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.