We know that certain suburb names define the cachet of its address, and by association the people that live within it, either positively or negatively.
So much so, that sometimes people or business, will adopt the name of a preferred neighbouring suburb, so to leverage off its image. It’s called “vanity post-coding”. People will buy in a suburb in order to align themselves with what that suburb brand represents.
What is your Apartment Building’s reputation?
Apartment developments also have their own brand. I don’t mean the name on the front door. I’m talking about the stories told by residents of the building over time, about their experiences of living there. What does and doesn’t happen in the building and what the building community is like. The residents of the building are both the creators, custodians and promoters of the building’s brand. Just like a suburb, the brand of a building (ie. its stories) will attract “like” people who wish to associate with the set of values and behaviours that that building embraces, and actively discourages.
Wood Property lease and sell apartments in hundreds of different buildings in dozens of different suburbs, and it is fascinating how buyer and renter engagement differs between two seemingly similar buildings. This is because the apartment building’s reputation (or building brand) precedes it. When selling or leasing buildings with a strong brand we organise the listing to be posted on the building Facebook page and the word spreads quickly. Other residents promote it to their friends to move in.
Who is Impacted most by a Building’s Reputation?
Those with the greatest vested interest in an apartment building’s brand, are the owner occupiers, followed by investment owners and renters. Establishing a desirable building brand is a delicate mix of an active but considerate owners corporation, professional OC management, and close communication with a select number of quality apartment agents. Building managers are also a significant contributor to a building’s brand.
If you own an apartment in a building with a desirable brand it enhances the rental and capital value. This building brand phenomena is underpinning the “build to rent” surge in popularity, as one owner can control and drive the building brand and consequently achieve premium rents.
What really sets a building brand alight, is organic resident engagement to support each other to enjoy the benefits of their community. Obviously for investment owners it is very difficult to know or influence a building brand if they are not actively involved in the OC.
