Should I Rebrand My Property Management Company?

Few things strike fear into the hearts of business owners more than giving up their beloved brand name. Why rebrand a property management business in the first place?

Maybe you’ve had the same name for years or even decades. Maybe you have a lot of nostalgic affection for your name. Maybe your name feels like a pivotal part of your identity.

And maybe, just maybe…your brand name sucks.

Even worse, your brand might be costing you thousands in lost revenue annually. Would boosting your profits by 10%, 20%, or even 50% make you reconsider your decision?

Why Rebrand a Property Management Company?

Considering a rebrand is so controversial (and let’s face it, painful) that many entrepreneurs dismiss the idea outright. There are no two ways around it: rebranding takes a lot of time and effort.

Not only does rebranding mean you’ll need to invest in new signage, print materials, and branded gear for your team, but it also comes with a lot of paperwork. Registering a DBA with your state, changing the name of your brokerage with your local real estate board, updating all of your bank accounts and billing profiles with vendors and suppliers…it’s easy to understand why so many business owners say, “No thanks,” and move right along.

In some cases, however, rebranding is a true necessity if you want to increase your property management profits and the overall value of your company.

This isn’t just conjuncture. Consider this study from the University of Nebraska Omaha which reviewed 215 rebrands over the course of two decades; the average increase in stock value for companies post rebrand hovered around 2.46% for the large multinationals studied, equating to some $31 million in increased market value.

In the words of the researchers:

We conclude that investors appreciate and reward firms’ rebranding efforts, and that rebranding produces significantly positive changes in firm value. Generally speaking, it is worthwhile to rebrand.

7 Key Reasons to Rebrand a Property Management Business

If you’re still on the fence and wondering whether a rebrand is the right move for you, consider the seven following indicators that clearly show it’s time for you to rethink your branding.

Your Brand is Outdated

In today’s fast-paced, ever-evolving marketplace, clinging to a brand that’s past its prime can have dire consequences.

An outdated brand fails to connect with modern consumers. It’s as if you’re speaking a language that no one understands anymore. In a world where attention spans are shorter than ever, an old brand becomes white noise in the cacophony of modern marketing. The result? You get drowned out by more agile, contemporary competitors.

Even the biggest brands in the world know this. Classic logos like the Golden Arches of the Starbuck’s mermaid? Well, they didn’t exactly start off looking like they do in 2023. And in many cases, there were several different permutations of these logos in the time between their initial iterations and their current look.

Remember, there are no sacred cows. Innovate or die.

Your Brand and Your Values Aren’t Aligned

Many entrepreneurs are wandering around like lost sheep, with no clear vision of who they are as human beings, let alone what their company is all about. When you rebrand a property management business, you’ll want to address this head-on. Ideally, you’ll find a synergy between your personal purpose and “why” and the values of your business.

Coaching property managers through the development of a personal why is a big part of our Rapid Revamp program. Why? Because we believe establishing a personal mission statement is the missing ingredient for many entrepreneurs with fledging profits and tanking sales.

After you’ve identified your values, it’s important to ensure your brand communicates those clearly.

You Don’t Stand Out from the Crowd

Generic business names are a dime a dozen in the property management and real estate industries.

ABC Management. Smith Properties. Jones & Jones Real Estate Services.

Talk about a snoozefest.

Who the heck are you and why should an investor work with you instead of partnering with the guy down the street? Crafting a unique brand identity not only helps you to capture additional market share, but it also dramatically increases brand awareness.

Let’s play a game. Can you identify the following brands based on the description provided?

• An outline of mouse ears.
• A piece of fruit with a bite taken out of it.
• A red bull’s eye.

Most consumers will correctly identify the brands above as Disney, Apple, and Target. Why? They have a strong visual identity!

Don’t fall into the trap of thinking that customers don’t think the same way with smaller brands. Say somebody drives past a yard sign of yours and three days later wants to find a local property manager. Which of the following two examples is going to stick in their mind when they go to Google you?

Your Business Model is Unclear & Your Target Audience Isn’t Specific

Let’s use the example from the graphic above and say your name is Smith’s Real Estate Services.

Your team includes real estate agents who help guide customers through sales transactions, but you also offer property management. How is a customer supposed to know that based on your brand?

Unclear business models are unfortunately incredibly prevalent across the industry.  Are you still expecting your prospective customers to do the footwork to figure out exactly what services you offer? This is perhaps one of the single greatest reasons to rebrand a property management business.

You’re Leaving a Franchise

Have you been operating as part of a big property management franchise and are finally ready to branch out on your own? It goes without saying you need to create your own brand identity and rebrand a property management business in the process.

Leaving a franchise is an empowering decision that often comes with innumerable benefits for the business owner. One of those benefits can be shedding the image of the franchise group as a whole; even still, it’s important to remember that some consumers default to brand names they know.

You’re losing the juice of the big franchise name by going out on your own, so it’s even more important to craft a unique brand that resonates with your target audience.

You’re Plagued with Bad Consumer Perception

Is bad customer perception sending your profits into a tailspin? Maybe you’ve recently acquired an existing business that has bad online reviews and detractors at every corner. Perhaps your company went through a rough patch where your customer services standards fell dramatically and you’re still feeling the consequences.

Whatever the reason may be, if your brand is plagued with a bad image, rebranding can offer a lifeline with a fresh start.

You Have Legal or Trademark Issues

Uh-oh…you didn’t do your due diligence and just found out somebody else is using your brand name. Maybe you’ve been hit with a cease-and-desist letter. Maybe you’re facing fines or disciplinary action from your local licensing board. If you’re in a situation like this, it’s time to prioritize a rebrand and pronto.

Ready to rebrand a property management business? Discover how our Rapid Revamp is designed to help you maximize profits and revitalize your company in just 90 days!