How good is your property's image? Are you attracting the demographic that you would like? Are you retaining the residents that you already have?

If not, rebranding might be the answer. 

Rebranding often includes a new logo, new colors, a slogan or jingle, perhaps a new name, and it often includes capital improvements.

But how do you know when it's time for a rebrand?

• Are you already planning to make capital improvements? Then, it might be a good idea to consider an overall rebrand.
• New ownership. If you've recently purchased a property it may be a good idea to rebrand, especially if you already own multiple properties and have a well-perceived brand.
• When your brand has become a liability. Reputation is everything. If you own or have acquired a property that has low ratings from residents, and perhaps a list of complaints, a new brand strategy can help. A well-executed rebrand can solve many of these problems. Starting fresh can reshape the perceptions of residents, help with retention, and gain or regain trust.

If any part of your brand… the logo, or the signage looks dated, the assumption will be that your property is dated. In order to stay current and relevant, most brands retool every 7 to 12 years.

These days, prospective residents are looking at your website first, so you're going to need to include that in your rebranding marketing plan as well. 

That's right. You're going to need a marketing plan. Here's what to think about:

Determine who your ideal prospective resident is. Tailor your marketing efforts to that person. Learn everything you can about them. What methods does your ideal tenant use when searching for a rental? Where are they? What do they like to do? This will allow you to market to potential renters once you know whom you want to attract. What popular restaurants or nightspots do they frequent? You may want to consider partnerships with them in order to offer specials to prospective tenants.

Play to your strengths. What is unique about your property? In what ways does your staff go above and beyond in service?

Emphasize your planned high-impact improvements, like renovated kitchens, and exterior facelift redecorated common areas, etc.

Have a well thought out plan. There are so many pieces to consider: the website, social media channels, logos, colors, signage… Set goals regarding the timeline, budget, and strategy. 

Think creatively and be bold. Don't be afraid to go big.

Don't forget your current tenants in the process. People are searching for a sense of belonging and community. Ask your current tenants what's important. Geat their opinions on any capital improvements you're planning to make. Talk to them and really listen to what they need. Keeping them in the loop will show them they are valued and will go a long way toward keeping them as tenants. Needless to say, you've got to follow through on your promises. 

Approaching your rebrand strategically and systematically is the best way to change your image. The value of a smooth, well-executed, and effective rebrand can be a life-changer. A poorly thought out, halfway executed, and timid rebrand can spell disaster.