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December 2014 Marketing Plan

Genevieve Mentele

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Table of Contents

3) Mission Statement

4) Introduction

5) Strengths

6) Weaknesses

7) Opportunities

8) Threats

9-10) Competitive Analysis

11) Conclusion

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MISSION STATEMENT:

Achieve a leased percentage of 90% by March 31st, 2015 —

and cultivate The Century’s legacy and entity.

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How The Century Is Different

The Century – located under the shadows of Seattle’s most pinnacle skyline, The Space Needle. The Century

exists in the perfect location for anyone to call home. The location of The Century is also unique in that it sits

in between the most traveled streets in Seattle, Mercer and Denny, while remaining in the eye of every tour-

ist underneath the monorail. The opportunity to showcase this convenient location as well as provide a

unique Pillar lifestyle, is where The Century will truly shine.

Dedicated to provide an incredibly awesome experience, The Century contains not only 258 beautifully de-

signed condo-like homes, but also remarkable amenities that boast breathtaking views of downtown Seattle,

the Space Needle, and Lake Union. Each home in The Century feels like home, and when the product is un-

matchable, the appetite of the customer will be satisfied.

Entering December of 2014, The Century is leased at just under 63% leaving 96 apartment homes available.

The majority of the availability exists in the one bedroom, and one bedroom plus den floor plans. The market

value seen in the square footage of a larger one bedroom, is presenting a challenge to rent a one bedroom

den in which perhaps that area is not needed. Although the one bedroom dens are in the last place for the

race to the top - it is not to say they are being dismissed. The team has been challenged to be more creative

when touring these blank canvases - challenging them to actively listen to resident needs and engage in dia-

logue of how best to use the space to fit those needs.

The marketing plan (action plan) contains 6 -7 weekly marketing strategies. These various strategies are cre-

ated to achieve the leased goal as well as cultivate The Century’s legacy and entity. The marketing analysis

will be the responsibility of the entire team to upkeep, comment on, and continue.

The Century’s Lease Up Tracker has a weekly goal of 5 leases per week and calculates the actual leased on a

weekly basis.

The incentive plan is dedicated to create a competitive leasing atmosphere as well as a continuing education

for our team. The focus will be to achieve our leased goals and also to remain educated in the building’s pric-

ing, availability, and leased percentage.

Introduction

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The Century’s location is one of the most prominent strengths the building possesses.

Located in heart of Seattle’s most desirable neighborhoods – The Century is footsteps

away from all the high contenders of the city. While the location is a strength of The

Century, it is merely the starting point of everything this community has to offer. The

amenities of the building offer unique and elegant spaces that stand apart from the

competition, while the apartment homes stand out in the development and finish.

Each home is inviting, strong, and spacious! Even the studios are larger than the in-

dustry average.

The finish and quality of the apartment homes are captured in each unique amenity

space. The fitness center rivals private gyms, equipped with free weights, weight ma-

chines, and a jaw-dropping variety of top-of-the-line Precor equipment. The extrava-

gant private theater offers three flat screen TV's and multimedia functionality for any

device, and the community is topped off with several rooftop areas including private

seating, gas grills, and heat lamps. Our garage hosts enough cars for one per house-

hold, and has three different sized spaces to choose from: parallel spots for large

cars, compact spots, and fuel efficient charging station spots. Lastly, the enclosed dog

play-area on the top floor of the building is perfect for any sized dog (and their canine

friends!).

Customer Service

Hotel & Condo Like Finishes

Larger Studios Than Industry Average

Quiet, Private Street, That is Easily Located

Full Staff With Years of Experience

Quiet Floor Plans

Pet Friendly– No Size Restrictions

Strengths

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The supply of one bedroom dens has been a challenge during current demand.

Prospects see the value in our product but seem to prefer a larger floor plan in

general, rather than a dedicated den space. It will be crucial for the team to focus

on when these floor plans are struggling and how to help them reduce vacancy

loss. The Martin, a Greystar/Riverstone property that opened in October of 2013,

has 188 units, and 106 of which are one bedroom dens. The team believes they

had a successful lease up of reaching 90% in 11 months.

Sources are not all 100% tailored for advertisement. Renderings are still up on

some sites, while others have no photos at all, the team is testing the ILS daily.

Saturated competition with specials, preferred employer discounts, and lower

price ranges.

Sources such as Zillow were not leading into our PopCard feeds or email accounts

properly, causing the prospect to have no answer back when they have reached

out to us. This was discovered on 12/3 and fortunately, Zillow was able to provide

185 prospects from the past 2 weeks that the team is creating PopCard leads and

contacting personally.

Aparments.com was set up incorrectly to automatically populate every 24 hours,

while Rent Café (the feed it pulls from) is only set up to populate the pricing every

24 hours. This has caused the listing to not show any images, content, or contact

information. This was discovered on 11/25 and is almost back up to 100% accura-

cy.

Many of these weaknesses will quickly be overcome – but it is clear that there is a

lack of attention to detail in our sources and our marketing. Now that we have

found these areas the team is dedicated to focusing on these items and regularly

ensuring accuracy and consistency.

Weaknesses

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The primary lead sources for The Century are walk-ins and our property website. The op-

portunity is thriving for the team to always investigate and improve these sources by en-

suring we are advertised on street corners, walking paths, and the routes of the public

transit system. The property website requires daily supervision – and to truly capitalize on

this source, the team will need to “be the prospect” and utilize the website in both desk-

top and mobile capabilities to ensure accuracy and attraction.

Many of the team members did not know the term ILS – Education is another huge oppor-

tunity. With strong, educated leadership the team will be able to strengthen their closing

ratios, marketing techniques, and revenue on homes.

Many of the walk-ins are in short term corporate leases with our preferred employers,

such as Amazon and Microsoft. The challenge is that their current leases are not expiring

until late Spring and early Summer. The opportunity lies in the strategy to stay in touch

with this customer who will return and lease at our building, even if it is in 3-6 months.

We currently have 0 Yelp reviews. Obviously this is a tremendous opportunity for the team

to work on. The company’s expectation is to receive 4/4 or 5/5 on all customer review

sites and satisfaction surveys. The upkeep and monitoring of Satisfacts and Yelp is a signifi-

cant part of The Century’s opportunity for continued success.

The ability to outreach on companies that we have several leases from – why not spotlight

these companies and try to generate more buzz and interest, ultimately driving more leas-

ing. Big companies that are not Microsoft and Amazon also live in South Lake Union such

as Group Health, UW Medicine, Allen Institute for Brain Science, REI etc.— the opportunity

to create a tailored Century is a unique advantage.

Opportunities

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The Century’s location is in an area of high demand for construction, development,

and improvement. Within the next year there will be a considerable amount of prod-

uct that will threaten our building. The location of the property can also become

threatened by the overall congestion of the city– marathons, traffic, and/or events

that take place nearby.

More product scheduled to open in 2015 and continue. Competition is all within

a 1-mile radius.

Construction.

Certain city events that prevent walk-ins or drive by’s.

No loading dock.

Saturated market.

Concerns over urban environs—crime, transients, noise.

Threats

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Opened 09/01/2014

Leased: 62.79%

258 Units

Dimension

Opened: 10/31/14

Leased: 23%

298 Units

The Verve

Opened: 10/16/14

Leased: 30%

166 Units

True North

Opened: May 2014

Leased: 71%

286 Units

The Martin

Opened: 06/01/2013

Reached 90%: May 14

188 Units

Via 6

Opened: Feb. 13

Reached 90%: June 14

654 Units

Competition That Has Opened

In the 2nd-4th Quarter of 2014

Stabilized Competition

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Lease Up Graph of Competition vs. The Century

True North

Opened: May 2014

The Century

Opened: 09/01/2014

Dimension

Opened: 10/31/2014

The Verve

Opened: 10/16/2014

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The leased percentage goal of 90% by March 31st, 2015 is a goal that will create a

strong impression on the market, the company’s portfolio and the team achieving it.

There are a total of 70 leases needed to achieve this goal– and throughout the first

quarter of 2015 the team will be presented with new challenges that they may not

have expected or seen throughout this lease up. Managing lease expirations, renew-

als, and market changes will be a focus as well to maintain the high occupancy rates

we are desiring. This business plan and marketing plan will help the team be pre-

pared and confident in this challenge. The Century’s legacy is just beginning.

Conclusion

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Words you did not see in this business plan: Velocity & Strategic.

Genevieve Mentele