Multifamily Blogs
Remember What Makes You Unique
Remember What Makes You Unique
There’s nothing quite like returning from a conference. Most of us are full of ideas, reengaged with our strategies, and of course, completely exhausted. It is almost absurd how much learning and networking (i.e. partying) is squeezed into a short period of time.
Because a lot of us just got back from NAA, I thought it would be a good time to think about how we can be better. We spend so much time thinking about our competitors and observing their behavior that it can be really easy to sort of lose sight of what makes us unique. Without realizing it, we start mimicking others, or we even get caught up in only doing the status quo. Don’t do that.
You, your property, and your company all have a personal story that makes you unique. A story that has nothing to do with price or amenities. Learn from others, especially their mistakes, but stay true to who you are. Take all of this information you have gathered during sessions, while reading reviews, and during your daily internet stalking, and ask yourself how you can be better.
Always remember that you have the power and the information to grow and improve. Look for opportunities and develop a strategic edge. It’s up to you to own it and put in the effort.
3 final tips:
- Own your niche, whatever it may be.
- Share your story. Prospects and residents don’t figure this out on their own. You and your entire team have to be able to deliver your story in a clear, concise, and memorable manner.
- Stay Authentic. ‘Nuf said.
Comments 4
I think this is one of the biggest challenges of apartment communities - that they don't have their own story. When I see a new development that looks EXACTLY like countless others in the area, it isn't too shocking that they have no story to tell. Our problems lie at the very beginning of the development where the community has been given no soul, no identity, and then expected to be marketed and leased up. It's as if someone just saw the demographic report, local occupancies, and then decided to spit out a community to serve those people, without giving much thought as to whether they might actually like it.
Sorry for the rant - I've been busy reading Ross Blaising's new book and he has me fired up!
You are exactly right, Brent. I attended a multifamily summit for developers last Thursday, and during one of the panels, the developers admitted that all of their products look exactly the same. They spoke about being disappointed that no one was trying anything new. I just sat there wondering if they realize they have the power to be that person. They don't have to wait for someone else to do it first.
Over the last few months, I've also asked developers how they design communities for their ideal prospect. You can probably guess what the responses were...demographic reports. Changing a paint color from tan to gray doesn't make it targeted to another market.
I wonder if part of the problem is that everyone is building as much as possible as fast as possible. And, budgets are healthy. They aren't taking the time to really design and think.
Now I had a rant!
Misty, I am only up to chapter 5, but I think you might like Ross Blaising's new book, The Soul of Real Estate: Rethinking the World's Greatest Profession. It basically digs into what we are saying here, and takes the developer industry to task for not having a vision, but rather developing from a spreadsheet.
Awesome. I will definitely check it out. Thanks for the rec!