay top of mind to prospects and potential business partners and to ultimately evolve with changing times.
Although a full rebrand is not always necessary, a refresh of the older brand might be a good idea from time to time. “It’s good to show that a brand can evolve and grow with the times,” according to Bekkah Doyle, senior search marketing specialist at digital marketing agency REACH by RentCafe.
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For example, Somerset Development—a developer that focuses on large-scale, transit-oriented and brownfield redevelopment projects—recently rebranded to Inspired by Somerset Development. CEO & Founder Ralph Zucker told Multi-Housing News that the move reflects the company’s evolution since its inception nearly three decades ago.
“Inspired fully encapsulates who we are as innovators in the real estate industry and communicates to our own people about what inspires us,” Zucker said. “We’ve always had an extra edge and sense of creativity when it comes to our redevelopment initiatives, and we wanted to celebrate that with a brand new name that reflects our ongoing legacy.”
The rebranding process comes as a natural reaction to a company’s progress and growth. When considering this step, there are multiple aspects to think about: How well does the target audience understand the brand? How long has it been since the previous rebrand? Does the brand still reflect the company’s values, culture and beliefs? In Inspired’s case, the brand and tagline no longer fully represented who the company was nor told its full story. That’s when Zucker said they knew it was time for a major change, even though rebranding a company comes with a handful of risks.
Alexis Krisay, president of marketing at Serendipit Consulting, told MHN that in order to determine if a company needs a new name, logo or repositioning, the first step should be a full audit of the existing brand/branding. An immersive brand workshop to dive deep into the intrinsic branding of the business is also recommended, and rebranding should be executed alongside an experienced partner.
“Always work with an expert to complete a rebrand to avoid an echo chamber,” Krisay said.
A full company rebrand or a partial makeover?
Rebranding has the power to make something old look like new again. It can change perceptions and reposition a multifamily company in the market. Also, if the company changed ownership or has new key stakeholders an updated brand can reflect those shifts.
According to Krisay, full rebrands mean every element of the brand should be reconsidered, starting with the name, logo and brand standards, and moving on to signage and business cards. “We believe in a holistic branding approach, so every element should be considered—down to the color of the chairs in your office,” Krisay said.
On the other hand, when you’ve worked hard for several years to build brand awareness and a recognizable name, a refresh of the older brand might be enough. “If your current brand has a mostly positive connotation to it why give that up? Especially when we get into the gritty details such as keyword and domain authority with SEO efforts,” Doyle noted.
A brand refresh is also recommended when a multifamily company evolves internally, providing new products or services. Updated logos, new color schemes, a revised social media strategy might do the trick. However, if the new products or services are considered to be game changers, that needs to be an integral part of the brand and means a full rebrand is likely needed, Krisay believes.
Where to start in property rebranding?
When it comes to rebranding a multifamily property, the experts say that there are multiple elements to consider. First, the owner and the property manager should sit down with the marketing team, the longer-tenured staff and the rebranding specialists to brainstorm and come up with ideas that resonate with both residents and prospects.
A property’s new name needs to reflect a fresh start, but it also has to maintain its local authenticity. But how do you do that?
“Research, research, research. We’re not just talking about data either—interview residents, local employees, etc. to get an understanding of the local flavor and vibe. Ensure that meshes with your branding efforts,” Krisay recommended.
Doyle also believes that taking a look at the surrounding community, such as local restaurants or shopping venues, is essential to make sure one is not off brand for the local community. “For example, if your property is in a really eccentric and colorful neighborhood, you don’t want to go with simple black and white branding. We see this a lot in places like Miami for example. The area has a very strong identity of its own and you almost have to lean into that preestablished branding, especially since that is what draws people to the area,” she said.
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A good rebranding will make a splash in the local community and highlight the property’s unique features. It can also help properties reach new audiences, especially Gen Z. Last year, a REACH by RentCafe team investigated how this tech-savvy generation searches online and found that, most often, members of Gen Z start their search on Google, with 72 percent of the 10,000 Gen Z renters surveyed saying that they’re mostly visiting properties’ photos pages, followed by 64 percent who said that they were mainly interested in the amenities that a property has. So if you’re looking to attract the next generation of renters, make sure the new brand appeals to them online in a user-friendly manner.
“You could have the most modern and luxurious properties, but if their sites have low quality imagery and bland marketing, your properties will be judged by that and held to that standard,” Doyle warned.
When should a property be rebranded?
Most property rebrandings happen when there’s a change in ownership or when the community undergoes an extensive renovation. For example, when P.B. Bell acquired the 272-unit Bayside at The Islands in Gilbert, Ariz., it began a $2.5 million renovation of the property and also renamed it Alcove at The Islands.
“While we believe a community could be rebranded pretty much any time, a perfect time would be when a community is undergoing a significant renovation, upgrading and improving both the units and amenity spaces and offerings,” Debbie Willis, president of property services at P.B. Bell, told MHN.
Another time when a repositioning should be considered is when a property has a problematic past. Sometimes, changing a community’s name and rebranding everything can help restore a property’s reputation. However, in this particular case, rebranding is just the tip of the iceberg.
“You have to identify and fix what resulted in a poor reputation in the first place. There’s an old adage about putting lipstick on a pig that very much comes into play here,” Krisay said.
