MARKETING PLAN 1

MARK E T I NG PL AN
Museum Place

Joshua Ferguson

Drexel University
MARKETING PLAN 2

Table of contents

Executive Summary 3

Organizational Overview 4

Product Description 5

Marketing Research 6

Competitors and Competitive Analysis 10

SWOTT Analysis 22

Segmentation 24

Differentiation and Positioning 26

Marketing Strategies 27

Marketing Mix 34

Control / Monitor 63

Final Summary 68

Citations 69
MARKETING PLAN 3

Executive Summary

Museum Place is a high rise apartment community located in Portland, Oregon and

managed by Guardian Real Estate Services. The current goal of the property is to maintain

95% occupancy while keeping rents inline with the market place.

With low occupancy rates expected in the Portland Metro area starting in 2012 and no

anticipated relief in site until 2015, it will be important to align Museum Place for extra strong

growth in the coming years.

The community stands out from its competitors thanks to a great staff and high quality of

material with only marketing being the weak point of the community of which this report ad-

dresses.

A strong marketing campaign is imperative in ensuring that the investment made in Real

Estate achieves it full potential. This marketing plan introduces the property and its competition

to the reader as well as introduces marketing strategies that will help those working at the site

achieve top of the market goals.

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Organizational Overview

Organization Information

As the largest property management company in the Pacific Northwest, Guardian Real

Estate Services understands the needs of property owners, including those of Museum Place.

They have a history of recruiting and retaining some of the best in the industry, as can be seen by

the two highly educated and capable individuals running Museum Place. Guardian Real Estate

Services has been the managing company of Museum Place from the day it was put into service.

Mission Statement

The Museum Place team is committed to offering the best customer service in the Port-

land metropolitan area, ensuring the highest possible return for our owners while providing eco-

nomic value to our residents, providing homes that help reduce one’s carbon foot print and being

dedicated to our local community as we realize it is through each of these things that we become

a more valuable asset not only to our owners, but to mankind as well.

Geographic Description

Museum Place, a LEED certified building, is a mix use building located in downtown

Portland at 1030 Southwest Jefferson Street. The physical address noted by the city for the land

is 1010 Southwest Jefferson Street, as the community encompasses an entire city block. The

40,000 square foot, 0.92 acres, piece of land is located on block 245, Lot 1-8 as one legal lot with

tax number 1S1E04AA-06900 (HiMax, 2010, p.1).

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Product Description

Overview

Museum Place is a “Class A”, newer LEED certified building in the great Cultural Dis-

trict of Portland, Oregon (Guardian Real Estate Services, 2010, p.1) that has 168 homes and one

large commercial space available. High quality material were used throughout when originally

built in 2003 including high quality wood framed windows and beautiful european styler cabi-

nets. The community is located right on the trolly line and within blocks of the city MAX line

and city bus lines making transportation a easy to access. Shopping is abundant with Safeway on

the first floor of the building and many more shopping areas all within walking distance includ-

ing Pioneer Place, a full service shopping mall. Portland State University is a five minute walk

away, providing a great place for an education or employment. Many state, county and city of-

fices are also located within a 10 block radius. For entertainment the area has the Downtown Art

Gallery Association, the Portland Art Museum, Portland Center for Performing Arts, Oregon His-

torical Society and the Northwest Film Center. The high quality of build and great location

makes this a highly desirable place to live for those living in the Portland downtown area.
MARKETING PLAN 6

Marketing Research

Consumer Analysis

The target market can be determined by research of the demographics, psychographics,

behaviors and geographical considerations of those living in the area of the complex.

Demographics

A review of demographics of the Central City area will help in determining who are most

likely prospects of the community. There are 1.39 people per household in the Central City area

of Portland, with the average age of the area being 35, two years younger than the city average of

37. This lower age can be contributed to having Portland State University, Pacific Northwest

College of Art and the Northwest Culinary Institute. The majority of the individuals in the area

consider themselves “white” and since 2000 this has been reduced by 3.5% (City of Portland,

2009, p2).

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MARKETING PLAN 7

Per capita income at $37,000, is higher than the citywide average at $29,700. Central

City has 43% of the business in Portland at 10,400 with 144,400 workers or 40% of the work

force. There is expected to be an increase of 74,000 jobs, for a total of 209,000 jobs, to the Cen-

tral City area by 2035 (City of Portland, 2009, p2). Many at Museum place work at Portland

State University, are retired or disabled and on social security, are a local artist or are white collar

professionals that work at the many offices throughout Portland. All of the demographic infor-

mation provided will help in designing the marketing plan and should be watched in the coming

years for any changes so that the marketing plan can be adjusted accordingly.

Psychographics

Finances, employment, location to schools and shopping centers, public transportation

access, lifestyle changes (ie: retirement, school, divorce, etc.) and immigration can influence

consumer buying verse renting decisions. As the economy and time have pushed many people to

consider changes due to these items, an increase in the number of renters with higher incomes,

education and age have become more prominent (National Multi Housing Council, 2002, p1).

With more baby-boomers retiring and Generation-Y entering adult-hood, the need for rental

housing, due to access of traditional financing for housing being difficult to get, will help con-

tinue this trend.

Behaviors

An upscale community like Museum Place help those making the transition from tradi-

tional housing to apartment living easier as they are homes that have similar amenities to that of

traditional owned homes with many upgrades not seen in the past with rental homes. It is the

emotional desire of the renter to feel as if the place they live is one that makes them comfortable
MARKETING PLAN 8

to be at on a daily basis whether they rent or own the home. By having such upgrades the ten-

ants are most likely renters by choice, who will be looking for the same comfort level and qual-

ity of product as they would have in an owned home. The upscale style of the community also

helps those well educated Generation-Y individuals feel as if they are getting what they “de-

serve”.

Geographical Considerations

It is the city lifestyle, that includes easy access to the desires and needs of the individual,

that attract people to the neighborhood that Museum Place is located. The easy access to Oregon

Health Science University for any health issues, mass transit, ample entertainment options and

nearby shopping make Museum Place a perfect fit for those that are retiring or those without

children choosing to live in an area where all their needs are easily accessible without an auto-

mobile. Museum Place stands out amongst its competitors as it is in the heart of the district with

all the needs and desires of the tenant within walking distance.

With a growing number of retired individuals looking to rent in a location that allows

them to have an active lifestyle without the hassles of driving and many younger individuals look

at spending their money on lifestyle activities rather than an automobile while at the same time

both groups wanting places that have a sense of upscale ownership to them, places like Museum

Place make sense.

Customer Profiles

Those living in Museum Place in the non-subsidized housing tend to be well educated,

with many having a Masters or Doctorate, make above average income, do not have children liv-

ing with them, are at the height of their career or retiring from a well paying and prestigious ca-
MARKETING PLAN 9

reer, tend to be art minded and do believe they are not following the traditional American life-

style with no desire to do of such. The common description that is used today to describe the

average Museum Place resident is “Metro Sexual”. They believe in looking good at all times

yet, in typical Oregon style, love the outdoors and have no problem roughing the elements to do

the things they enjoy. Many enjoy the city night life as well as the weekend getaways to the

mountain or beach for skiing, surfing, hiking and the like. Above all, this highly educated, busy

group is willing to pay the extra to have high quality housing with top notch service so they may

live what they believe is the good life.

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Competitors and Competitive Analysis

The key competitors to Museum Place include the Ladd, built in 2009, and Broadstone

Enso, built in 2010. All three communities are in the heart of downtown Portland and conven-

iently located near mass transit with easy access to shopping, employment and entertainment.

Museum Place

Museum Place, A LEED certified building, is a mix use building located in downtown

Portland at 1030 Southwest Jefferson Street. The physical address noted by the city for the land

is 1010 Southwest Jefferson Street, as the community an entire city block. The 40,000 square

foot, 0.92 acres, lot has an APN number of

R246553 and alternative APN number of

R667727190, on block 245, Lot 1-8 as one legal

lot (HiMax, 2010, p.1). The tax lot number is

1S1E04AA-06900.

There are 168 units spread over eight

Source: Guardian Real Estate Services
floors encompassing 276,881 square feet. Of the 168 units, 28 are federally subsidized, bond

units, to offer lower rents and the remaining 140 are conventional homes (Guardian Real Estate

Services, 2010, p. 1). There are 114 studios, 8 penthouses, 12 town-homes and 6 2 bedroom 1

bath units. On the first floor there is a Safeway grocery store and the entry to the apartment

community, including the leasing office.

The entry into Museum Place is not as elaborate or exciting as that of Broadstone Enso

and Ladd. In fact it is rather simple but well done. Residents facing the west side the building

on lower floors see another building, however those on the upper floors get a beautiful view of
MARKETING PLAN 11

the West Hills. Those located on the other three sides of the building will face similar sized

buildings blocking any possible view, expect in the case of the top floors which will get a view

of Mt. Hood on the east side, Mount St. Helens on the north side and a view of the southern part

of the West Hills on the south side.

Many of the homes have beautiful hardwood floors and all have a modern style kitchen

with black appliances. All homes are smoke free and the community offers concierge service, a

rooftop garden, media room, extra storage, indoor bike storage and indoor secure parking.

Thanks to the building being a LEED certified community, residents will have lower than normal

utility bills and will notice the absence of most harsh chemicals used during construction and

during rehabilitation of each home between residents.

Each floor plan is designed to help bring in as much light as possible, which is truly ap-

preciated by most Oregonians during the winter time.

Source: Guardian Real Estate Services

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Source: Guardian Real Estate Services

Source: Guardian Real Estate Services

Source: Guardian Real Estate Services

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Source: Guardian Real Estate Services Source: Guardian Real Estate Services

Source: Guardian Real Estate Services Source: Guardian Real Estate Services

Source: Guardian Real Estate Services Source: Guardian Real Estate Services
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Source: HomeInfoMax.com
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Ladd

The Ladd is a 23 story glass and concrete tower that encompasses 332 apartments and a

mixture of high end retailers all managed by Holland Residential (Ladd Residential, 2009, p. 1).

It is a LEED Gold Certified building that recently

finished with their lease up as construction fin-

ished this past year, 2009. The roof helps with

the certification because it has live, green plants

helping to absorb any rainwater and filter any

overflow.

Source: Holland Residential Residents on the Northwest side will face the

South Park Blocks and the South Hills. At less than 2 1/2 blocks from Museum Place, those liv-

ing at the Ladd will be able to have the same ease of accessibility to community entertainment,

employment and mass transit.

The Ladd has a very modern feel with upscale amenities throughout like Kohler sinks,

granite countertops, stainless steel appliances, air conditioning, 10 foot ceilings and alderwood or

bamboo flooring. When Richard Manning of Green by Design toured the building he stated, “ . .

. this building doesn’t have the “new car” smell

that is so prevalent in some new buildings.”

(Manning, 2009, p. 1) This is thanks to the low

VOC materials used throughout the building,

making it a perfect fit for many Portlanders who

are more than willing to pay extra for a healthier

Source: Holland Residential

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environment.

The Ladd offers a community center, fit-

ness center, patio / deck on the rooftop and an

enclosed garage area. Homes on upper floors can

have spectacular views of the city and mountains,

including views of Mt. Hood.

With a lower price, much more aggressive

use of concession usage and being 6 years newer, Source: Holland Residential

the Ladd provides tough competition for Museum Place.

Source: Holland Residential Source: Holland Residential

MARKETING PLAN 17

Broadstone Enso

Though not in the same district of downtown, Broadstone Enso is often cross shopped by

those considering Museum Place. It is a 6 story building that encompasses 152 apartments and

retailers all managed by Alliance Residential (Al-

liance Residential, 2010, p. 1) in the Pearl Dis-

trict. The building recently finished construction

and is still in the lease up phase.

Residents on the west side will face Interstate

405 while those on other sides of the building

Source: Alliance Residential will face buildings just as tall or taller, leaving

limited views for most residents. The Pearl District tends to attract those that consider them-

selves “trendy”. The nearby art school, plentiful park settings and newer or rehabilitated build-

ings, make the area very popular for many moving to Portland and those wishing to make the

transition for the suburbs to the city. The complex is within walking distance of many of Port-

land’s famous places like Powell’s Book store

and Voodoo Doughnuts as well as being walking

distance to some of hottest night clubs in the

state.

Charging stations in the entry foyers for

iPod/cell phone is a true indicator of what type of

client Broadstone Enso is trying to attract. This Source: Alliance Residential

high end community offers stainless steel appliance, brushed chrome faucets, tile countertops,
MARKETING PLAN 18

large bathrooms with granite countertops, full-

size washer and dryer, central air conditioning

and heating as private balconies and patios for all

residents. Though it is not LEED certified, they

did use low VOC products throughout, so there is

no overwhelming smell of newness.

Source: Alliance Residential
Broadstone Enso offers a lobby full of great art

from local artist, a large clubroom that includes a fireplace and large television, fitness club, a

courtyard that includes a firepit and barbecue, heated storage rooms, indoor storage for bicycles

and a private wine storage room which becomes a true stand out amongst apartment buildings in

the area. Views for residents are limited to few units due to the taller buildings and elevated

highway.

During the lease up, Broadstone Enso is offering every incentive they can to increase oc-

cupancy helping to ensure they can convert their

construction loan to a conventional loan. This

means up to two months free and low move in

costs. With a lower price, much more aggressive

use of concession usage and being 6 years newer,

the Ladd provides tough competition for Museum

Place. Source: Alliance Residential

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Source: Alliance Residential Source: Alliance Residential

Source: Alliance Residential Source: Alliance Residential

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Comparison of Properties

A comparison of Museum Place to the Ladd and Broadstone Enso shows that the avail-

ability of a fitness center, an available wine cellar, and views for most units are key disadvan-

tages to the community. Because Broadstone Enso and Ladd are newer communities they also

are in better physical condition overall creating an additional item that must be overcome when

showing the property to prospective tenants. The residential comparison grid shows just how

much under priced Museum Place is even when putting into account its age and lack of ameni-

ties.

No other competitor is as close to Portland State University, the Art Museum or the Opera

House or has the beautiful wood framed windows that provide a warm and non-institutional inte-

rior. The addition of staffing that is highly educated and recognized for being the best in the in-

dustry also help Museum Place stand out. Those desiring to rent at Museum Place will be moti-

vated to do of such because of the location, wood windows and above average staff.
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SWOTT Analysis

The SWOTT shows some key strengths and weaknesses that are addressed in the market-

ing plan. In most communities a 6 year old building would be considered state of the art, but in

the growing and rehabilitated downtown Portland, a 6 year old building has stiff competition

from others that have been rehabilitated or recently constructed. Even the LEED certification,

the mix use, and the convenient location to shopping and entertainment does not help Museum

Place stand out in the market place.

Externally the limited construction and the city growth will bring great opportunities.

High unemployment, financial cut backs at the University and high concession given by com-

petitors create a threat to the community.

The trend of stabilized occupancy and increasing rent lead one to believe that even the

high unemployment will not stop the area from future growth. With more people migrating from

the suburbs to downtown, record numbers moving to Oregon from California and the additional

upgrades of the Portland downtown area, Museum Place is in the right place for continued suc-

cess.
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Segmentation

Criteria

There are four key areas of the segmentation that have been reviewed. They include

the geographic area, the demographics, the psychographics and the behavioral tendencies of the

target market. For the geographic segmentation the region, city, metro area, density, climate and

local university data was reviewed. Within the demographic segment the age, gender, family

size, family life-cycle, income, and occupation was documented. Psychographics included the

social class, lifestyle and personality of the target market and for the behavioral side, the bene-

fits, user status, loyalty status, readiness stage and availability where looked at.

Target Market(s)

The target market is similar to that of the Portland demographics with slight change in

education and income both of which are higher. The Segmentation Customer Profile shows how

the city as a whole fits that of the target market with the adjustments noted (City of Portland,

2009, p1).

By creating advertising that focuses on art, education, the environment and the attention

to detail in both the property and with the staff, the marketing campaign will capture the target
MARKETING PLAN 25

market. Those looking at Museum Place will be a sophisticated client who will not be as likely

to be caught by traditional advertising media. Many don’t have televisions in their home and

would rather spend a Sunday afternoon at an art museum or listening to a local band than watch-

ing a football game on television. Finding creative interactive ways to connect with them using

social media and local outlets will be key to attracting the target market.
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Differentiation and Positioning

Museum Place has little that physically differentiates it from the main competitors in the

area. Being across the street from the museum and within walking distance of Portland State

University are the two key differentiators. Museum Place is a “neutral case”, having little extra

to offer, as compared to others in the area and having little to no deficiencies as compared to its

main competitors.

The benefit, user and competitive positioning of the Museum Place are important to know

to find ways for the property to stand out in the market place. Being directly across the street

from the art museum and walking distance to PSU is a benefit position of the property. Having a

professional and very knowledgeable staff equaling that of the target market, with the manager

having a law degree and the assistant manager having a MBA, the user positioning of the prop-

erty stands above the main competitors. Lastly the quality of the building, with it being LEED

certified and having beautiful wood framed windows, helps the property competitively stand out

in a positive way.
MARKETING PLAN 27

Marketing Strategies

Appealing to the target market of Museum place will mean having a property and its pric-

ing match that of the group being wooed. Putting together a marketing strategy that does this

will allow the property to ultimately be successful.

Target Marketing Strategy

Making sure that all advertising efforts are done specifically to attract the target market is

the reason for having a strong target market strategy. Doing so will ensure all advertising dollars

are spent in areas that provide the biggest return for the money spent.

Museum Place will attract those in the late 20’s to early 30’s who are childless and at a

high point of their career as well as retirees. People who are metro sexual in their style, image

concise, culturally, artistically or academically minded will be attracted to the part of town as

well as the complex itself. It will be the out of the ordinary that will catch this particular groups

attention as they are ones that believe what they choose are not typical middle American.

The advertising will need to have an upscale, professional appearance to it. All market-

ing will need to appeal to the target customers sense of artistic need with an emphasis on tech-

nology that focus on the quality of the property and staff over pricing.

Emphasizing the LEED certification will be required as the target market is one who

chooses what they buy and where they move based upon their own carbon foot print.

To capture the prospects attention, an emphasis on the cultural district and what it has to

offer will need to be at the forefront of every ad. It is the convenience of the location and the

availability of multiple places for entertainment that will attract people to Museum Place and that

does need to be emphasized in the advertising.

MARKETING PLAN 28

Utilizing social media will be critical to capturing the attention of the target market

though any and all marketing must be careful to not over push the community itself but the

community as a lifestyle choice.

Emphasis on professional service is a must with this target audience. Educational attain-

ment as well as certifications by the team and company in the advertisement will be necessary as

this target market is very leery of self promotion without facts to back up what is stated.

The target marketing strategy will need to be interactive and continually updating just

like that of the people who are most likely to be interested in the the community.

Product Strategy

Having a product strategy that allows Museum Place to continue attracting the upscale,

well educated residents it has in the past will ensure that the rents received stay at the higher end

of the market and help keep occupancy high over the years.

The perception for Museum Place is good as well as the overall building condition how-

ever it is nearing 10 years old and the newer buildings are being built with much nicer grade of

materials making Museum Place needing some updates in the near future.

The Carpeting throughout the building looks aged as well as the kitchens and bathrooms.

As the economy improves and rents are increased upgrades including new carpeting throughout,

new appliances and countertops replaced with marble, Corian or tile to match that of the main

competitors.

Making sure that any upgrade has the environment in mind and keeps with the property

being LEED certified will be critical in making sure the property fits the needs and desires of the

target market.
MARKETING PLAN 29

For the rest of 2010 and 2011, no upgrades should be done until the newest of complexes

are done with their lease up mode as it will be difficult to recoup the cost of the upgrades during

this period.

It will be keeping Museum Place as a class A community will keeping the LEED certifi-

cation that will keep it attracting the very target market that it has been attracting since the day it

was built.

Source: Guardian Real Estate Services Source: Guardian Real Estate Services
MARKETING PLAN 30

Pricing Strategy

Pricing a community so that it can achieve the maximum rent amount while maintaining

a high occupancy is key to ensuring any owner a strong return for their investment. It is the pro-

posed pricing strategy that will allow this to happen for Museum Place.

Increased rents and removal of concessions are the goal of every property owner and Mu-

seum Place is no exception. As the market tightens up over the next year the pricing of the prop-

erty will need to increase to allow for the desired upgrades.

Museum Place has pricing that is lower than its competitors for both one bedroom and

studio apartments with and without concessions included. Proper pricing not only helps the

owners bottom line, it also can set precedence as to what the value of the community is to the

target customer. By having the property priced lower than that of a nearby class B property, the

ads are essentially saying to the consumer that the property is a B- property.

An immediate raise in rents by at least $40 to $80 will help the property regain the A

class stature that it is marketed as. Over the next year continued increases while monitoring the

occupancy level can and should be done.

With three “lease ups” near by, cutting all concessions will be difficult. The property

might be best to increase rents while increasing concessions. It will be important that the resi-

dent is required to use any and all concessions up front so that at the time of a renewal, large in-

creases are required to bring the rent to the market rate.

Rent increases are important to help the property maintain their A class status. Until the

nearby properties finish with their lease ups concessions might be necessary, but it will be impor-

tant that rents are increased accordingly.

MARKETING PLAN 31

Signage

Due to restriction with the city codes, signage is limited to the property. There is no sign

on the front sidewalk or at any place around the property. The name of the complex above the

entry is still in great condition and does not need replacing.

Advertising and PR

Upon review of Museum Place, it has been noted that the leased percentage is strong at

98% but the rental rates charged are much lower than that of its main competitors. Any market-

ing plan needs to help the property increase the rates for the studio and one bedroom homes

while maintaining the leased and occupancy levels of the property.

The first of these marketing plans include the upgrading of the Facebook page (Guardian

Real Estate Services, 2010, p.1). The page itself should concentrate on what is happening in the

community more than availability of units though information pertaining to staff, cooking ideas,

etc. should also be included. To ensure others outside of the community become friends of it, it

will be important that the community connects itself to the University of Portland, the Portland

Art Museum and other local groups and businesses that line up with the target market. It will be

important that this page is updated weekly and reviewed three to five times per week to ensure

appropriate postings. Updating the Facebook page will give Museum Place a way to connect to

the local community in a dynamic and connective way.

The target market demands great customer service along with a top notch product and

they tend to be technical savvy, is the second marking plan be brought forth. To ensure those

shopping for a new home in the area put Museum Place at the top of their list, it will be impor-

tant that all websites like apartmentratings.com (ApartmentRatings.com, 2010, p.1), which allow
MARKETING PLAN 32

residents to rate the community, have recent positive comments about the community and the

staff. Team members at most communities know what residents believe they are top notch and

which ones will leave positive comments on such a webpage. To help ensure people looking at

these websites see how great the team and property is, the team members will need to pick one

resident per month to leave a positive comment on one of these pages. This is a long term mar-

keting strategy that will help the community express to the prospects what is offered in the area

of service and product in a non invasive way.

The third marketing plan includes a review of the Craigslist ads with the team. An in-

crease in the number of ads and additional creativity in the headings will be brought forth to help

the ads posted stand out. The community did not show up when the words “Museum Place” was

typed into Craigslist as of 10/25/2010 (Craigslist, 2010, p.1). It will be important that all add

headings come from the team itself, so a team meeting coming up with new headings will be im-

portant to have.

To being each of the marketing plans together all ads will have two key messages. They

will include the focus on art and the environment. When ads are being made it will be important

that those producing it keep running two sayings through there mind;

1. Art - love it, live it, be a part of it

2. Environment - We, Museum Place, are here to help you reduce your carbon foot print

These two sayings will help make the property ads stay consistent and stand out in the market

place.

These four marketing strategies stand out from what the community is doing now and

what their competitors have been doing. It will be finding ways to stand out within the market-
MARKETING PLAN 33

ing of the community that will help them increase their rent amounts while maintaining their cur-

rent occupancy.
MARKETING PLAN 34

Marketing Mix

Product / Service

Product Analysis

Museum Place will need updating within the next few years to compete with the newer

complexes built. To make sure there is not a heavy toll on the current budget to do these up-

grades, it is recommended that an evaluation is done in 2013 to determine if the income increase

can justify improvements needed. At this stage the property is still competitive though it is obvi-

ous items like the carpeting are nearing their useful life.

Demographics

Ben Merrill, the community manager, stated in an interview on October 6th, 2010 that

Museum Place attracts downtown urbanites that tend to be metro sexual in style with many being

at the beginning of their professional career or at the height of it. Those not in the subsidized

homes are renters by choice, who are culturally, artistically or academically minded. They are

image conscience but only to the degree that it please their own style and taste with little concern

if it is the latest in trends. Many are attracted to the community because the renter policy does

allow for larger pets. This fits right in with what the market identification would indicate for

such a community in this area.

Drive Pattern

Access to the property will be easy to explain to any incoming prospect. For an automo-

bile:
MARKETING PLAN 35

1. From I-405 heading Northbound the person will take the 1A, SW 12th Street, exit then

drive six blocks, then turn right on SW Jefferson where they will se Museum Place on one

block up on the east.

2. From I-405 heading Southbound the person will take the 2A, Couch Street, towards

Burnside exit then turn left onto Alder St where they will drive eight blocks east then turn

right on SW Broadway to drive seven blocks then turn right on SW Jefferson where they will

see Museum Place is four blocks up on the left.

3. From the Sunset Highway heading East bound the person will take the Downtown

Portland / SW Market Street exit and then turn left on SW 12th street. They will drive two

blocks then turn right on SW Jefferson to find Museum Place one block East on the right side.

For access using the trolley car or other forms of mass transit:

1. From PSU the person will take the Northbound trolley. They will exit it at the Art Mu-

seum trolley stop to find Museum Place a short 1/2 block walk south.

2. From the Library SW 9th Ave Max the person will walk two blocks East to the SW

11th & Taylor trolley stop then take the Southbound trolley to the SW 11th & Jefferson stop to

find Museum Place across the street to the East.

Place

Regional Analysis

Currently the City of Portland is putting together a plan on how they want to the city ma-

ture between now and 2035. Planners are pushing hard to increase the number of affordable

homes in the area for. The Portland Plan (City of Portland, 2009, p2) estimates that the city of

Portland will need 1.2 to 1.6% more homes per year to accommodate the growth of the city. Us-
MARKETING PLAN 36

ing this figure, the Portland rental market will achieve a healthy occupancy level of 4% by 2011

as also noted by the Barry Report (Barry, 2010, p 1-3). The Central City neighborhoods of Port-

land is expected to have unit availability constraints by the summer of 2011. With zero rental

homes scheduled to be built, this creates a super tight rental market with an anticipated vacancy

rate of 3% or less by 2011.

A 1.2% increase in the number of households equates to 324 additional homes needed for

2011. The GVA Kidder Mathews Mid-Year 2010 real estate market review states that the Port-

land market is expecting 600-800 units coming online for 2011 with less than 200 of those being

for the downtown market and none being for the Cultural District. The area currently has a va-

cancy rate of less than 3.8% and is expected to have a vacancy rate that is similar in 2011 though

increased rents are expected. There will be no complexes demolished or removed from the area

during this period. The Central City area of Portland is expected to have an absorption rate of

193 units in 2011.

The Summer 2010 Barry Apartment Report states that the vacancy rates for apartment

complex throughout Portland is 5.1%, even with a negative 2.0% job growth and unemployment

at 10.3%. A real recovery in the local market is not expected until mid 2011 and 2012 with

apartment construction being at record lows until that point.

MARKETING PLAN 37

The home values at $483,400 are considerably higher than the citywide average of

$268,600 in direct contrast to the median household income of the area at $34,000 compared to

the city average $54,100.

Though mass transit has improved for the city as a whole, the percentage of those that

drove themselves to work in the Central City area has increased to 56% in 2009 from 39% in

2000. Walking score.com gives museum place a perfect score of 100 for a walk score and 91 for

a transit score, thanks to its easy access to schools, shopping stores and easy access to great mass

transit.

Since the 1970s real wages have declined while housing prices increased in the state.

The Consumer Price Index (CPI) has leveled out to be equal to that of the country as a whole at

201.1 to 201.6 in 2008 as compared to prior years when it was higher throughout Oregon. There

are no indicators stating that this will change within the years ahead.
MARKETING PLAN 38

Neighborhood analysis

Museum Place is located in Oregon’s Cultural District with theaters, museums, shopping

and restaurants all within walking distance. This neighborhood is known for the extreme differ-

ences in income with many complexes having both tax credit or subsidized housing as well as

top end luxury apartments. Prior to the revitalization of the neighborhood, about 10 years ago,

the area was mostly known as a place for homelessness and drug activity. Since the building of

new upper end complexes that included low income housing, it has been revitalized to become

one of Portland’s premier areas for those that are childless.

The Cultural District is in the heart of Portland with the Portland City Hall, Multnomah

County Court House, the Hilton Hotel, Portland’s World Trade Center, the U.S. Post Office, the

main Multnomah County Library, and the Portland Planning Bureau all within walking distance.
MARKETING PLAN 39

The community has a high number coming to the Safeway located at on the first floor as it is the

only full service grocery store within a 10 block radius.

Price

Proper pricing is key to ensuring maximum return for Museum Place. To ensure a proper

pricing is found, four properties will be used as comparables using the market rent units only.

They include 10th & Hoyt, Ladd Tower, Cyan and Broadstone Enso. These properties are often

cross shopped by prospects and offer similar appeal as Museum Place.

Rental Market Comparison

Upon review of the base rents for each community, Museum Place seems to have compa-

rable rents considering its age disadvantage and in some cases, like the 2 bedroom townhomes

and larger studios, is achieving higher than expected rent amounts. Review of the cost per

square foot for Museum Place shows lower than average rates with large differences in the studio

units that would equate to an additional $341.85 per unit charge if using the 10th & Hoyt Studio

rate of $2.08 per square foot. This is a substantial difference considering 10th & Hoyt is a class

B complex verses Museum Place being a class A.

Concessions tend to be high considering the strong occupancy and low rent per square

foot as compared to other properties. Higher than expected concession are the norm for “lease

ups” like that of Ladd Tower, Cyan and Broadstone Enso. Concessions offered at Museum Place

are higher than that of Ladd Tower who’s occupancy is a low 79.8% while working on their lease

up. With a per month lease reduction of $25 for concessions, 10th & Hoyt has the lowest of con-

cessions easily beating out Museum Place at $134 per month lease reduction.
MARKETING PLAN 40

Effective rents for Museum Place are the lowest in this comparison due to low rent per

square foot and high concessions. Cyan has the highest effective rent per square foot of $2.06

with 10th & Hoyt not far behind with $1.97, followed by Broadstone Enso at $1.79, then Ladd at

$1.44 and trailing by $0.78 per square foot from the Cyan is Museum Place at a low $1.28 per

square foot. By increasing effective per square foot rents at Museum Place to that of the Ladd

would mean a monthly increase of $10,231.20.

Museum Place should equal or exceed that of 10th and Hoyt on a per square foot effec-

tive rent amount due to the age, condition and available products. Being $187 per month for ef-

fective rent and $0.69 per square foot of effective rent less than 10th and Hoyt indicates further

indicates the pricing problem the property faces. By bring up the per square foot effective rent

equal to that of 10th & Hoyt, the owners could see a gross revenue increase of $44,122.05.

Based on a market survey done of the top four competing properties, it is obvious that

Museum Place is undervalued, loosing the owner(s) hundreds of thousands of dollars per year.
MARKETING PLAN 41

Studio Comparison

An individual look at each floor plan continues to show why the homes at Museum Place

are underpriced.

Museum Place has the largest studio apartments of those in this report at 645 square feet

(Guardian Real Estate Services, 2010, p.1) as compared to 501 at the Ladd (Holland Residential,

2009, p. 1), 564 at 10th & Hoyt (Prometheus, 2010, p. 1), 559 at Broadstone Enso (Alliance

Residential, 2010, p. 1) and 533 at Cyan (BehringerHarvard, 2010, p. 1) yet had the second low-

est base rent and effective rent by a large margin. This difference is as high as $264 for the ef-

fective rent of 10th & Hoyt, a community that is rated a notch below. With a pool, fitness center

and views, the 10th & Hoyt community should not be more than $24 per month.

All competitors should have higher rents than Museum Place with adjustments made,

however with three of the five in a lease up mode, it is expected that lower rents of the newer

complexes will be an competitive issue as they try to hit their occupancy goals to obtain perma-

nent financing. Even with these adjustments made, Museum Place is substantially below the

average base rent of the four communities at $1,138 compared to the $999 it is currently market-

ing. This continues even when putting into account the large concessions given for communities

during their lease up.

Source: Guardian Real Estate Services

MARKETING PLAN 42
MARKETING PLAN 43

One Bedroom Comparison

At $999 the one bedroom homes at Museum place are way undervalued when comparing

to the other properties in the area.

Museum Place one bedrooms are right in the middle in regards to square footage at 665

to 670 square feet (Guardian Real Estate Services, 2010, p.1). This compares to 625 at the Ladd

(Holland Residential, 2009, p. 1), 711 at 10th & Hoyt (Prometheus, 2010, p. 1), 753 at Broad-

stone Enso (Alliance Residential, 2010, p. 1) and 605 at Cyan (BehringerHarvard, 2010, p. 1).

With a pool, fitness center and views, the 10th & Hoyt community should not be more than $62

per month, yet it comes in at $301 more. This can be seen in the the other communities as well

with Ladd coming in at $276 more whereas it should only be a difference of $50.

All competitors should have higher rents than Museum Place with adjustments made,

however with three of the five in a lease up mode, it is expected that lower rents of the newer

complexes will be an competitive issue as they try to hit their occupancy goals to obtain perma-

nent financing. When using the concessions available at each community, Museum Place’s low

pricing stands out even more with Cyan be-

ing second lowest of the group by offering 2

months free yet they are getting $233 per

month more money per unit. The difference

between Cyan and Museum Place should be

$39 with adjustment made for stats, ameni-

ties and quality.

Source: Guardian Real Estate Services
MARKETING PLAN 44
MARKETING PLAN 45

Two Bedroom Comparison

With a very limited number of two bedroom apartments available within the community,

one would expect pricing that is on the higher side of the market place and that is true for Mu-

seum Place.

At $2079 for an effective rent, the two bedroom apartments at Museum Place compare

well within the area. The Ladd Tower has an effective rental rate of $1620 which $459 lower

even though it is newer and offers a fitness center.

All competitors should have higher rents than Museum Place with adjustments made,

however with three of the five in a lease up mode, it is expected that lower rents of the newer

complexes will be an competitive issue as they try to hit their occupancy goals to obtain perma-

nent financing. It should be noted that 10th & Hoyt does not offer two bedroom homes. Pricing

for the two bedroom homes is strong for Museum Place and because of that, should be left alone.

Source: Guardian Real Estate Services

MARKETING PLAN 46
MARKETING PLAN 47

Pricing for the studio and one bedroom homes is substantially under the competitors and

should be raised accordingly. With occupancy soon to be at 98%, now is the time to push rent

prices up. To better align pricing to that in the area, a $100 increase is the minimum these units

should be increased.

Two Bedroom homes should stay at their current effective lease rate and unless there are

troubles renting a specific two bedroom that becomes available in the future, they should con-

tinue at the pricing they are currently offered at.

The low pricing currently being offered at Museum Place is causing hundreds of thou-

sands of dollars to be lost in revenue per year. Price increases are necessary and should be done

immediately.

Promotion

To help Museum Place maintain a high occupancy rate while increasing rents it will need

a strong integrated promotional strategy. For true success this will need to be done over a spe-

cific timeline and within budget.

Types of Advertising and Promotional Events

Upon review of Museum Place, it has been noted that the leased percentage is strong at

98% but the rental rates charged are much lower than that of its main competitors. Any market-

ing plan needs to help the property increase the rates for the studio and one bedroom homes

while maintaining the leased and occupancy levels of the property.

The first of these marketing plans include the upgrading of the Facebook page (Guardian

Real Estate Services, 2010, p.1). The page itself should concentrate on what is happening in the

community more than availability of units though information pertaining to staff, cooking ideas,
MARKETING PLAN 48

etc. should also be included. To ensure others outside of the community become friends of it, it

will be important that the community connects itself to the University of Portland, the Portland

Art Museum and other local groups and businesses that line up with the target market. It will be

important that this page is updated weekly and reviewed three to five times per week to ensure

appropriate postings. Updating the Facebook page will give Museum Place a way to connect to

the local community in a dynamic and connective way.

The Facebook page will need to be updated to look professional with a hint of artistic

flair. The page should include certifications and degrees of the highly educated staff, one having

been an attorney prior and the other having his MBA. Highlighting the education of the staff

will increase the confidence of the prospects as most are highly educated themselves and will

appreciate as well as seek out a staff at the same educational level.

There has to be an emotionally compelling reason for people to visit and “friend” the

page so to do such the page should be used to promote what is happening around the community

and at the property itself. This might include having a battery recycling party, having a local art-

ist, possibly a student, display day/weekend/week/month at the site, and hosting a local business

introduction day. Each one of these are items that “friends” of the community will like to have

reposted as they are items that promote the local area which in turn will promote the complex

itself.
MARKETING PLAN 49

Source: Facebook

The target market demands great customer service along with a top notch product and

they tend to be technical savvy, is the second marking plan be brought forth. To ensure those

shopping for a new home in the area put Museum Place at the top of their list, it will be impor-

tant that all websites like apartmentratings.com (ApartmentRatings.com, 2010, p.1), which allow

residents to rate the community, have recent positive comments about the community and the

staff. Team members at most communities know what residents believe they are top notch and

which ones will leave positive comments on such a webpage. To help ensure people looking at

these websites see how great the team and property is, the team members will need to pick one

resident per month to leave a positive comment on one of these pages. This is a long term mar-
MARKETING PLAN 50

keting strategy that will help the community express to the prospects what is offered in the area

of service and product in a non invasive way.

The third marketing plan includes a review of the Craigslist ads with the team. An in-

crease in the number of ads and additional creativity in the headings will be brought forth to help

the ads posted stand out. The community did not show up when the words “Museum Place” was

typed into Craigslist as of 10/25/2010 (Craigslist, 2010, p.1). It will be important that all add

headings come from the team itself, so a team meeting coming up with new headings will be im-

portant to have.

The key to a great Craigslist ad is being able to capture the prospects attention with the

header of the ad. Creating headlines that capture the target market can be done with creative

headings like:

1. Check out our artist of the week!

2. Some call us a little bit artsy since we are only one block from the Portland Art Mu-

seum

3. Carbon foot print reduction time? Check out our LEED Certified Building!

4. 9 out of 10 University of Portland Professors and Staff love our location

5. Single Apartment looking for like minded; one who loves art / one who is environmen-

tally friendly / one who loves the romance of city life

Ads made for posting should include pictures from local artist in the background and

throughout with a consistent theme. Each ad should also emphasis the professional well edu-

cated staff being top notch in the area.

MARKETING PLAN 51

Source: Facebook

Due to restriction with the city codes, signage is limited to the property. There is no sign on the

front sidewalk or at any place around the property. The name of the complex above the entry is

still in great condition and does not need replacing.

To help create awareness of the property beyond standard advertising reusable shopping bags

with the property name, address and phone number will be left in the home for new residents.

These bags could be filled up with items from the Safeway located on the first floor of the com-

plex as well as other local businesses in the area. In return for working with Museum Place in

filling up these reusable bags, each store will be given a bag to hand out to their customers. This
MARKETING PLAN 52

will encourage additional local business support as well as help getting the name out about Mu-

seum Place.

These marketing strategies stand out from what the community is doing now and what

their competitors have been doing. It will be finding ways to stand out within the marketing of

the community that will help them increase their rent amounts while maintaining their current

occupancy.

Promotional Time Table

By December 22nd, 2010 the new theme for the property will need to be determined.

This will include choosing the fonts, background pictures and specific verbiage that will make

the advertising consistent among the different venues. The Marketing Director of Guardian Real

Estate Services will be heading this up. By January 7th the new ads will need to designed and

posted on Craigslist. A minimum of 20 different ads will need to be made to allow for reposts on

a daily basis. The updated Facebook page will need to be introduced two weeks prior to the first

community party which will be scheduled for February 12th, 2011.

MARKETING PLAN 53

A continuation of community parties each month, Facebook updates bi-weekly and new

Craigslist ads introduced every week will be key to keeping the marking efforts up. At the be-

ginning of every quarter a review of the activities from the prior quarter will be done to see what

was and was not done as well as to determine what provided the biggest improvement for the

property. It is expected that Facebook will take at least 6 months to show a positive or negative

affect for the property and the community parties will take three to six months to show returns.

In October 2011 a review of the marketing for the year should be done to determine how

best to prepare the property for the upcoming year.

Marketing Budget

With no major marketing item that will make a large impact on the marketing and adver-

tising budget a review and adjustment of the current monthly budget is considered. The monthly

budget includes internet cost of $150 per month to cover sites which help build Craigslist ads and

additional ads to be placed on sites like Zillow. As there is no direct line item for ads done in the

For Rent magazine, it has been booked under newspaper advertising at a cost of $900 per month.

Signs & printing will be charged $250 twice a year to cover new pamphlets and poster boards

and web hosting cost $900 annually for the current site. It is estimated that the property will

continue having one referral fee to pay per month at $500 and $250 per month will be alloted to

tenant Public / relations which will include parties and grocery bags with the sites name.
MARKETING PLAN 54

By following the promotional strategy for the marketing plan on time and in budget, Mu-

seum Place will be able to achieve its goal of increasing rent and maintaining a strong occupancy

of 95% or more.
MARKETING PLAN 55

Advertising

Ads,
like
the
example
included
which
can
be
used
for
For
Rent, must fit the overall

theme fit that of the magazine but still done in a way to help the property stand out. Showing

the pictures of the property is key to helping the prospect understand what the community is

like both inside and out. The verbiage helps the prospect connect to the property by bringing

up the close location to the concert hall, emphasizing the quality of the product and by noting

the environmental positive aspects of the community. Studio homes are the most popular style

in the area, which is why the red sub-headline of “Limited Availability of studio Homes!” was

used. The rent rate was not included as it can change often from the time the ad it printed until

the last time the ad is used. The fonts chosen are more traditional styles which I believe will

resonant better with the target audience.

MARKETING PLAN
Ad Design Worksheet
Property
Identify your theme & key
messages
3. Art & Culture
Create the main visual & cap- Visual caption includes pictures of the community – three pictures
tion
Write the headline
Write the sub-headline (if re-
quired)
Write the body copy (text)
Write the call to action
Create the signature (contact
information)
Create the Design
56
Museum Place
1. Environmentally friendly
2. Upscale lifestyle
The Headline is the name of the complex – Museum Place
A sub-headline will be “limited availability of studios homes!”
For the residents of Museum Place, an evening at the Arlene
Schnitzer Concert Hall is just a few blocks away. Life here is
not about 2-car garages and long commutes. It’s about art and
culture and the intimacy that comes from being in the center of
it all. This LEED Certified community has a variety of homes
to choose from that range from 580 to 1,300 square feet. All
of the homes have maple cabinetry, a washer and dryer, air
conditioning, and inspiring views of Downtown Portland or
the West Hills. Art; love it, live it, be a part of it!
Contact us so we may introduce you to this neighborhood
landmark and life in the city.
Address and phone number included as well as website
MARKETING PLAN 57

Ad

PORTLAND

www.museum-place.com
t 502.295.0303

Museum Place
For the residents of Museum Place, an evening at the Arlene Schnitzer Concert Hall is just a few
blocks away. Life here is about art and culture and the intimacy that comes from being in the center
of it all. This LEED Certified community has a variety of homes to choose from that range from 580
to 1,300 square feet. All of the homes have maple cabinetry, a washer and dryer, air conditioning,
and inspiring views of Downtown Portland or the West Hills. Contact us so we may introduce you to
this neighborhood landmark and life in the city. Art; love it, live it, be a part of it!

1030 SW Jefferson Street

Portland, OR 97205

www.ForRent.com February 2011_

MARKETING PLAN 58

Leasing Strategy

Key to having high occupancy in any building is a staff that is one step ahead of the pros-

pect or current resident. By having strong sales aids, knowing and conveying the benefits and

features of the community , having a lease renewal program and a strong retention program, any

property is ensured a stronger than average occupancy and rent per square foot.

Sales Aids

To assist the leasing agent in selling the home multiple sales aids will need to be avail-

able. The first of these is the resident guest card. By gathering data from the prospect such as

their name and the names of all those that will be living in the home, their desired size of a unit,

their phone number, how they found out about the community, the specific items they are look-

ing for in their new home as well as the items they don’t want, the leasing agent will be better

able to customize the tour to the individuals needs. This will also reduce the chance of having a

fair housing lawsuit against the property.

A benefit verses feature sheet to aid the leasing agent during the process can be put to-

gether by the entire staff. It will be important that each staff member come up with at-least five

items for this sheet as it is not uncommon for maintenance staff to find features that the leasing

and management staff never considered.

Brochures of the community are currently available as well as additional floor-plans that

can be handed out separately. These items, along with the multiple guest cards, benefit verses

feature list, applications for residency, a tape measure for helping the prospect determine if their

furniture will fit, basic competitor information and pens should be kept with the leasing agent at

all times in a nicely kept binder. Doing such will allow the leasing agent to be prepared for any
MARKETING PLAN 59

direction the prospect wants to go including applying for the home while in the middle of the

tour.

A competitor information binder that includes the latest information on the local competi-

tors should be made as an aid to the agent. This binder will need to be updated every quarter and

should include the latest shop information obtained by the staff, pictures, floor plans, names of

staff members, their phone number, their webpage address, their brochure(s) and a list of fea-

tures. Strong sales aids are necessary to ensure a strong sales team and a strong sales team is

critical to the long term success of any property.

Benefits vs. Features

When showing the apartment to prospective tenants it will be important to highlight how

the features of the community benefit the prospect. Some features needing to be highlighted in-

clude;

1. Easy access to the entire city due to the location with little to no need for having the

additional expense of owning an automobile.

2. The building being LEED certified which not only reduces their carbon foot print, but

also their electricity bill.

3. Large wood windows allowing for a cozy feel within the home unlike the metal ones

which can often feel institutional like. Their size allows for ample natural lighting into the

home even during the darker winter months.

4. The larger floor plans allowing for house like furniture instead of the normal smaller

apartment couches and chairs that most places require.

MARKETING PLAN 60

5. Studio apartments having a separate area for the sleeping quarters that allow for a cur-

tain cover making them seem almost like a one bedroom unit. That means getting the conven-

ience of a one bedroom unit for the price of a studio.

6. Many of the closets having been upgraded to have space saving shelves installed al-

lowing the resident to maximize the space available.

These are just a few of the benefit verses features of this community. It is important that

the entire team expands on this list to ensure there are at least five to ten items a leasing agent

can let a prospect know about.

Lease Renewal Program

Lease renewal programs are important in reducing turn over as turn over cost as it is this

that can cause spending to skyrocket out of control. Renewals should be done with three stages

in mind to maximize renewals.

The first of these is to grab the low hanging fruit, the residents who will have little to no

increase. The renewal letter should be sent 90 days prior to the end of the lease with subsequent

letters sent 60 days, 45 days and 15 days prior to the end of the lease. Next will be residents that

are expected to have increases less than $50. These letters should be sent 60 days prior with fol-

low up letters sent 30 days and 15 days prior to the lease ending. For both of these groups, a fol-

low up call should be done two to four days after the letter is sent for a more personal touch.

Carpet cleaning, painting or deep housing cleaning will be offered to anyone who renews with

this group. If they have lived in the home for over seven years an inspection can be done to de-

termine if new carpeting, appliances or the like is needed. The cost to replace these items while
MARKETING PLAN 61

the tenant is in the home is much cheaper than replacing them when doing a full turn as there

will be no vacancy or full turn costs associated with it.

For those that have increases above $50, a letter will be sent 45 days prior and the again

at 30 days and 15 days along with the follow up calls done two to four days after the letter is

sent. To reduce the concern of the large increase an offer that is two times that of the increase

will be given. This might include a reduction for one to two months or an upgrade equal to two

months increase along with the carpet cleaning, painting or deep housing cleaning.

A renewal calender will need to be kept to help determine the lease length desired for

each home so that the possibility of unit turns are done on a controlled basis to allow the team to

plan for the work needed. Strong lease renewal programs concentrate on keeping the residents

in their home so that turn over costs are kept to a minimum. A look at the current budget should

be done to ensure money is focused on renewal retention efforts over unit turns as it is always

more cost effective to retain a tenant than try and find a new one.

Retention Techniques

Creating community is the best way to retain current residents. This can be done through

parties and finding ways to connect the residents to their local community including the staff at

the property.

Monthly parties can and should be done utilizing other businesses and groups in the area

to reduce or eliminate the cost to do of such. A local business introduction party and local artist

display party should be done once a quarter. In March a spring holiday party can be done. This

party can include information on spring cleaning techniques as well as information on local pa-

rades and city events coming up. A November party can be done to celebrate the upcoming holi-
MARKETING PLAN 62

days. It will be important to do this party in mid-November to prevent conflict with other parties

that the residents will want to attend and to ensure that the party is done in a non-offensive way

to those that don’t celebrate any religious holidays during this period. The winter party should

be the only one that has a true cost to the property. All other parties can and should be done for

less than $100 by utilizing local businesses and organizations to assist.

In addition to parties, showing community support can be done on a monthly basis by

having a homeless food drive, a back to school supply drive, a quarterly newsletter, a toy drive

during the holidays and a coat drive for the homeless. A breakfast handout at the front door on

the first day of school is a great way to introduce the staff to each person in the community while

providing a positive service to the residents. Having a breakfast mingle at least twice a year is

another way to introduce the staff to the residents at little to no cost.

Each of these ideas on their own will not capture every residents, but by doing 90% of the

suggested ideas 100% of the residents will have an opportunity to meet their neighbors and staff

members making them even more compelled to stay in the community and renewing their leases.

Getting great residents and retaining them is key to ensuring strong profits for any owner.

The sales aids, benefits verses features, lease renewal program, and retention techniques intro-

duced in this paper is just the start. Continual improvements on these ideas will be important to

keep the staff and residents around for many years to come.
MARKETING PLAN 63

Control / Monitor

Monitoring the market campaign is the only way of knowing if the proposed changes are effec-

tive. By doing such the marketing department is able to audit their work similar to that of an ac-

counting department. As stated by Copernican Marketing, “A comprehensive review of a com-

pany's marketing environment, objectives, strategies, and activities compared to world class

standards, the marketing audit identifies operational strengths and weaknesses and recommends

changes to the company's marketing plans and programs.” (Consulting 2009) This includes de-

termining a feedback mechanism and having an evaluation process.

Feedback Mechanism

There are multiple feedback mechanisms that will be used and compared to help ensure

the marketing efforts are working. Feedback mechanims including guest cards, online page

counter, secret shoppers, ad specific phone numbers, telephone logs and the leasing from report

from Yardi.

Guest cards will be used for every caller and physical visitor. The cards currently being

used allow the leasing agent to get the prospects name, phone number, address including the city,

state and zip in which they currently live, email address, apartment size desired, date in which

the new apartment is needed, the number of occupants to live in the home, number of pets, rea-

son for moving, special requirements, how they heard of the community and any additional in-

formation given that does not go against fair housing laws. Filling these out with detail will be

emphasized with each agent as this is not only key to ensuring accurate information of the pros-

pect, it also helps guard against any potential law suits for fair housing violations. An annual
MARKETING PLAN 64

meeting with the entire staff to teach of the importance of the card and the need to fill it out

completely will be done to help ensure proper tracking.

Online ad counters are common for many websites and having those in all online ads will

be critical to evaluating online ads. Making sure the counter counts only new visitors will ensure

that the count is not higher due to manipulation by the staff or outside advertising group.

Secret shoppers are currently sent to the property twice a month to evaluate the team.

Often they are sent in with the specific goal of evaluating one person. This will continue as it is

the best indicator of the persons ability to “sell” the property as the company desires.

The ability of having toll free numbers attached to each ad that are specific to the adver-

tising source will aid in determining the number of calls generated from the source. This will

also help in determining where the majority of calls generate from for each ad source.

Telephone logs will be kept to supplement the toll free number monitoring system as not

all calls coming in will be from prospects so it will be important to note when calls come in from

non-prospects to adjust the data as needed.

Leasing report from Yardi will be the final piece in aiding with the feedback. The pro-

gram allows for reminders and contact tracking which will be important for the Manager and

Regional Manager to know how the team is following up with prospects and residents alike.

(Consulting 2009)For current residents and vendors Guardian mails four to six sur-

veys per month for feedback on service provided. This survey is mailed directly to the resident

and is sent from the resident directly to the corporate office. After the Regional Manager has re-

viewed the card, it is noted in the employees file then sent back to the Onsite Manager for re-

view.
MARKETING PLAN 65

Multiple feedback mechanisms are currently being used as each provides valuable infor-

mation in determining the marketing strengths and weaknesses of the property. Those mentioned

all provide great opportunities to ensure top notch customer service.

Evaluation Process

The evaluation process for prospects will need to begin with spot checking the data to

check for accuracy and consistency. This means comparing guest cards to Yardi entries and call

reports to the call log once a month. Once the data has been OK’d for analyzing, then the Yardi

reports can help the team determine conversion ratios, sources and cost to lease.

There are six main areas that will be evaluated to help the property maximize its advertis-

ing effort. That includes looking at the call to visit ratio, conversion from touring to renting, cost

per lease, cost per inquiry by phone, cost per visit for internet ads the number of site visits com-

pared to the number of calls or emails made to the property. Upon evaluation the items that pro-

vide the least return will be evaluated for dropping and future ads will be based on effective

ones.

If employees do not achieve an 90% or better shop on a consistent basis they will need to

meet with their Regional Manager for evaluation of their employment with the company. Fur-

ther training of the employee will always be the first thing tried but if at any time the employee is

not able to achieve the customer service goals of the company, dismissal will be considered as it

is through great customer service that makes a company stand out in a positive way in the market

place.
MARKETING PLAN 66

Resident evaluation cards will follow that of shops in that employees who consistently

receive poor marking will be offered additional training to improve their scores or dismissed so

as to not permanently ruin the companies reputation.

Evaluation of the feedback mechanism will be done on a continual basis throughout the

year with all data being easily accessible to the Marketing Department, Regional Manager and

Staff alike so that every team member can work at achieving the goals of the property together.

Performance Objectives

Keeping occupancy above 95% while increasing rents within the market place is the goal

for any owner and manager of residential property. At Museum we would like to take the goal

one step further by bringing rents above the market average while maintaining occupancy above

96%. This is achievable with the top notch team currently at the property along with a strong

marketing plan.

Marketing changes should help the property average five to ten tours a day with a mini-

mum of 60% conversion ratio of tours to leases. A goal of $500 per lease is achievable and will

be the goal of the team.

Other promotional items like Facebook and community parties will be judged on the

number of referral fees paid out to residents as it will be the involvement of the community that

will get residents to push for friends to join them at the community. A goal of one referral month

for the second quarter of 2011 is in line with the ability of the property with it increasing to two

per month in 2012.

MARKETING PLAN 67

Proper control and monitoring of the marketing plan is key to the success of the commu-

nity. Each of the monitoring items brought up should be done monthly, and in some cases

weekly with the marketing plan reviewed annually at the end of the physical calender year.
MARKETING PLAN 68

Final Summary

This marketing plan was designed to help the Museum Place \team achieve their maxi-

mum potential. In following this plan they will be able to achieve the ultimate goal of any man-

aging team by increasing their owners return on investment while making sure their residents see

them as the best in the industry.

The plan should be implemented immediately and monitored by the marketing team at

Guardian Real Estate Services for effectiveness and cost. Sharing the successes and failures of

this plan and making sure every property implements such a plan will ultimately allow Guardian

Real Estate Services to the top rated property management company in the region without ques-

tion.

The team at Museum Place is second to no one in customer service and professionalism

and with the right marketing plan this will become obvious to all those searching for homes and

living the downtown Portland area. With a good plan and execution comes strong results and

this plan along with the team at Museum Place are ready to do such.
MARKETING PLAN 69

Citations

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Barry, M. D. (2010) The Barry Apartment Report - Summer 2010. Report for Mark D. Barry &

Associates (Portland).

Behringerharvard (2010) Cyan apartments. Available online at: http://cyanpdx.com/).

City of Portland (2009) Central City Neighborhood Inc - The Portland Plan. Planning (Ed.) The

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Copernicus Marketing Consulting (2009). "Marketing Audit: 10 Critical Components." Retrieved

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Craigslist (2010) Craigslist. Available online at:

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www.homeinfomax.com/index.php (accessed 10/19/2010 2010).

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Holland Residential (2009) Ladd 1300 park ave. Available online at:

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