In the wake of the pandemic and in anticipation of the recovery to come, do New York City co-ops and condominiums need to consider setting themselves apart to compete in the market? The answer is yes - but the bigger question is, how?
What is Branding?
In marketing speak, branding is the practice of creating a name, symbol or design that identifies and differentiates a product from other competing products. It is the art of aligning what you want people to think about your product, with what they actually do think about your product. It’s the difference between Coke and Pepsi, or Ford and Chevrolet. It’s the force that influences potential customers to choose one of the other. It potentially can be what influences a potential buyer to buy your apartment, or in your building.
“Branding includes the verbal message or copy that speaks to you as a person, as a buyer, as an owner,” says Marilyn Sygrove, principal of Sygrove Design Associates in Manhattan. “Words are as essential as the visual cues here. The visual message, for instance, is what takes one deeper into a website to see what else there is to know about this building, what it offers, its proximity to important factors like transportation, shopping, nearby parks, the neighborhood.”
Working in Tandem
Branding is not just a matter of an updated website. It also involves keeping your building competitive with new buildings coming into the market, and making your online presence, essentially your website, easily findable on search engines.
Existing buildings are competing with newly-built buildings for every transaction in today’s market. An important factor in being competitive is to upgrade existing buildings to new technologies offered as standard in new buildings, explains Sygrove. She recommends these upgrades include energy efficient lighting, new desk equipment that enables staff to communicate with owners easily, replacing old bulky intercom panels with a new, phone-based, dial up system. Installation of tasteful bad weather mats with logos, and super easy to maintain finishes such as porcelain and upholstery fabrics that look and feel residential but having remarkable cleaning capabilities as well as advanced products that offer unlimited design capabilities for carpets and wall coverings raise your building common areas to the next level.
Equal attention must be paid to your building or development’s online presence and profile. “Developers of new condo and co-op buildings have spent a ton of money to do research about what sells and brings buyers to the table,” says Sygrove. “They are using the exact same features that you have, but they work hard at getting the word out there to prospective buyers and existing members of the surrounding community. Existing buildings are not doing this. It is baffling to designers that more effort is not made to announce to the world that you’ve had a facelift.”
“Our clients spend large sums of money to improve their brand only to be scouted by the real estate community as search engines can’t find a building’s website. That’s a result of little or no search engine optimization (SEO). Often, posted photos on these sites are of inferior quality. One must consider the experience of living in the building. What is the history of the building and the neighborhood? What is it like to walk past the new facade or walk through the lobby? Is it welcoming? Is it hip? It is understated. The tour should then move on to the elevator, the hallways to your home, the amenity spaces, rooftop garden, lounge areas, gym. These are the components of a good branding campaign.”
The View From Sales & Marketing
“Without a doubt branding is the name of the game in today's marketing,” says Joanna Mayfield Marks, a broker with Brown Harris Stevens. “I know some beautiful existing buildings that have created their own wonderful reputation because of their history and beautiful or special architecture. For such places, branding is organic because of the story and history, which is the best possible type of marketing. Large buildings like 35 Prospect Park West have long relied on their reputation and could benefit by creating their own website by exploiting their deep historical roots and showcasing it. Building can really benefit by hiring a marketing team to create a beautiful website and brand that invites new interest. Digital technology is tremendous for disseminating information and our buyers want, as much information as possible. It makes great sense to boast when you have so much beautiful architecture, history, community in an established building with a prime location.”
In today’s competitive market, and to benefit from the coming recovery seek design for your space that improves the quality of life for the residents and also increases the value of the property. Branding can include naming the building, having a color theme, a logo, selecting a typeface all which subliminally sends out a message. Work with the photographer to capture photos of all of the spaces as well as vignette shots that show detail and quality. Skillfully orchestrate these components into a website that makes your building appealing, crisp, and unique. Make buyers want to be a part of it.