A brand is more than just a name or logo associated with a company. A brand represents an experience consumers come to expect when thinking about your product offering. Enabling an experience for your tenants can help you create relationships that lead to higher retention and loyalty for the long term. This involves thinking about what kind of brand – or experience – you want to create.
That’s why a crucial first step to branding your property is getting to know your tenants. Who are they? What do they care about? What kind of lifestyle do they follow? How can I create a home environment that appeals to their personal tastes and preferences? The answers to these questions will deepen your understanding of your property’s target persona and how you can attract – and keep – tenants that fit this persona more effectively.
To better understand how branding works, let’s take a look at three key reasons why building a brand can help increase your bottom-line.
A brand that reflects your tenants, will help you attract and develop a community of like-minded residents who will be excited about what your property has to offer. Your tenant screening process is a great place to start building a positive relationship as well as set the tone for your property. If done well your property’s brand will be evident during the screening process itself, further helping to create engagement and loyalty. If not, potential tenants will feel disconnected and unengaged from your brand before they’ve even moved in. Positive relationships with your tenants are the key to long-term success so use every opportunity to create experiences they love and will associate with your brand.
A recognizable logo and name will help potential tenants immediately understand where you compete. Your name alone might not have enough awareness among potential tenants beyond your complex and specific location so consider what branding options will maximize your impact.
What do the colors in your logo say about your property? Young, vibrant, active? Or mature, family-oriented and relaxed? When selecting a color scheme for your brand, research what popular products your current tenants are already using on a daily basis. Those brands paid millions in advertising – you don’t have to! The colors you choose will be more likely to resonate with like-minded prospective clients.
Does the name of your building have a Designation Point? By that, does your property name describe the location and surrounding area while enticing people to stop by? Is your brand attracting the right tenant?
These are some questions to consider when settling on an image for your property. An easily recognizable name and logo may add up to more potential tenants at your open house or calling to inquire about rental rates. Increased tenant inquisition leads to an increased tenant demand for your property.
While relationships and recognition are key, creating loyalty for your brand is the ultimate reason tenants will choose to stay on your property. Building brand loyalty to your property is a sure-fire way to retain your current residents and advertise to potential ones as well. Create a loyalty to your property by building a positive reputation of the services and features associated with your property. The luxury hotel chain, Ritz-Carlton, is a great example of brand with exceptional loyalty among its consumers. By setting – and meeting – baseline expectations for exceptional quality, service, and amenities, your tenants will go out of their way to stay on your property.
Let Rentigo help you today by building your brand to grow your business. With our all-in-one tenant mobile solution, your residents will receive the same exceptional service every time they pay their rent, submit maintenance requests, or utilize the instant messaging feature to inquire about anything from building repairs to upgrading their unit! Establish your brand and start increasing your property values today with Rentigo!