Calendar icon February 6, 2023

Introducing Second Nature, The Preeminent Home Wellness Brand

 

Rebranding

What's in a name? Shakespeare would seem to argue not a whole lot given his infamous "a rose by any other name..." quotation. But, as I can personally attest, names are a big deal (just ask any soon-to-be parent...or someone leading a rebrand for a company). For anyone who might be curious, changing the name of a company isn't something that occurs overnight. Nor is it something that transpires without a hearty discussion...or fifty. There can be so much history, so much emotion, so much pride tied up in a name. And, of course, everyone has an opinion they firmly believe is the right opinion.

So, why and how does a fast-growing company determine whether it should change its name and then embark on the daunting journey to rebrand itself? You might imagine a bombastic owner or a dogmatic CEO banging her fist against the table, proclaiming she's bored of the company's name and has a brilliant idea to revitalize the company's image. Or, maybe you envision a youthful, energetic start-up holding a naming contest among its employees, drawing a final name out of a hat during a happy hour. These scenarios may very well transpire at some companies, but they could not be further from how we arrived at the decision to rebrand our company from FilterEasy to Second Nature.

Truth be told, we never set out with the explicit purpose to change our look...or our name. Rather, we began by challenging ourselves to think long and hard about how we could create more value for our customers—how we could surprise and delight them with every interaction. We knew we needed to be smarter, more strategic, and more laser-focused if we were to broaden our company's ambitions, and we agreed building a beloved brand would be the best way to win with customers. At that point, everything was put on the table for evaluation, including the name FilterEasy.

The FilterEasy Era

Thad Tarkington and Kevin Barry
 

Our company has experienced an incredible journey since 2012, and it began when two North Carolina State University students harnessed their passion for entrepreneurship and honed in on an opportunity to create a better experience for homeowners who struggled to stay on top of an important but out-of-sight, out-of-mind home maintenance task: changing out dirty air filters. The idea was simple yet brilliant—make it impossible to forget to change air filters by automating delivery direct to homeowners' doors on a customizable schedule. The solution was so obvious to them and made conquering a simple household chore so easy, they almost immediately decided to name the company FilterEasy.

The company's history follows the classic storybook start-up success story. Two passionate and ambitious students drop out of college to pursue a business idea, set up operation in a garage, live off of ramen noodles and peanut butter, move locations countless times, and, through hard work, grit, and determination, scale up a super successful business servicing hundreds of thousands of customers. The chronology follows the happy path so tightly, one might infer nearly all start-ups experience the same success story toward "making it". In reality, the start-up scene can be trying and tumultuous, and our company has proven to be a diamond in the rough. While a little luck is always involved in any start-up breakthrough, our success has directly correlated to our ability to solve a clear and present customer pain point and our resolute focus on doing right by our employees, our partners, and, most importantly, our customers. In fact, our passion to create real value in the market has been our guiding light and is purely what prompted our journey to rebrand to Second Nature.

The Decision to Rebrand

So, why would we make the decision to change our company’s brand if we had achieved a number of successes in a relatively short period of time, all under the banner of an intuitive brand name that communicated our offering? Well, the answer to that question is simple but long-winded. And, it’s centered on some tough questions we asked ourselves as we reflected on a successful 2017 and looked forward into the future: Did we fundamentally understand our market and the opportunities that existed within it? Did we understand our customers’ needs, wants, desires, dreams? Did we know how they wanted to spend their free time? What stressed them out? What kept them up at night? And, most importantly, did we understand why we fit into our customers' lifestyle and where we could provide even more value?

In early 2018, we invested in some prudent market research to better understand our customers and the broader market, as well as to evaluate our business challenges and opportunities. As we peeled back the layers of the proverbial onion, we defined our target audience and learned some fascinating insights about our existing customers. Still, we wanted to learn more, so we conducted interviews and focus groups to gather additional insights that would help us better contextualize our target audience. In short time, we began to comprehensively understand our target’s lifestyle and need-states, and new business opportunities lit up our radar. As we refined our strategy in light of the market insights, we developed a more unique and compelling market positioning. We saw an opportunity to harness our existing platform, centered on delivering convenience to busy professionals and families, and expand it to help customers tackle home maintenance tasks that were oft-forgotten but could impact the health of the home environment and potentially cause costly repairs and replacements. Ultimately, we decided we wanted to help our customers take better care of one of their most valuable assets, their home, and we knew that convenience was the vehicle to facilitate our refined purpose.

Through the lens of our newly articulated brand purpose, we scrutinized the name FilterEasy. We questioned whether the name would continue to intuitively communicate our value proposition or whether it would potentially water down or confuse our vision for the future of the company. Through multiple ideation sessions, concept tests, and analysis, we determined the best, most strategic option was to rename the company and relaunch the brand. We developed a number of viable strategic brand names we thought would provide a great runway for us, and we tested them with our target audience. Time and again, Second Nature outperformed the other options. The answer was clear: we had found our new name.

Introducing Second Nature

Second Nature is the synthesis of a lot of smart market research. The name embodies our brand’s mission to empower the modern-day homeowner to be master of his or her household, never forgetting to stay on top of all of the out-of-sight, out-of-mind to-dos. It also provides a great strategic base on which we can bring to life and grow our brand and continues to evoke the ease and simplicity of our convenience model. We aim to transform people’s home habits so that important home wellness tasks become second nature and never go neglected. Additionally, the secondary, almost subconscious, meaning of the name allows us to pursue products that are eco-conscious and help our customers do their part in restoring nature to its purest state, and, in a way, bring about a second nature. We know it’s hard to keep up with everything related to health and wellness these days, but with us, our customers are able to make home wellness a habit. As we move forward on our journey, we will empower our customers to better care for their refuge from the busy, chaotic world. In doing so, we hope they’ll see that good home wellness habits lead to a better sense of personal wellness.

Second Nature logo being designed
 

With Second Nature, we have developed a new identity system that includes illustrations, iconography, packaging, web design, and photography art direction. The identity should evoke a fun-loving and optimistic personality that is compassionate and empathetic in its approach. We want our customers to view Second Nature as a brand that selflessly puts others a mile ahead of itself and is willing to help out family and friends when they need someone they can count on. By the same token, we want customers to view Second Nature as a colorful brand that knows how to have a good time and gets along with other people effortlessly. Think of us as the zany yet responsible friend who implicitly knows when you need a good laugh, when you need a shoulder to cry on, and when you need a helping hand because you’re feeling overwhelmed in the moment.

Our new logo takes the shape of a spiral floral pattern inspired by the Fibonacci Sequence, which is a mathematical pattern found everywhere in nature and throughout time. It explains the natural order of our world. All around us are rhythms and cycles we hardly notice, but without which we wouldn’t be able to function. The bloom reflects patterns of growth spirals such as those found in pine cones, sea shells, seeds, and flowers. And, like the healthiest of flowers, proper home wellness is dependent on a cyclical influx of the right elements. For fields of daisies, we’re referencing sun, soil, and rain. But, for the homeowner, it’s the products Second Nature dependably, continuously provides.

We will continue to push our brand in new and exciting directions in the months and years to come, and we’ll be guided by our customers. We plan to release several new products and services over the next twelve months, including a refrigerator water filter product coming this winter. We aim to provide easy solutions to common problems, and we’ll always be enthusiastic about sharing. We’ll also upgrade our experiences and create surprise and delight interactions that provide a moment of relief for our busy, time-starved customers. We want everyone to feel encouraged and energized after an interaction with us or our content. Drop our Customer Care team a note if you have any comments you’d like to share—we’re always open to feedback and want to know how we can better serve our customers.

Parting Thoughts

So many people think a rebrand simply involves locking a handful of designers and copywriters in a room so their brains can conjure up all sorts of interesting colors, patterns, typefaces, etc. While contemplating these types of artistic elements is certainly part of the process, there are so many other activities and conversations involved when reimagining a brand. We truly think we got it right in developing Second Nature. And, our excitement for our new brand is held with conviction because we listened to our customers and asked all sorts of insightful questions that got us to where we are right now. Second Nature isn’t the brainchild of one or two people at our company; it is the brainchild of a collaboration with our customers and our target audience.

This rebrand has, by far, been the most exciting, the most rewarding, and the most fun business endeavor I've had the honor of leading in my career. I hope each and every customer falls in love with Second Nature to the degree the team and I have throughout the process of developing it. I'm confident it will quickly become one of your trusted, beloved brands because our company is obsessively focused on creating meaningful value for customers by helping homeowners maintain a healthy home environment for themselves and their loved ones.

 

couple on couch with Second Nature box nearby
 

Keep learning

Chambers Theory Endorses Second Nature’s Resident Benefits Package

Chambers Theory is a world-renowned property management team with clients in more than 30 countries worldwide. They specialize in serving the U.S. military, State Department, and Foreign Services families. Their motto “Real Estate With Intelligence” is more than just a saying. It’s on full display through the introductory videos for landlords and residents on their website in seven languages (Spanish, Portuguese, Italian, Vietnamese, French, Croatian, and English) - all spoken fluently by their own property management (PM) team. Since its founding in 2018, Chambers Theory has been achieving extraordinary performance benchmarks. They’ve led the marketplace in delivering the “Golden Triangle of Success” to their clients, which means the lowest vacancy, the highest average rents, and the highest quality of tenants of any property management firm in its same service area. They’ve also donated over $100,000 to local charities and community organizations, while also leading the way in promoting sustainability practices in real estate and property management services. Their outstanding team attributes their success to their ability to develop and utilize their emotional intelligence skills to capacity to care with all their interactions with both landlords and residents. That’s why they fully endorse the Resident Benefits Package at Second Nature! Find out more about what a Resident Benefits Package is, its benefits, and how it can help create a Triple Win for you, as well as your residents and investors. Related: The State of Resident Experience Report

Calendar icon July 18, 2024

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Investor Experience Platform™️ IXP™️

An Investor Experience Platform™️ (IXP) in property management is a suite of products, services, and benefits offered by property management companies to property investors. Just like a resident benefits package is a way to drive value for residents, investors, and property managers, the IBP™️ is an innovative approach to property management that focuses on driving value for an investor's assets and turning that value into profit for the property management company. In this article, we’ll dig into the different features that an Investor Experience Platform™️ can include, and how those benefit not just investors, but property managers and residents, too. What Is an Investor Experience Platform™️ (IXP)? As stated above, an Investor Experience Platform™️ (IXP™️) is a comprehensive suite of services that offer property investors higher quality property management, stability, and profit. An IBP™️ typically includes concierge-level services beyond basic property management – such as property insurance policies, eviction guarantees, rent guarantees, maintenance plans, asset performance reports, etc. These services are aimed at maximizing the investor’s assets, stability and convenience, profitability, and peace of mind in managing their properties. They're commonly managed through an investor experience platform to securely manage and monitor the performance of these assets online, which we'll discuss later. The first step to outlining an IBP™️ is to define what your basic management fee means and covers. If the answer is, it’s collecting rent, handling maintenance, and general communication – does that include maintenance coordination or is that a separate fee? Does it include asset reporting or is that an additional service? In your management agreement, define what the management fee is, what it covers, and how much it is. An IBP™️ can be an effective tool for articulating the new and differentiated things that an investor wouldn’t be able to do on their own and that you are offering beyond basic property management. Articulate your unique and differentiated services (IBP™️) and use that as a tool for positioning and charging for what it’s worth. What’s Included in An Investor Experience Platform™️? An Investor Experience Platform™️ should include a range of solutions to help deliver consistency, insight, and asset protection to a property owner’s portfolio. After all, professional property managers don’t have to be functional managers of a home – they can be strategic partners in the management of financial assets. You might hear services similar to the IBP™️ called an “owner benefit package,” but at Second Nature, we believe that the “investor” term is useful in encouraging a longer-term mindset, and emphasizes the economic value professional property management can bring. According to Eric Wetherington, VP of Strategic Initiatives at PURE Property Management: “As property managers, we need to think more like asset managers. This client made an investment, and we should be guiding that client through managing that investment, not just collecting rent.” To build and manage a winning IBP™️, property managers need an Investor Experience Platform that unlocks scalable product and service customization, digitized onboarding, accounting policy automation, and more. In addition, Investor Experience Platforms provide transparency and convenience for your investors. Here are some of the most valuable services that property managers can offer through an innovative Investor Experience Platform™️. Property insurance program Similar to offering a renters insurance program through an RBP in the lease agreement, property management companies can offer an insurance plan to investors to cut costs and ensure the safety of their assets. Most management agreements will include the requirement that the investor carries insurance on the property and that the property manager is additionally insured. But what if you as the property manager could help manage that for the investor – at scale? Property Insurance for investors should have dynamic pricing based on individual investors’s property portfolio and needs. The benefit beyond flexibility is the savings they’ll see on their premiums while also getting insurance that’s tailored to the needs of their specific property class. At Second Nature, we work primarily with single-family rental properties and small multi-family residences. Property Insurance Programs can bring scale that will drive economic value for the investor over what they could get retail on their own. They’d still have the option to go get their own insurance that meets requirements, but they can pay you a small fee to manage it for them. Rent guarantee An IBP™️ can include a number of financial guarantees to protect property investors and drive ancillary revenue for PMCs. A rent guarantee, or rent protection, ensures a consistent rental income to investors by protecting them against resident defaults or non-payment of rent. If a resident fails to pay rent, the property management company covers the unpaid amount and takes necessary steps for eviction or collection, providing financial security and minimizing the risk for property owners. Rent guarantees work for professional property management companies that have enough properties to balance the loss of rent if a resident doesn’t pay. The risk is low and the additional profit from fees for this guarantee can have a very high ROI, while driving satisfaction and stability for the investor. Plus, if you’re using services in an RBP to help incentivize on-time rent payments, you’ll rarely find yourself out in the cold. Eviction protection guarantee An eviction protection guarantee also goes beyond the normal scope of property management services and can be used as a secondary source of revenue. Eviction Protection is a service provided by property management companies to property investors that offers additional security and financial protection in the event of an eviction. Under this guarantee, the property management company assumes the costs associated with the eviction process, including legal fees and court expenses. It helps alleviate the financial burden on property investors and provides peace of mind by ensuring that they are safeguarded against potential losses resulting from resident evictions. The eviction guarantee helps protect property owners from the complexities and potential costs associated with evictions, ensuring a smooth and efficient resolution to tenant-related issues. Pet guarantees & other guarantees A pet guarantee is a service offered by property management companies to property investors that aims to address any potential issues related to allowing pets in rental properties. It typically involves implementing policies and procedures to ensure responsible pet ownership, such as thorough pet screening, pet agreements, and collecting additional pet deposits or fees. The pet guarantee may also include services like pet damage insurance or assistance with pet-related issues during the lease term. It provides property investors with a framework to accommodate residents with pets while minimizing risks and maintaining the condition of the property. For many residents, finding a pet-friendly apartment increases retention and profitability. They’re willing to stay longer and pay more for a pet-friendly place. And–get this–pet damage is less likely to happen than damage from kids! It’s not a huge risk to the asset, but can provide a big benefit in terms of satisfied, longer-term residents. Maintenance plan Home warranties are a four-letter word for property managers. They’re a massive headache to deal with, and yet there’s high demand for them among property investors. Because of that, most property managers charge a fee for home warranties, for each they have to file. Imagine if there was a world where home warranties weren’t needed. Here’s the thing: Professional property managers already have the vendor network and the know-how to coordinate maintenance jobs. What they don’t usually have is a product that’s priced to give the investor the experience they want. Let’s say right now an investor is paying $50 a month for a cheap home warranty. The warranty only covers 40% of issues and it creates all these extra people and friction in the middle. For anything moderately significant that goes wrong with a property, PMCs generally must contact the investor for permission to get work done. It’s all a massive hassle and loses time in maintenance requests that leave residents frustrated. What if there was a product that costs, say, $150 to $200 a month but it actually covered everything? Instead of having sudden expenses and emergencies, this maintenance plan smooths out the experience and makes it more predictable for the investor. For PMs, it means taking the initiative on fixes without waiting for approval. Imagine a world where you didn’t have to get owner approvals for 95% of maintenance issues – because they’re already budgeted for and already paid for. For residents, it means better maintenance, and faster. Another Triple Win! Asset performance reports Another piece focuses on property managers as asset managers. Think about any investment app, like Robinhood, Acorns, etc. You can log in to these apps any time, 24/7, and see how your stock and investments are performing. In most investment classes, you can see in real time how your assets are performing. Why shouldn’t property investors have that as well? An IBP™️ can include exactly that: a dashboard or online portal that shows investors regular reports on how their property is doing. They could get updates on the value of their home over time, the home price appreciation, rent price over time, and project rent growth, typically maintenance costs and how they’re doing against that, and more. Resident Benefits Package Another piece to include in your IBP™️ is to highlight the benefits of your resident benefits package to your investors. Explain how features like a filter delivery program protect their assets and reduce HVAC repair costs. Show how a renters insurance program can ensure coverage and protection. Give numbers on how credit reporting incentivizes on-time rental payments and helps ensure financially stable renters. Explain how a movie-in concierge saves both time, headache, and money. Each of the pillars of an RBP is critical to encouraging better resident behavior, increasing renter retention and lease renewal rates, reducing vacancies, and more – all primary goals for a property investor. A note about Rent Advance Programs There’s been due buzz about “Rent Advance” offerings, though many advise caution when approaching this financial product. It works in some ways like cash advance programs, which can satisfy urgent needs, but not be more valuable for anyone long term. The way it works is PMs offer to send a year of rent upfront to the investor in a big chunk, and collect monthly from the resident. The investor typically pays a 5-10% premium on the advance, which can be their entire expected return. So the question becomes, where do they put that cash to get a better return instead? Another thing to think about is who would actually use this product. Investors who don’t have enough cash on hand? How does that benefit anyone in the long run? What happens when there’s a big maintenance bill later? Does this encourage better decisions and practices by the investor? To date, there’s been pretty low adoption of this program, which is another sign it may not be hugely beneficial to everyone involved. But plenty of innovations start that way, evolve, and find traction. One case where it might be a value generator is if an investor is looking to take a cash advance and put it toward a down payment for another house. That would benefit the property manager as well, promising more business, and the PM could offer a lower rate for getting more properties to make the financing more attractive than hard money loans or other alternatives. The jury is still out here, it’s an interesting one to track. How Can Investors and Property Managers Benefit From an Investor Experience Platform™️? Investors and property managers can benefit from an Investor Experience Platform™️ in several ways. They’re also great for residents in the sense they build more stability and quality into the renting process. Here are just some of the benefits of an IBP™️. Enhanced investor attraction An Investor Experience Platform™️ provides incentives and advantages that can attract more investors. Financial guarantees and protections against the risks associated with evictions or late payments can increase stability, while services like a maintenance plan can ensure premium care of their property assets without increasing their workload. By offering attractive perks, property managers can differentiate their offerings and generate greater investor interest. Increased investor retention Both IBP™️s and RBPs help build loyalty with residents and investors. By fostering a strong relationship and demonstrating ongoing value, property managers can build trust and loyalty among investors, and retain them over the long term. IBP™️s help establish the stability, transparency, and asset growth for a real estate investment that an investor hopes to achieve. Improved property performance An Investor Experience Platform™️ can also contribute to improved property performance. For example, by offering discounted property management fees or access to professional services at reduced rates, property managers can help investors optimize their returns and reduce costs. Additionally, incentives such as rent guarantees or eviction protection can mitigate risk for investors and attract more capital to the property. Streamlined communication and transparency A well-designed Investor Experience Platform™️ facilitates effective communication and promotes transparency between property managers and investors. This can involve regular reporting on financial performance, property updates, and the sharing of relevant market insights. Transparent and consistent communication builds trust and confidence among investors, fostering a positive and long-lasting relationship. Competitive advantage A comprehensive Investor Experience Platform™️ can give property managers a competitive edge in the market. When investors have access to exclusive benefits and advantages, they are more likely to choose a property managed by a company that offers a compelling package – and to recommend it to others. Say hello to increased investment inflow and a stronger market position for your PMC. Should You Make an Investor Experience Platform™️ Mandatory? The first thing most property managers ask us when we’re talking about an RBP or an IBP™️ is: Should I make this mandatory for all investors or do I make it a flexible opt-in/opt-out program? Unlike RBPs, where best practices are more proven and established, different PMs are taking different approaches with their IBP™️s. Some have a mandatory level of service set at a flat price. Others may say they’re fine offering a base level of service without these differentiated products, giving investors the choice to simply pay a baseline management fee and opt out of the IBP™️ premium service. Some may offer a baseline to all investors and then give them the chance to opt in for premium IBP™️ services. There are a lot of ways to do it. With the RBP, we’ve found that making it mandatory does not generate nearly as much pushback as people expect – and can be a strong value add overall. Final Thoughts About an Investor Experience Platform™️ The Investor Experience Platform™️ is an innovative way to generate ancillary income and create more value for investors and residents. Similar to Second Nature’s premier Resident Benefits Package, the IBP™️ can deliver high-quality service for investor experience – and help create a triple win for investors, residents, and property management companies. The IBP™️ reinforces the value of a professional property management company for investors and helps differentiate you from the crowd. Stay tuned to learn more about the latest in the IBP™️ space, or learn more about how a resident benefits package can launch a whole new level of value for your PMC.

Calendar icon July 17, 2024

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