Yesterday we were talking with a property owner who was struggling with declining occupancy and even had colleagues saying the property was in the worst location in Houston. Given Houston’s 640 square miles, that’s quite a charge! This owner was looking to create sustainable income growth from their newly acquired property, but was feeling frustrated that the property didn’t seem to be getting traction after a few months of ownership.
We said whoa – wait a minute!
There’s a lot of good about this property. Okay sure, it currently lacks visibility on a high-speed street but it is near major employers, has a nice exterior and good layouts inside. We thought the property had real potential to be great place to live for residents and to be a successful multifamily investment for the owner with growing income. The property’s strengths just needed to be marshaled into one coherent offering and presented with pride and energy.
In short, it needed some love, expert property management and a sense of place to attract residents to call it home.
From “Nowhere” to “Somewhere Special”
At Leasington we have seen that creating “a sense of place” at your multifamily property is an important foundation to attracting and retaining quality tenants and building sustainable income growth.
A sense of place goes beyond just a physical location – it’s a feeling of belonging and attachment to a community.
Creating a sense of place has several elements, including:
- Overall property branding
- Site specific amenities and feature
- Resident focused events
Here are some ideas that we seek to implement to create a sense of place at our client’s multifamily properties:
Branding is crucial in differentiating your property from others and creating a unique identity. This includes everything from the property’s name and logo to its website and signage.
Naming: One way to brand a property is to come up with a unique name that reflects the character and personality of the community. A catchy, memorable name can make the property stand out and give it a sense of character. Ideally, the name should be rooted in some feature of the property itself and not just another “spin the dial” on tree names.
Logo: The logo is another important aspect of branding. A well-designed logo can convey the personality and culture of the property. We recommend hiring a professional designer to create a logo that resonates with the target audience. A well designed logo will convey care and quality everywhere it is seen.
Website: The website is often the first point of contact for potential resident. We seek to make sure it’s visually appealing and easy to navigate and includes high-quality photos of the property, amenities, and community events.
Signage: Signage is another important part of branding. We recommend owners invest in professional, high-quality signs that accurately reflect the character of the property. This should include the property’s name and logo, as well as directional signs and community information, all designed to be compliant with fire and health codes.
On Site Features and Amenities
There are many ways we recommend owner’s consider to enhance the physical environment of the property to create a sense of place.
The Role of Art: One way is by incorporating local art and murals. This not only adds visual appeal, but it also helps to showcase the unique character and culture of the community.
Special Landscape Details: Another way to create a sense of place is by incorporating natural elements into the property. This can include landscaping with native plants, adding water features, and incorporating outdoor seating areas. These features not only enhance the aesthetics of the property, but they also create a welcoming and relaxing atmosphere for residents.
Unique Amenties: Where possible, we also recommend owners offer unique amenities that cater to the interests and needs of residents to enhance the sense of place. This could include a rooftop garden, a pet park, or a fitness center. These amenities not only add value to the property, but they also provide opportunities for residents to socialize and connect with one anotherTurning an old tennis court into a water feature!
Build Community: Resident Focused Events
Creating a sense of place is not just about physical elements – it’s also about creating a sense of community. One way to do this is by organizing resident focused events. These can be anything from social gatherings and barbecues to movie nights and fitness classes.
Not only do these events provide opportunities for residents to socialize and connect with one another, but they also create a sense of community within the property. By offering a variety of events, the property can cater to the diverse interests and needs of the residents and create a sense of place and happy feelings that are unique to property.
Let’s Get Started
In conclusion, creating a sense of place in your multifamily property is about much more than just providing a physical location for people to live. It’s about creating a feeling of belonging and attachment to a community. By implementing overall property branding, on site specific features and amenities, and resident focused events, you can create a sense of place that sets your property apart and makes it a great place to call home. This in turn will set you as the owner up for sustainable income growth and pride in a property that is truly a special place.
If you have a situation where you think that adding a “sense of place” to your property could add to you income goals, we’d love to tour your property and share our thoughts.
Helping owners generate more income by creating a great place to live for residents is what we do.