In part two of this four-part series examining the role of brand in Build to Rent, Mark Patterson, Founder of Canyon Brand and a range of industry experts consider what the industry needs to deliver on its brand promise.
By Mark Patterson, Founder, Canyon
Build to Rent has launched with a lot of lofty promises based on its appeal over the bugbears of private renting – longer leases, pet friendly, social, inherently helpful…unlike your regular landlord.
But herein lies the category’s greatest risk – the delivery of such promises by an industry that hasn’t extensive experience in maintaining long-term relationships.
“I frankly don’t think the industry can grow quickly enough to meet demand. The core needs of safety and self-esteem weren’t being met by private renting, whereas Build to Rent is new, more on a customer’s terms and provides a new way to feel like I have a home without needing to buy a house. The thing that will hold it back is its ability to meet its promise.”
Dan Robertson-Jones, Kantar
With an offering that promises to change renting for the better, developers need to Build to Sell process. Just for much longer, given the importance of tenancy retention to the performance of an asset.
Can they do it? And what is the role of brand here?
Rory Hunter, Founder of Build to Rent brand Model, lives in Home Richmond and says developers must understand that in Build to Rent, brand isn’t just a look and feel but it is a lived experience once you are in the front door.
“Living in Home Richmond, I see the service offering evolve on a daily basis. I see it as best practice in what Build to Rent can be.
“The team at Home understand their role is to make people feel good about being there. They have put their heart and soul into the service and the culture shines through. This is unusual as right now, most brands come across as developers, not hoteliers.
“The idea of bringing a space to life through service is a challenge for developers. But it is critical to understand that the brand lives in the experience of the consumer.”
Rory Hunter, Founder, Model
This presents an opportunity for the developer who can find the right people, train them and retain them to deliver a service-based business.
It is about overcoming the inherent nature of property development and building new systems.
“Most of the early movers are construction firms, they’re used to episodic transactions – not ongoing relationships. The construction/developer industry is not set up to be a 24/7 service mentality with regular high touch and contact points.
“There’s a real operational challenge in having the right people, training, service offer, recruitment and retain talent. No one is doing a bad job, but you must build new systems – and brand.”
Rory Hunter, Founder, Model
It demonstrates just how far brand reaches when you are in a service-based environment – and the importance of the industry to realise that a brand is a promise made and kept.
Read part one of the series which provides insights into the importance of brand and identity within Build to Rent.
