As a rental property investor who owns investment buildings and units in the Dayton, OH market, you’re likely always looking for new strategies to boost the returns you earn on those investments (ROI). While improvements like upgrading fixtures and amenities can incrementally increase value, raise rents, and stabilize occupancy rates over time, a comprehensive rebranding effort could supercharge your rental properties’ ROI.
Rebranding involves more than just a fresh coat of paint—it’s a holistic approach to reinventing how a property presents and markets itself. When done effectively, rebranding can transform public perception and position your investments as the premier rental options in the local Dayton rental market.
As expert property managers in Dayton, OH who specialize in multifamily investment properties and their success, we’re sharing some thoughts on the topic of rebranding multifamily properties. Let’s discuss how implementing an intentional rebranding process focused on repositioning, renovations, and revised marketing can take your Dayton multifamily properties to the next level financially.
Here are some of the proven tactics that have worked for us when it comes to boosting ROI through thoughtful rebranding initiatives.
Let’s Start with Signage
Rebrands that are focused on multifamily units can leverage the boost of fresh energy that new signage provides. When is the last time you considered the look of your signage outside of the building, or even within the building?
Signage is part of your curb appeal. New or updated signage that includes modern branding can be attention-grabbing.
What kind of signage requires good branding at your multifamily property? Consider these options:
- Monument and landmark signage. This will let people know where they are. It should include the name of your building or complex. It should help you stand out in the neighborhood.
- LED-lit signage for attracting residents and guests. Signs can be lit up tastefully; we’re not talking about Las Vegas or Time Square-style lighting.
- Interior signage systems that provide information and directions.
- Signage in parking areas and garages. This may be necessary depending on the size of your building.
- ADA compliant signage across your entire property.
When it comes to choosing where to live, attractive branding through clear, appealing signage can make the difference between signing a tenant and suffering through long vacancies.
Paint and Flooring in Common Areas
Updating your common areas is always a good idea, especially when you’re rebranding in an effort to attract new tenants and retain your current residents. Provide a fresh, clean look that elevates the perception people have of where they’re living.
- Fresh paint can give a clubhouse, a lobby, or even a hallway some new energy.
- Consider carpet in a more durable grade or an upgrade to vinyl plank flooring. This will keep it cleaner, easier to maintain, and tenants will notice the improvement.
- Lighting improvements will make a space look brighter.
- Consider new furniture. A courtyard with a picnic table, for example, suggests a sense of community.
- Bring plants indoors. Common areas with trees, ferns, and seasonal arrangements are inviting and soothing.
What would make you feel welcome if you were living in the property or considering a unit in the building? Those are the rebrands and the upgrades you want to focus on. The small investments you make to your property can go a long way towards tenant satisfaction, and can become incentives to renew their leases.
Marketing Rebrands that Matter
Boosting ROI is all about attracting new business and retaining current business. So, consider the way you communicate with your existing residents and with the prospects who come for a showing or meet with you out in the community. What kinds of materials are you leaving behind? What are your emails, letters, postcards, and brochures saying about you and your building?
We like the idea of personalized property brochures. We like emails to existing tenants that use their names, remembers their birthdays, and references their pets. When your tenants and prospects feel like you’re treating them as an individual person and not just a rent check, they’re going to respond favorably. Retention improves and vacancies drop. That’s better ROI.
Know the Numbers: Rebranding Can Impact ROI
If you take a deep dive into your financials before and after a rebrand, including cash flow projections and 10-cap valuations, you’ll see the potential and the returns.
In addition to upgrading the image or your building, the desirability of each unit, and the overall curb appeal of your investment, you’ll find that an effective rebrand can increase your cash flow and desirability by driving up rental values. Rebranding also increases your asset’s value through forced appreciation.
A rebrand prudently done will not only add value to the asset, but also offer a return on the investment or the cost of the rebrand.
It’s worth it. And we can prove it:
At ManCo Property Services, we recently completed a rebrand on a 28-unit building in the Dayton area. The cost of the rebranding was $100,000.00, which increased the value of the building by $300,000.00. That hefty return does not include the increased annual cash flow due to rent raises.
- The average rent before the project was hovering around $600 per unit.
- The same units are now being listed for $700 per unit.
- This project was started and completed in the first half of 2023.
The return on investment of rebranding varies on all projects. In this particular case, it worked tremendously. In some cases, a rebrand is not feasible.
The experienced staff at ManCo Property Services has the analytical decision-making tools and the means to develop, plan and execute the entire rebranding process. Over the years, we have successfully rebranded many multifamily projects and the units in those buildings.
Besides rebranding a currently owned project, if you’re considering purchasing a multifamily investment property, we can analyze the feasibility of rebranding for that particular project. The advantages of a pre-purchase rebranding analysis are numerous and prudent.
Feel free to contact us at ManCo Property Services if you have any questions about the process. We would love to tell you more and provide some suggestions that would be unique to your Dayton, OH investment property.
