Having a strong, well-defined brand is important for any business. But in property management, where business owners are constantly busy putting out fires (sometimes literally), it can be difficult to prioritize building a brand. Most property managers just don’t put enough time into it.
Most property management companies commission a logo from a designer, build a website, and call it a brand. In reality, though, a brand goes a lot farther. Focusing on your brand beyond just branding can have an outsized impact on your business, and lead to happier residents and investors.
What is branding?
A lot of people confuse having “branding” for their company with having “a brand.” To simplify things and make sure we’re all using the same language, your branding is the visual and stylistic representation of your brand. It includes elements like:
- Logo, colors, and font
- Slogan
- Website
- Imagery, photography, and icons
Branding is when you make sure the color of the ink on your business card matches the colors on your website, or when you put your logo on the side of a maintenance truck. It’s making sure your lease template uses the latest logo and colors, and that your welcome guide uses the same iconography as your resident portal.
But your visual branding is only a subset of your overall brand. It doesn’t get at the heart of what makes your company unique, and it doesn’t account for how your audience sees you. That’s what a true brand is.
What is a brand?
Your brand is how your employees, customers, and potential customers see you. It’s how your company makes them feel, the reputation you carry, and the experience you bring to the market. Let’s look at a few different elements that make up your brand, and how they come to life for a property management company.
Memorable experiences
Every time you interact with someone, whether it’s on your website, via a phone call, or by fixing a maintenance issue, you’re building experiences they’re going to remember. Part of building a strong brand is giving consistent, positive experiences at every opportunity. It’s the steps you take, the words you use, and how you respond to issues.
For example, Dollar Shave Club has created memorable experiences through their creative advertising and viral marketing. They back it up with a simple, quality product.
Emotional connection
A brand is about fostering an emotional connection with your audience. Maybe your brand is about making your audience feel heard and supported, or about making them feel like they can trust you. Maybe it’s making them feel like you’re a friend, or a professional, or an expert. It’s your job to decide what emotions you want people to associate with your company, and then to live that out every day.
One company that absolutely nails emotional connection is Starbucks. By writing your name on your cup, presenting their shops as places of communal gathering, and leaning into special occasions with their holiday cups, they make a simple transaction feel deeply personal.
Reputation
Your brand is how people see you. It’s whether they like you, have positive experiences, and appreciate you. It’s what they say in Google reviews. And that goes for both your residents and your investors.
Rolex is basically synonymous with high quality watches. They’ve built a brand almost entirely on a reputation for quality (and the price tag that comes with it).
Your story
Your brand is who you are, how you got here, why you care about the work you do, and your vision of where you go from here. Maybe you have an extensive background in real estate, or maybe you became an accidental landlord. Maybe you get satisfaction from helping residents keep a comfortable home, and maybe you love helping investors maximize returns. That all relates to your story and your values.
Nike does a great job of embracing their history. They hold strong ties to Oregon—their home state—and advertise as an American company. Their history is so meaningful that one of their shoes has its own movie.
Differentiation
Your brand tells people how you’re different from every other property management company on the block. All of the elements we’ve already outlined add up to create a unique brand. That’s how residents and owners will see you, and how you’ll stand out from the competition.
If you want a great example of differentiation, look to Whole Foods. They captured the mainstream market for high quality, natural and organic food nationwide. While natural and organic stores existed before, they weren’t seen as mainstream grocery stores. Whole Foods created a brand based on their differentiation from traditional stores and challenged the big players.
Values and workplace culture
The principles you hold, even when no one else is watching, are key to who you are as a company. They should help shape your brand and your culture. That brand is reflected in the team that works with you, and the environment they work in.
Apple is a great example of a company that builds a great culture to uphold their values. For example, they were among the first companies in the United States to offer in vitro fertilization benefits for employees. Their mission is to use innovative technology to empower people and enhance their lives. What better example is there than IVF?
This list isn’t exhaustive. There are plenty of other elements that contribute to your brand, like your mission, your communication cadence, when and how you ask for feedback,and your written style guide. All of those things are equally important. The important thing to remember is that your brand is all of these things put together, which creates an overall perception in the market.
Brand vs. branding: why does it matter?
As we outlined, your branding is just one piece of your brand. But why is a brand so important, anyway?
First of all, a strong brand is a business advantage. Quite simply, it helps you stand out in the market and win more business. When you’re memorable and give potential customers a positive experience, it makes them want to work with you.
Second, it helps build a connection and sense of trust. Residents and investors alike want to work with a property manager that they feel has their best interests at heart, and who they can truly trust to do the right thing. When that’s part of your brand and lived out in each daily interaction, it encourages a genuine connection.
Finally, a strong brand gives your team members the principles and values that they need to represent you well. When your brand principles are instilled in your employees, they’re more likely to carry it out in their day-to-day work. They’re also more likely to feel connected to your company, do better work, and stay with the team longer.
Brand expert Drea Buer, owner and founder of Respect The Brand, agrees that a brand is essential for any company owner. “A personal brand isn’t just a buzzword. It is the face and reputation that you put out into the world,” she says. “It’s how people connect with you.”
As far as the benefits, Buer says, “When people trust you, they’re more likely to buy from you, refer others to you, and advocate for your business.” In her full video, Drea dives into why a personal brand can have an even larger impact than just a company brand.
Building a Triple Win experience
Ultimately, your brand should create benefits for you, your residents, and your investors. When you create a Triple Win, you bring a new level of success to property management.
Remember, your brand isn’t just how you intend to present your business to the world. It’s also how your business is received. You need residents, investors, and team members to receive your brand positively if you want to be truly successful.
If you’re looking to learn more about how you can create Triple Wins with your business, register for our upcoming RBP Workshop, where you’ll learn how a Resident Benefit Package can elevate your brand.
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