Multi-Family Housing: The Brand Experience Part 2
These days, MULO (multi-location) brands are not just restaurants, retailers, and service businesses. As society’s housing and work needs evolve, apartment complexes, residential property managers, and live/work landlords are also building brands.
The first part of this series dealt with the unique challenges of MULO real estate brands. We also spoke to Lia Nichole Smith, SVP – Education and Research | ApartmentRatings and SatisFacts, Divisions of Internet Brands, about what’s new in MULO housing and what other brands can learn from that industry.
Many National Multifamily Housing Council (NMHC) members are companies such as Greystar and Willow Bridge (formerly Lincoln Property Company). As Linda Carter pointed out in our recent interview (Part 1), these entities manage multiple properties. They may, over time, develop reputations (good or bad) that can impact consumers’ decisions about where to live.
Asset Living is starting to brand student housing. Student housing operators are leading the way in technology adoption, creating a sense of community, and even using social media.
Senior living is another area where complexes are branded.
Of course, we have entities that are building out live/work options as more employees work remotely or in hybrid positions.
Plus, non-real-estate companies like LIFETIME are building fully integrated communities that focus on a particular consumer value (like health). Amazon has also ventured into the multifamily space, notes Smith. Their Housing Equity Fund is developing affordable homes near transit stations.
We asked Smith for some additional insights into the future.
How will consumer trends impact how multi-unit brands develop and market their properties?
“People’s shopping habits are changing how apartment companies should be run and marketed. Consumers hate it when companies hide extra fees, like those you see with airlines and concert tickets. This makes them think negatively of those companies. Now, this is starting to affect the apartment industry too.
Renters want to know exactly what they’ll pay before they even start looking. In our recent study, 81% of renters said property management companies should be more open about extra fees. With so many apartments looking the same, the way to stand out now is to be clear about pricing. Companies that tell you the total cost upfront will be seen as more trustworthy.”
What lessons can other MULO (multi-location) brands take away from the housing industry?
“UGC (user-generated content) continues to support company-driven marketing strategies. Online reviews, photos, and videos from firsthand experiences help prove brands are as good as advertised. C2C community boards (Reddit, Quorum, etc.) have also become sources of information, with customers serving as brand ambassadors.
Large apartment companies have an opportunity to focus on understanding what’s happening at the property level. Asking employees and residents for feedback is essential. This information can help set goals and track progress. Companies can make better decisions and improve their overall performance by analyzing this data.”
For more insights into the future of MULO brands, join us at Street Fight LIVE on November 7th.
