THE MARKET DYNAMIC
The Las Vegas real estate market for apartments was on the verge of expanding due to major consumer-oriented venue developments being planned or in construction within a thirty-minute drive to the world famous Las Vegas Strip. Apartment developers were in the process of “renovating and upscaling” modest apartment dwellings in order to prepare for the expected demand surge for rentals within the new upscaled residential neighborhoods.
The 195-unit apartment complex, although centrally located within minutes to many of the major venues, had been physically neglected and the grounds and buildings looked tired and needed a facelift. The image perception of the property had also suffered from this neglect and was perceived as simply a “pragmatic” place to live.
The new owners planed a two-tier approach which focused on major physical renovations and a concerted effort to upgrade the Brand Image of the property. Changing the “pragmatic” name of CenterPoint to “Luminous” and adding the positioning line Distinctive Apartment Living kick started the new Brand Building effort. A new logo was created and applied to a dynamic new Signage program throughout the property. A new Sales Kit was designed and produced for the sales force that delivered the new positioning and branding using “distinctive living” copy and dramatic photography of key property and apartment interior amenities.
After the new name and logo was introduced and the sales force started using the newly designed Sales Kits, the average rental for the property increased to 92-93%. Brand applications were also made to a newly designed web site utilizing all new photography which highlighted all the property renovations. Social media was also used to drive prospects to the new web site and results from the landing page secured new leads for the Luminous sales force.