A Guide to Branding Class A Multifamily Properties
As multifamily markets become more competitive, it’s important that your properties stand out – especially if you own or operate a Class A lease-up in a city like Seattle or Boston. But getting top dollar rents isn’t easy, and resorting to concessions is never a good idea. The secret to reaching stabilization? It starts with branding.
When branding a Class A multifamily property, the first thing you need to do is develop your marketing personas, a.k.a. profiles of your ideal residents. What makes a resident ideal? Well, that depends on your unique value proposition (UVP). Is your location the most walkable in Denver’s River North Art District? Do you go above and beyond to provide unique experiences for your residents? Once that is decided, you can determine which individuals are the best fit for your property based on the UVP.
Another tip for developing multifamily personas is to use info from tapestry segments to inform them – we like ESRI. Simply input your zip code and receive insight into how people in that area buy and spend their time.
Perform a Competitive Analysis
Now that you’ve mapped out your personas, it’s time to take a look at the competition. Choose 5-7 nearby competitors with similar offerings and pricing structure, and then perform a SWOT – strengths, weaknesses, opportunities, and threats – analysis of each. Be sure to note any similarities across properties – amenities, floor plans, website design, color palette, logos, etc. – as they may present an opportunity to differentiate your community from theirs. You should also pay attention to any glaring weaknesses and make sure your marketing materials account for them.
Select a Name
Once you’re all done with the competitive analysis, it’s time to select a name. The more creative you are, the better the opportunity there is to get noticed. For example, if three properties on the block are named something like “Franklin Apartments” or “The Lofts at Franklin,” it’s time to branch out.
Already have something in mind? Do a quick Google search to double check that the name is unique. For the best brand recognition, we suggest going with a name that has little-to-no competition locally – and never name your property the exact same as another community, even if you are in San Francisco and they are in Miami. (We’ve seen properties’ brand value diminish because of tragic circumstances at other, similarly named communities thousands of miles away.)
Decide on a Mood Board & Color Palette
A lot of properties skip coming up with a mood board during the branding process because they don’t think it’s necessary, but we’ve found it quite helpful. Mood boards define the look and feel of your brand. They’re more than just pretty pictures, they’re the fonts, colors, and textures that decide the overall vibe of your community – and they’re great for passing off to writers or designers who are working on your website or marketing collateral.
Just like we recommended referencing your competitive analysis for naming, you should also use it now. Everyone else in the neighborhood is using blue? Go green. Or purple. Or red. It doesn’t matter which color(s) you choose, just be original.
Design Your Logo
Your logo is important. Often times, it is one of the first interactions a prospect has with your brand – whether they’re searching online or doing a drive by. Set yourself up for success and invest in custom design from a professional designer. A surprising number of marketers are happy to go with a template they found online, but if you really want to make an impression, you need something that speaks to your brand.
Are you fun and modern? Cool and clean cut? Maybe you’re mid-century modern with a hint of hipster-chic. The right designer will suss out your style and deliver a logo that blows you away.
Don’t know how to communicate your style? Check out our illustrated design guide to learn the lingo for speaking with a designer.
Get to Know G5 Studio
The creative professionals at G5 Studio, G5’s in-house agency, are here to help you define your property’s brand. Our expert writers, designers, and brand strategists know multifamily branding inside and out, giving you the competitive advantage you need to get ahead in saturated Class A markets.
Schedule a strategy session with the G5 team to see how we can propel your property to stabilization.