December 2022
Your building has just finished a major renovation of common areas that includes lobby, mailroom, elevator lobby, hallways and wall coverings. Amenity spaces have been updated and enhanced.
The goal is to modernize, improve lifestyle and increase value by building the community’s prestige. Yet nobody sees these changes unless they live in or visit the building. That older building next door may not have done as good a job at their renovations. That newer building on the other side has smaller units. Yet units in each sell for more.
Condo boards in older buildings can take steps to be competitive with new construction and older neighbouring buildings. They do so by asking and answering the question; Who are we? The answer, as most developers understand, needs to be communicated and leads to branding.
Branding offers a way for a community to identify itself. It begins with a name such as The Berczy, Promenade Park, Atrium or The Vu. Some create a name from their address such as 500 Avenue Road Condominiums. A logo is created to promote a visible identity for the community when speaking to an audience. Owners can get involved in creating the brand. Have them suggest names or vote among those being considered.
New buildings create a brand through its name, look and amenities. This is an image appealing to purchasers. When effective, branding attracts more buyers prepared to pay a higher price than to reside in other buildings. Older buildings that have not sought to maintain their brand suffer when owners resell their units.
Renovations play a role in branding of older buildings. A community can identify themselves by the way a building looks inside and out inclusive of amenities, activities, programs and gardens.
Branding is ineffective unless seen. The idea is to create a window into the community that is controlled by the board. A website is essential for communication and to provide buyers with an idea of what it is like to live in your community. It should be designed to appeal to buyers by promoting the building’s neighbourhood, design, common areas, gardens and amenities. Pictures and videos of common areas present the community at its best. Floor plans address the specific questions and interests of prospective buyers. Providing this information in one easily accessible location serves to ensure the message is properly conveyed regardless of how individual sellers and agents operate.
Branding is the best way to share with everyone just how great your community is for those lucky enough to reside there.
