Is it time to rebrand your multifamily complex? If so, you’ll need the latest property management data to help you through the process. Learn when you may need to rebrand your apartment complex and how to use property management data when planning to rebrand.
Using Property Management Data to Learn if it’s Time for a Brand Facelift
Property management data shows that rebranding can help increase occupancy rates, improve tenant satisfaction scores, and even boost tenant retention. Therefore, it’s important to know when you need the help of apartment rebranding efforts to stay competitive in your market.
You’re Making Improvements
If you’re planning on making improvements in the near future, this may be an opportune time to rebrand your apartments. Property management data can help you determine if your competitors are also improving their properties and rebranding. If most other apartments are, that’s usually a good indication that you should as well to remain competitive in the market.
Rebranding as you renovate builds even more excitement for current and prospective tenants. It helps give your multifamily property a new lease on life. Therefore, consider rebranding as you plan major renovations or property improvements.
Your Reputation has Slid Downhill
Another common sign it’s time to rebrand is if your reputation is on the decline. Whether you have negative reviews online or have noticed fewer referrals, a poor reputation can have major impacts on your property’s income. Therefore, rebranding can help you put these issues behind you. Property management data suggests that rebranding helps show renters that you have made changes to keep them happy.
You Need to Rethink Your Target Market
When was the last time you reevaluated your target market? If it’s been a while, your market may have changed. For example, your area may have been populated by mostly young professionals years ago, but now it may have more families. When you need to rethink your target market for your multifamily complex, it may be best to rebrand to fit your new audience. Use the most advanced multifamily research to ensure your rebranding efforts suit your new audience.
What Property Management Data Says About Multifamily Rebranding
Multifamily data research shows that rebranding shouldn’t just involve a new name. A name change for your apartment complex should coincide with other improvements. The best first step for your rebranding is researching apartment market data to learn how you compare with your competitors in all aspects. Then, you can find areas where you can enhance the experience for your tenants. Also, don’t forget to update your signage, website, and other marketing materials with your new brand information to prevent confusion.
At ApartmentData.com, we offer state-of-the-art multifamily data research to property managers, leasing agents, and other multifamily professionals. Our team contacts each property in our database once a month so you can analyze the data with confidence. Call us today at (800) 595-8730 to learn more and request a demonstration of our services. We are here to serve you.