Apartment operators spend considerable time and effort on the branding of their individual communities. Through marketing literature, prospect tours, property amenities, events and interactions with onsite associates, the goal is to create a unique experience that drives prospect interest.
A branding engagement which including everything from market positioning, naming, logo design and creative marketing concepts is estimated by a branding agency at $25,000 per property. If you layer in 2D or 3D floor plan illustrations, owners are adding up to another $3,000. These costs still don’t include print costs for brochures, mailers or signage, which on the low end could be another $7,000. Website design, an absolute must-have for a new property can eclipse the $15,000 threshold if you are customizing the site. And let’s not forget the stunning photography to use in all these materials which can run another $5,000.
Adding these all together, the costs to establish a property brand starts at $55,000 (and we aren’t even getting into the efforts that go into the overall design of the property itself).
With all this money spent to create an amazing brand that engages prospects and turns them into residents, why is it that we lose sight of that brand as soon as they move it? There is intrinsic value in finding ways to leverage your brand to build resident loyalty.
One perhaps overlooked way to build brand equity is to take advantage of "white-labeled" solutions when possible. A white-labeled product is one that is built and fully supported by one company but that has the branding of another.
The multifamily industry has yet to be flooded with white-labeled solutions, but resident apps [created by Mobile Doorman] are an example of such a product gaining momentum in the marketplace. These customized apartment apps – which can allow residents to do everything from pay their rent, make service requests and communicate with onsite associates – bear only the name of the individual apartment properties that make them available to renters.
White-labeled products can have powerful branding benefits. Every time a consumer uses a well-designed white-labeled solution, their loyalty to the brand whose name appears on it is bound to increase.
White labeling offers other benefits as well. Among them:
Provides access to true expertise
The company using a white-labeled solution and presenting it as its own often doesn't possess the expertise to create a truly high-performing product. Let's take the example of apartment operators: designing a mobile app for residents is clearly not their core competency.
Third-party developers, on the other hand, specialize in the creation of a particular product and have years of experience in getting solutions up and running.
Saves time and money
Creating a solution in-house may sound fine and dandy at first, but doing so can gobble up considerable time and resources and produce a whole host of unanticipated delays and frustrations. Outsourcing this task to a third party that specializes in the product almost always makes for a more efficient process.
Makes it easier to improve a product
When a company uses a white-labeled solution, the developer of the product is available to tweak the solution based on user feedback and needs. Having access to a developer's expertise and experience makes improving a solution an efficient process.
Add everything together, and it's clear that white-labeled products can be a great way to create an outstanding customer experience and enhance your property management company's branding efforts.
Leverage your amazing brand equity today to create resident loyalty. Contact Mobile Doorman today to start customizing your white-label apartment app.