Sometimes you need a new approach to how your community is perceived by residents and prospects. Rebranding can offer more effective marketing opportunities while showing off a way of living that residents love and prospective renters want to be part of.

But changing your community’s image can be costly and time-consuming. Your community’s brand already exists, and if it’s working fine, a refresh simply updates it. On the flip side, a rebrand completely alters the community’s identity. It’s the difference between a remodel versus a renovation. How do you know when you should rebrand your community — or if a simple refresh make more sense? 

Consider these scenarios when deciding whether to rebrand or refresh your property.

You can’t define your current brand

If you were asked to describe your community’s brand, what would you say? If you can’t come up with at least three to five words to describe your community’s value proposition (modern, convenient, friendly, resort-like, social, high-tech, etc.), it’s time to be more proactive about defining your brand.

Also, if your community’s image doesn’t match the neighborhood lifestyle, it’s time to make a change. Perhaps your neighborhood has gone from blue collar to high-tech or from a car-centric community to a hub for public transit. Aligning perceptions with reality helps you more effectively market to each property’s ideal renter and reaffirms their expectations when they tour.

Your current reputation needs improvement

We live in a time where online customer reviews are common, which can be a double-edged sword — especially when negative reviews can live online forever. Put your best foot forward with a fresh look and new messaging in order to encourage potential renters to look past any old, negative reviews. Responding professionally to all reviews, positive or negative, is a great way to show off your customer service skills and demonstrate your interest in improving your community.

You’ve renovated or added amenities

If your community has recently gotten a makeover, it might be a great time to give your marketing materials a second look too. Your website is often a prospective renter’s first point of entry, so update it along with your listing photos, videos, social media posts and collateral. Fresh visuals of residents enjoying your new and improved community will help future renters envision themselves living there too.

You want to attract residents at a higher price point

Understanding your demographic and the lifestyle they seek will help you develop a brand that resonates with them. If your goal is to increase revenue by attracting renters at a higher price point, your updated brand should convey the high-end lifestyle your target resident seeks and reflect the prices you want them to pay. 

For example, if you’ve replaced outdated appliances with energy-efficient ones, used sustainable materials in your renovations and added organic gardening space, that’s definitely an opportunity to rebrand and attract environmentally minded renters who are willing to pay to live in a home that aligns with their values.

A word to the wise: Be wary of rebranding as a luxury community if the product offering doesn’t align with reality. Anything short of adding wall-to-wall concierge services likely won’t be considered luxury by prospective residents.

You want to increase name recognition

There are many reasons why your community may not have great name recognition with potential renters. Perhaps your community has been renamed multiple times as a result of being owned by different management companies. Or maybe it’s just had a nondescript name from the start. Either way, memorable visuals or a tagline that accentuates the name of your property can work wonders in helping people remember who you are and where you’re located.

If you decide to change the name, start with updating the exterior of the building, since that’s what current and prospective residents see first when they step foot on the property. Create interest and excitement with “coming soon” language or even a countdown calendar. Reinforce the new identity’s relevance and uniqueness in the neighborhood with all your collateral and messaging.

You’re losing renters to other nearby properties

If your community is part of a highly competitive rental real estate market, having a strong brand is even more important. Simply put, communities with well-defined brands have an easier time attracting renters. If you find yourself losing renters to similar nearby buildings, take a hard look at refreshing your brand strategies to better compete with them. 

A competitive market can mean upping the ante on your advertising and showing renters what they’re missing. Showcase your property in its best light where many prospective residents are looking: online. A strategy that includes social media targeting can give your listing a leg up over others in a renter’s feed.

You’re suffering from high staff turnover

Lack of a clear vision doesn’t just affect your ability to attract new residents. If you’ve noticed high attrition rates among staff members, it’s possible that management isn’t doing a good job of conveying the community’s values, goals and priorities. 

How did the community get its name? What inspired its design? Who are your happiest long-term residents — and why them? Help your employees feel like they're part of a bigger initiative when they can share your brand story with prospective renters, especially those deciding between two buildings.

If any of these situations describes your community, it’s time to refresh or rebrand. Whether you start small with simply updating your social media pages and website or dive right in with a comprehensive overhaul, you’ll be taking a step in the right direction.