TRG Management Company of Florida · TRG Management Company of Florida Revised Feb 2004 - Chapter 7 - Page 2 Marketing Assessment Step #1 Developing a marketing plan involves assessing

TRG Management Company of Florida

CHAPTER SEVEN

MARKETING REVISED FEB 2004

MARKETING MANAGMENT BY GOALS AND OBJECTIVES ................... 1 STEP #1 MARKETING ASSESSMENT .............................................................. 2-11 STEP #2 ACCOUNTABILITY-MARKETING IS THE RULE ......................... 12-17 STEP #3 RESEARCH AND CONCLUSIONS FORMULATED ....................... 18 Market Assumptions Brainstorming Worksheet ...................................................... 19 Competitors Brainstorming Worksheet .................................................................... 20 The People…Brainstorming Worksheet ................................................................... 21 Demographics Brainstorming Worksheet ................................................................ 22 Top Ten Employers Brainstorming Worksheet ........................................................ 23 Traffic Brainstorming Worksheet ............................................................................. 24 Product Brainstorming Worksheet ........................................................................... 25

Strengths and Weaknesses Brainstorming Worksheet ............................................. 26 STEP #4 DEVELOPING A PROMOTIONAL THEME .................................... 27

Promotional Brainstorming Worksheet .................................................................... 28-29 30 Minute Marketing Measurement ......................................................................... 30-31

BASIC MARKTETING TECHNIQUES Signs, Banners, Flags ............................................................................................... 32 Hospitality Areas ...................................................................................................... 32 The Tour Presentation .............................................................................................. 33 Closing Techniques .................................................................................................. 33 Follow-Up Techniques ............................................................................................. 33 Advertising ............................................................................................................... 33 Resident Ready Apartments ..................................................................................... 33 Leasing and Service Team ........................................................................................ 34 Pricing ....................................................................................................................... 34 Referral Programs ..................................................................................................... 34 PEAK SERVICES ................................................................................................... 35 MONTHLY MARKETING AND MANAGEMENT PLAN ............................... 36-39

MARKETING

MANAGEMENT BY GOALS AND OBJECTIVES

Marketing is the key to maintaining high occupancy at maximum rental rates. Marketing is necessary to generate rental traffic in quantities sufficient to create the necessary demand for the product based on the property’s availability. It is imperative that marketing be consistently a part of every management plan even when current occupancy and availability appear to make it unnecessary. Remember, if you are aggressively raising rents at appropriate levels you will drive a consistent turnover percentage and will continue to need an uninterrupted traffic flow. It is also much harder to increase rental traffic without a large increase in marketing efforts and costs.

TRG Management Company of Florida Revised Feb 2004 - Chapter 7 - Page 1


Marketing Assessment

Step #1

Developing a marketing plan involves assessing your position today. You need to evaluate where you are today. You need to evaluate where you are today in order to redirect yourself towards success. On the following pages, you will find a “Marketing Assessment” to get you started in the process of marketing your community. Fill it out and honestly rate yourself, your property, your company, your collateral materials, advertising resources, and your people. Once complete, you will need to analyze this information. It will point directly to your weaknesses and make your goal setting easier. This assessment is not just a one-time thing. Pull it out whenever you feel your efforts are ineffective or you need to fine-tune your performance to get to the next level.


Marketing Assessment Community/Company_____________________Assessed By:_________________Date__/__/__ Comments:____________________________________________________________________ The questions following are intended to help you assess your marketing efforts, and to target areas for improvement. Please read each question carefully to ensure complete understanding, and check the most appropriate response box. Should you find that an area is lacking, this assessment will help you target your improvement efforts at specific organizational areas, and toward specific areas of concern. AREA OF ASSESSMENT: GATHERING AND USING AVAILABLE INFORMATION

Yes/

No/

Somewhat/

Always Never Sometimes

Does your community/company actively seek objective information about its present and prospective residents? (e.g. their interests, needs, buying habits, preferences)

Does your community/company regularly review this information and modify its strategies as required?

Does your community/company actively seek objective information regarding its competitors? (e.g. strengths, weaknesses, services, leasing methods and marketing strategies.)

Does your community/company regularly review this information in order to assess its ability to compete effectively?

Does your community/company regularly assess its own leasing and marketing efforts in order to ensure their effectiveness in the marketplace relative to competitors?

Does your community/company regularly assess market demand?

Does your community/company have clearly defined objectives for developing innovative services and marketing programs?

Does your community/company actively monitor the development of new services and marketing programs where it competes?

Does your community/company actively evaluate these new developments to assess their impact on residents and the community as a whole?

Does your community/company regularly monitor and survey residents to determine what new services they desire?

Does your community/company regularly monitor shifts in market demand to ensure that marketing, services, and pricing are optimally effective throughout the market?


Yes/

No/

Somewhat/


Does your community/company have an established mechanism whereby on-site personnel can submit new marketing and service ideas?

Does your community/company regularly assess on-site personnel interest and awareness of its marketing and training services?

Does your community/company regularly conduct competitive evaluations of its strategies to promptly detect significant competitive pricing and marketing?

TOTAL NUMBER OF BOXES CHECKED:

AREA OF ASSESSMENT: COMMUNICATION

Does your community/company present a well-defined and consistently recognizable image? (e.g. stationery, design, consistent logo, color, type, font, size, etc.)

Does every team member have personalized nametags, including the Service Technicians?

Is quality communication considered vital and strongly endorsed by management?

Are all team members who communicate (in person, in writing, or by telephone) with residents/future residents formally trained to do so with the proper conduct, attitude and professional courtesy?

Are written policies/procedures in place to guide the actions of staff members who communicate with residents/future residents?

Are employees who communicate in any way with residents/future residents required to identify themselves, and provide a telephone number by which they can be easily reached for questions or follow-up?

Does your company/community encourage employees to frequently communicate with residents/future residents?

Does management regularly meet with employees to discuss communication policies and efforts to obtain employee input?


Yes/

No/

Somewhat/ Always Never Sometimes

Are communication policies regularly audited to ensure conformance with company/community goals and objectives?

Does your company/community maintain a phone log of incoming calls from residents/future residents, including the nature of the call?

Are phone logs regularly reviewed by management to ensure effective communication between employees and residents/future residents?

Does management regularly hire outside “shoppers” to call for the purpose of evaluating employee’s phone skills, both in leasing and resident services?

Does management regularly hire outside “shoppers” to visit for the purpose of evaluating employees phone skills, both in leasing and resident services?


AREA OF ASSESSMENT: ON-SITE MARKETING Is the ad book in use and updated? (all ads are current, traffic, and ad costs are recorded, cost per traffic and per lease have been determined.)

Is there a product knowledge notebook? Is your newsletter current? Does your newsletter present a consistently professional image? (e.g. consistent use of logo, color, type, font, etc.)

Does your newsletter include a referral ad?

Is the marketing call log up to date? (Are calls being followed up?)

Is the marketing plan current, including clear goals and objectives?


Yes/ No/ Somewhat/ Always Never Sometimes

Is the marketing plan regularly audited by management to ensure and track its effectiveness?

Is the signage fresh and clean? (Includes flags, banners, balloons, etc.)

Is the community entrance inviting? Are the grounds inviting and well kept? (Colorful plants and flowers, gardens/flower beds/grounds free of weeds.)

Are renewal worksheets being used? Are sixty or ninety-day personal contacts with impending renewals made, including follow-up?

Are thirty-day notices given to impending renewals, including follow-up?

Are thank-you cards, gifts, or letters given to renewals? Are resident referral flyers readily available? (Given on the day of rental, move-in kits, clubhouse, laundry rooms, and mail centers.)

Are welcome packages given on the day of rental? Are comparable surveys completed on a monthly basis and kept current?

Is there a sufficient supply of rent-readies? Have target apartments been selected? Are mini-models used? Are vacant apartments and/or models being walked daily and “turned off and on”?

Are leasing meetings held on a weekly basis? Are leasing goals and objectives understood by all leasing consultants?


Yes/

No/

Somewhat/


Are goal charts used? Have leasing consultants been well trained including acceptable closing ratios and “dressing to lease”?

Is the leasing center clean and in good order? Is the clubhouse inviting and active? TOTAL NUMBER OF BOXES CHECKED:

WALK-THROUGH ASSESSMENT: OVERALL COMMUNITY APPEARANCE

DRIVE THROUGH: Are the streets clean? Are compactor areas and pads clean? Are signs neat and straight? Are all meter and storage room doors secure? AMENITIES: Are tennis courts, playgrounds, exercise rooms, etc. clean and in good condition?

Are all fences and gates in good condition? POOL AREA: Are all deck and tile areas clean? Are pool bottom and walls clean? Is pool furniture in good repair, clean, and neatly arranged? Are depth markers clearly visible?


Yes/

No/


Is gate self-closing device working properly? Is all pool signage clean, straight, and in good condition? Is life saving equipment readily available, and neatly arranged?

LAUNDRY CENTERS:

Are floors, walls, windows, lights, and blinds clean and in good condition?

Are top and front of machines clean? Is trashcan clean and emptied daily? Are dryers clean and reasonably free of lint buildup? Is entry to laundry unobstructed and clean? Is air conditioning grill clean? Is bulletin board neat and cleared regularly of outdated notices? Are all storage areas secured? LEASING CENTER: Is your leasing center neat, clean, orderly, and inviting to residents/future residents?

Is your leasing center odor free? (Food odors, smoke, etc.)

MODELS: Is the model entry clean and inviting (outside lights, door, windows, and breezeway)

Are all floor surfaces clean? (carpet and vinyl) Are windows and blinds clean and operational? Are walls in good condition? (sheetrock and paint)


Yes/

No/

Somewhat/


Is the kitchen, including all appliances, clean and in good working order?

Are bathrooms clean and in good working order? Is temperature at a comfortable setting? Are lights on and working throughout?

Is furniture dusted? Is the model odor free? (food / smoke / strong disinfectant odors)

VACANTS:

Is the entry clean and inviting (outside lights, door, and breezeway)

Are all floor surfaces clean? (carpet and vinyl) Are windows and blinds clean and operational? Are walls in good condition? (sheetrock and paint) Is the kitchen, including all appliances, clean and in good working order?

Are bathrooms clean and in good working order? Is temperature at a comfortable setting? Are lights on and working throughout?

Is furniture dusted? Is the unit odor free? (food / smoke / strong disinfectant odors) Are smoke detectors present and working? Is a fire extinguisher readily available?



Yes/

No/


ASSESSMENT PROFILE

GATHERING AND USING AVAILABLE INFORMATION /14 /14 /14

COMMUNICATION /11 /11 /11

ON-SITE MARKETING /28 /28 /28

OVERALL COMMUNITY APPEARANCE /45 /45 /45


Marketing Assessment Conclusions

• What materials do I have for marketing?

• Who do I have to help me to market?

• How can TRG Management help me to market?

• What kind of record keeping system do I have in place to

compile and review my data?

• What services do I offer?

• What kind of communication skills do I have?

• What on site marketing do I need to improve?

• How effective is my off site marketing?

• 5 Marketing ideas to start using now

• 5 Property improvements to take action on now


Accountability Step #2

Marketing is to be the rule!


Accountability: Marketing is the Expectation

Company Culture

MARKETING: THE EXCEPTION OR THE RULE? In today’s tough competitive environment, we must continually find ways to increase our market share, or more simply put, “outperform our competitors.” One of the most effective ways to accomplish this mission is through the sales and promotion of your product. TRG Management Company has a “marketing driven philosophy” that requires each Property Manager to position his/her community in the marketplace so as to maximize income, thereby increasing the value of the real estate asset. A large part of this mission is to be accomplished through effective marketing.

At TRG Management Company:

⇒ MARKETING IS TO BE THE RULE! ⇐ TRG Management Company requires each Property Manager to implement an aggressive marketing plan which includes:

Responsive Marketing

It is expected for you, as the Property Manager, to maximize revenues by aggressively raising rents. When the availability is 6% or below on an individual unit type, you are expected to raise rents! However, when the availability is 10% or higher, something is wrong! It is either price, product, lack of promotion, or ineffective sales people. You are expected to take drastic measures and make decisions. Are your apartments priced competitively? Your units need to be priced according to the competition; the quality of your product, and the availability of your product. Remember to always visit and shop your competition. Are you creating enough traffic for your community? How much traffic do you need when you factor in the following: 33% conversion, scheduled move-outs, anticipated skips?


Rent Ready Units

You are expected to have 50% of your vacant (unleased) units in market ready (rent ready) condition at all times. What would the “white glove” test say about your product? Are you “inspecting what you expect”?

Exciting Sales Environment Are you creating an environment that makes prospects interested in your product? This can be accomplished in the following ways:

1. Quarterly or Bi-annual Themes (Depending on Need)

By implementing a theme in which your prospects can become involved, they are more likely to get excited about the activity in your office. You should make leasing fun for the prospect as well as your staff.

2. Monthly Contest

Offer your prospects the opportunity to participate in fun games or contests such as picking a balloon with a special on the inside or “putting on the green” for a special. This special does not always mean lower rent rates. You can offer to paint an accent wall or a reduced security deposit. This idea is intended to peak the prospect’s interest and to make leasing fun! In our business, the apartment industry, there are certain truths: 1) we all operate in different market areas. 2) We all have different apartment products that we lease (market) 3) We all have different amounts of financial resources to get the job done.

Model/Office

It is critical that your model and office reflect the lifestyle of your resident profile. For example, you don’t want to have your model set up for singles and young professionals if you do not have many one-bedrooms and your profile has a high percentage of families. Your office should look warm and inviting to the prospect. Always be prepared to offer your prospects refreshments.

Mini Models

At least one apartment of each unit style must be merchandised at all times. This is one of the best ways to separate your community from the competition. Mini models contain items that generate interest for the prospect. For example, it could be a colorful banner in the closet that emphasizes the spaciousness or a cardboard computer in the corner of the bedroom (this is particularly effective on communities with young professionals who rent a “one bedroom with den” for the purposes of an office).


Resident Newsletter

A newsletter can be your most effective communication tool for your prospects and residents. It should highlight all of your community activities. Remember, the newsletter should not be filled with “resident reprimands”. Reprimands should be handled through a memo to the guilty party. You do not want to give the prospect the feeling that you are always reprimanding the residents. Instead, you want the residents to look forward to reading the newsletter. Make sure you advertise your referral fee program.

Residents Surveys reveal that it costs seven times more money to obtain a new customer as it does to keep an existing one. Therefore, we place a great emphasis on resident retention. In dealing with your residents, be personable, and be honest. Also, get and maintain their confidence in you - do what you say you will do. Service is the key.

Resident activities are also a powerful sales tool. People want to live where they can have fun and be a part of a community that hosts a variety of activities. Each month, your community should offer some type of resident activity. This does not always have to be an event; it can be a special service for the month, such as garbage pickup, or “breakfast on the go”. • SMILE - Without the customer, you would not have a job.

Resident/Prospect Referrals

Publicize your referral program. Constantly remind your resident and prospects that “it pays to refer”. This information should be in every newsletter and on all promotional material. This is a great way to generate qualified traffic! If local real estate law challenges the legality of referral rewards, talk to your supervisor on how to deal with this challenge.

Marketing Calls

The purpose of marketing calls is to make an introduction of your community to a merchant or corporation with the purpose of receiving referrals. A minimum of 25 marketing calls should be made per month by each leasing consultant. Remember, never go empty handed. Always take some type of promotional item, brochures, business cards and referral information. Results don’t come overnight; this program is only effective when done on a consistent basis.

Cross Marketing Cross Marketing is also known as “reciprocal marketing”. For example, give local merchants advertising space in your newsletter in exchange for leaving brochures, promotional items or other material about your community at their place of business. Remember, it is a good idea to go outside your immediate area. People in your local area already know about your community. Surveys reveal that an average commute to work is approximately 30 minutes. Take advantage of those businesses outside your general area.


Signage/Curb Appeal

Don’t take it for granted! Make certain that your signs are visible and lighted. Dull colors, poor landscape, and small signs do not enhance your curb appeal. How does your entrance, amenities, model path, drive through, resident balconies and parking lot appear? This is often your prospect’s first impression of your community. Evaluate your signage and curb appeal. Make certain that it reflects the same high quality of your product.

Team

Please remember, in order to be effective in your marketing, you must have your people “market ready”. Can your team sell, close, listen? You cannot outperform the competition if you do not know who or what is being offered in the marketplace! It is critical that you update your Market Survey on a monthly basis. In order to accomplish your goals, your people must present an enthusiastic attitude to the public. Always treat people the way you would want to be treated, and choose your people carefully! Are you doing the reference checks? Also, use the 90-day introductory period - so as to eliminate mediocrity when you error in hiring. Do you create the environment for success for your employees? Do you make work fun? Are you training adequately? Pay the up-front price, and pave the way for their success, creating a win-win relationship (If your subordinate wins … you win.) Remember to communicate and provide creative and positive feedback at all times. Do you let the employee know what the standards are? When was the last time you had your property shopped? It is your responsibility to let your people know what is expected of them, and agree on a time in which a task or goal should be accomplished. You also need to make clear what happens if one deviates from the standards (good and bad). If people are floundering, and you are not giving direction and support, then it is your fault! Remember, you want someone who will represent your community in a positive and professional manner. • If you can not measure it, you can not manage it Also, remember, only community managers have the authority to sign leases and must be executed by the manager prior to a resident’s move-in. The community managers will also verify with their signature that every new move in lease package is complete and accurate. Implementing this new procedure should discount any discrepancies in our resident files as well as assure manager accountability. Maintenance Service and Productivity


The maintenance staff is expected to complete resident service requests within a 24-hour period, and complete a minimum of 8-10 work orders a day on an average. The property should be clean and free of litter at all times. Goods and services should be kept as cost efficient as possible and 50% of all vacants should be kept in market ready condition at all times.

Administration

Always strive to meet your deadlines. Make sure your rental deposits are done correctly and in the bank immediately. Also, remember, there are three basic necessities of life … food, clothing and shelter. If one chooses not to pay for their shelter, then help them to find somewhere else to live.

Price

Price is dynamic and ever changing. Price is determined by the simple law of supply and demand. As inventory is depleted, the price goes up, when there is ample supply of goods or services; the price goes down or remains constant. You use concessions to buy occupancy and greater income in subsequent months or to meet and compete with the competition. A manager was discussing her strategy in which she indicated that all her competition was giving away one month’s rent pro-rated over a twelve-month period. No matter what her specific unit prices were, the customer wanted to know what “the special” was. This manager demonstrated tremendous wisdom by actually going up on her rent by $65, and then she gave it away as a concession. The customer got their “special” and we did not lose any rent. We all have to compete and sell to our customer. Are we certain we are being smart? How is your pricing structure? Are you moving your inventory? Are you increasing the price of your new inventory? How are you pricing your “old” or stagnant product? All price changes require the written approval of the Regional Manager.

Revenue Maximization We expect you to out-perform the market by 2% in occupancy, and your rental rates should be at or above market for comparable product. We expect you to generate quality rental traffic to your property. The minimum number of traffic is 20% of your total units on a monthly basis. You should convert a minimum of a third of that traffic. When availability per unit type is 6% or less, we expect you to ask permission to raise your rents. Because of the emphasis we place on marketing, we want to provide as many resources as possible to assist you in meeting these objectives. If you have questions or do not understand what is expected of you, it is your responsibility to contact your supervisor immediately. We look forward to sharing in your success!


Research and Conclusions Formulated

Step # 3 All great marketing minds do a great deal of research before they take action. In order that our promotion will work, we need to design a plan that is based on the facts, data, and conclusions we draw from that information. Your research breaks down into 10 sections: 1. Market Assumptions

2. Competitors

3. People

4. Demographics

5. Top Ten Employers

6. Traffic

7. Product

8. Strengths and Weaknesses

9. Advertising

10. Merchandising Avenues


Market Assumptions Brainstorming Worksheet

What is my “Gut” feeling about the market? Where am I today? What outside forces are affecting my progress? What is my city’s/neighborhood’s future? What are developers doing in this market place that is new or different? What do the business section’s, trade papers, and apartment association’s research predict?


Competitors Brainstorming Worksheet

Who are my top ten competitors? Map out your competition around you. What routes do people travel? How can I capitalize on my location and curb appeal? Update your market survey thoroughly. What is my position in the market? How do my services stack up? How do my amenities stack up? How is my pricing?

The People…


Brainstorming Worksheet Who works here and what is their contribution? What is their track record? (productivity, closing ratio, etc.) How will I measure their future performance? Does each Associate have distinct “marketing objectives” laid out in their position description? Make people accountable for the success of THEIR property!!


Demographics Brainstorming Worksheet

Who lives here? Break out statistics from your demographics program. What age is my typical resident? Have there been any trends? What is their familial status? What is there income? Where did they come from? Where do they work? What other attributes do they have? What else do they have in common? The person above is who you should be marketing to!!!!


Top Ten Employers Brainstorming Worksheet

Who are my top ten employers? Who is the human resources person? How do I get information to these people? Employer Contact Phone Fax Map out your top ten employers. Where are my top ten employers located? What routes do my residents travel? What other companies can I contact? What businesses do my residents frequent during their day? How will I market to these businesses?


Traffic Brainstorming Worksheet

Who is our prospect? Do the research. • Age • Income • Familial Status • Occupation/Place of Work What conclusions do we draw from the traffic analysis? How can I capitalize on my best sources of traffic? How much does each traffic cost me? • Locator • Apartment Guide • Resident Referral • Realtor Referral • Phone Arrival • Drive By • Other How are my leasing people doing? Manager Leasing Leasing


Product Brainstorming Worksheet

List your floor plans. What are the unique qualities my floor plans offer? Do I have my product knowledge workbook complete and up to date? Place a copy in here. What is my pricing? Update your market survey page. Do I have a great service package to offer? What community building tactics do I have planned?


Strengths & Weaknesses Brainstorming Worksheet

List your top ten strengths and how you will promote them. List your top ten weaknesses or liabilities and how you will overcome them.


Developing a Promotional Theme Step #4

It’s time to get motivated and excited about our community. Never under estimate the value of great merchandising. It affects the attitudes and spirit of all the people affiliated with your property. Choose an appropriate promotional theme that ties into your city, neighborhood, time of year, service message, your strengths, or your unique qualities. Make sure that your theme is added to all three segments that effect marketing your community. • Prospects • Residents • Employees Choose a promotion you can spread over 6 months or longer. This affords you the opportunity to continuously add and embellish the program and makes it more cost effective.


Promotional Brainstorming Worksheet

Prospects How will I tie in the promotion to my leasing presentation? How will I tie in the promotion to my on-site marketing (model, club, target apartments, amenities)? How will I tie in the promotion to my off-site marketing (marketing calls, realtor referrals, neighborhood outreach)? How will I tie in the promotion to my advertising (apartment guides, billboards, newspaper, flyers)? Residents How will I tie in the promotion to my renewals? How will I tie in the promotion to my correspondence?


Promotional Brainstorming Worksheet

How will I tie in the promotion to my resident activities? How will I tie in the promotion to my resident contests? Associates How will I tie in the promotion to my training? How will I tie in the promotion to my performance tracking? How will I tie in the promotion to my rewards and recognition program? Have I covered everything??? What else can I do??? Has everyone contributed???


TRG MANAGEMENT COMPANY

30 MINUTE MONTHLY MARKETING MEASUREMENT

Property: Date: Prepared By: • Goal Statement:

• 4 Week Strategy of Occupancy and Leasing Statistics:

Date % Occupied % Leased Traffic Needed Rentals Needed

• Please identify the problems you are experiencing. Provide solutions and accountability. People: Prices: Product: • Leasing/Renewals/Merchandising

Who # Per Week Accomplished How? Leasing Leasing Leasing

Renewals Renewals Renewals

Mini-models Contest Social


• Off Site Marketing

Where When # Per Month Marketer Follow Up Date

• Budget Total Marketing Dollars Budgeted: $ Total Marketing Dollars Projected: $ Variance: $ • Staff Meeting: Date: Leader: Topics:

OTHER ITEMS TO CONSIDER:

• Will I meet my income budget? Yes No What is my Focus/Plan? • How much am I carrying over in delinquent rents? $ How many apartments is this? Are any of these delinquent apartments multiple months? Yes No If so, how many? What is my Focus/Plan? • How many vacant apartments do I currently have resident ready? How many non-resident ready apartments must I get ready by the 5th of the upcoming month? _______ What is my scheduling plan to get all my apartments’ resident ready?


BASIC MARKETING TECHNIQUES

The following is a list of recommended and very basic marketing techniques. BEFORE notices to vacate and vacancies start to build, you will need to develop a marketing plan from TRG Management Company’s Marketing and Management Plan, and incorporating the items listed below. Keep in mind that all the techniques used need to be reviewed and approved by your Regional Property Manager. SIGNS, BANNERS, FLAGS Make sure that signs and banners are in good condition, properly lighted for nighttime traffic and are completely visible to drive-by traffic. Display banners on weekends, including those in “no banner” areas. These properties should take the banners down on Sunday evening. Investigate additional signage opportunities: bandit signs on telephone polls, a-frame signs by a local business if permissible, classy banners on the side of one of your buildings that is visible to drive by traffic. Put up signs or banners such as: “Immediate Occupancy” “Lease Discounts” “Corporate Housing” “Ask About Our Specials”

Have a banner and bandit signs printed to tie in with your Marketing theme.

HOSPITALITY AREA Look at your Hospitality Area or Welcome Center as a significant marketing tool. Play up your marketing theme in this area. Tie in local events, sporting events, landmarks and the like to simulate prospect interest. Experiment with rearranging a few items to make a fresh new atmosphere for your staff. Always have refreshments and snacks available for all your customers in the Welcome Center. It can be as simple as water with slices of lemon in it and pretzels.


THE TOUR PRESENTATION Your marketing theme should be consistent and tastefully displayed throughout your “tour”. Use your marketing theme in your model, in your target apartments, on your desk, in all the materials you give your future resident. CLOSING TECHNIQUES Market your staff!! When closing use the “buddy close”. Introduce your customer to your service staff and your fellow leasing staff. Have your list of “PEAK SERVICES” available to hand out and market these services. Talk about your resident newsletter and all the activities you have going on. The “close” should be easy if your product has been marketed properly. They will want to live there because they know you will take care of them. FOLLOW-UP Market yourself!!!! Be sure to write a thank-you card and mail it out that evening. Follow-up with a phone call within 24 hours. Send them an invitation to the upcoming activity or resident function. Work on their “hot buttons”. Continue to market you’re Product, your Company, and your People to the future resident. ADVERTISING Always check your advertising in the local Apartment Guides, newspapers, and the like to make sure your phone numbers are correct. If you have new information to publish like your new 1-800 number or your e-mail address, be sure to include those. Always try to look at your advertising layouts with fresh eyes. What is the customer thinking? Review your competitor’s advertising to make sure you outshine them. Always include the TRG Management Company website in your advertising. Always be looking for new avenues to advertise your Community. RESIDENT READY APARTMENTS You should have 40% of your vacant apartments ready for a resident to move into at any given time—RESIDENT READY. Market your Resident Ready apartments by making mini-models or have simple accessories tastefully displayed to tie in with your marketing theme.

REMEMBER, your resident ready apartments don’t stay resident ready for long. They need to be checked daily for dust, freshness, etc.

LEASING / SERVICE STAFF


In marketing your Community properly, you need to have your leasing staff and service staff in top leasing or service condition. They need to have all the tools available to market the community. They need to have the proper training. Have your people know the competition so they know what they are “up against”. Get them involved in your marketing plan and theme. Let them do some of the research. You all want to “buy into” the same plan so you ALL will be motivated to promote it. PRICING The pricing of your product is part of your basic marketing tactics. How do I get top dollar today? Know your competition, know your market, be diligent about your demographics, get all the information collected so you can market YOUR PRODUCT and YOUR PEOPLE as being better then “THEIR” PRODUCT and “THEIR” PEOPLE, and as a result, you can get top dollar in the market. REFERRAL PROGRAMS Market to local Realtors, hotels, competitive managers, and locators in your area to promote your referral program. Set up breakfast for real estate brokers in the area and offer your clubhouse for their weekly sales meetings. Distribute flyers on your referral program every week and in move-in packages. Contact vendors, such as your corporate housing providers and furniture rental vendors, to refer business to you.


PEAK SERVICES

TRG Management Company is dedicated to continuously provide our residents with unparalleled service. We are proud to provide each of our communities with the following services and guarantees:

The following services are to help you market your product, and serve your residents. When you promote and perform these services, you will set yourself apart from your competition. Ultimately, these services prove we are committed to our KEY VALUES.

1. LOANER LIVING ACCESSORIES These items need to be available for residents to check out of your office.

♦ Vacuum Cleaner ♦ Resident Tool Box ♦ Jumper Cables

2. PACKAGE ACCEPTANCE AND DELIVERY As packages are accepted for residents, we are to deliver them to their home before the end of the work day. 3. SAME DAY SERVICE AND 24 HOUR EMERGENCY MAINTENANCE It is up to us as a team to communicate the needs of our residents to one another and to fulfill our customer’s service needs as a team. We must strive to perform all services they request before the “sun goes down” that day. The key here is to follow up with our residents. If we are waiting for a part to come in, we need to call them and let them know…communicate! And remember, our 24 hour ON-CALL system must provide that Superior Customer Service to our residents.

4. BUSINESS SERVICES Every community caters to the needs of all our residents. An easy way to give service to our residents is to have the following available during all business hours:

♦ Free Fax Service ♦ Free Copy Service ♦ Stamps for Sale ♦ FedEx, Airborne, UPS, and US postal shipping service

MONTHLY MARKETING AND MANAGEMENT PLAN


Every Property Manager is required to prepare by the 25th of the month a Marketing and Management Plan for the following month’s operations. This plan must be updated or revised on a daily/weekly basis to ensure that goals and objectives are being met. A copy of this plan should be given to all staff members along with their specific goals and objectives as they relate to those in the overall plan. If you need assistance in preparing an effective Marketing and Management Plan, please ask your supervisor for assistance. A copy of the Marketing and Management Plan outline or guide as seen on the following pages is available in the TRG Forms Book.


TRG MANAGEMENT COMPANY OF FLORIDA MONTHLY MARKETING AND MANAGEMENT PLAN

I. DEFINE THE PROBLEM Examples: Occupancy, Availability, Delinquency, Maintenance, Closing Ratios, Financial Performance, etc

II. SET OVERALL OBJECTIVE III. GOALS FOR THE MONTH

Examples: Occupancy 96% by 20th Pre-leased 98% by 31st Delinquency $0 by the 10th $5000 Positive NOI Variance for the Month

IV. FINANCIAL GOALS/PROJECTIONS

Actual Month Ending _________ Projected Month of _________

Budget

Actual

Variance YTD

Budget

Actual

Variance YTD

Gross Potential Net Rental Income Total Operating Expense N.O.I. Capital & Non-Rec. Expense Net Cash Flow

V. PLANS TO REACH GOALS AND OBJECTIVES

A. PREPARE THE PRODUCT

1. Grounds 2. Common areas 3. Parking areas 4. Amenities Pools, Playgrounds, Tennis Courts, Laundry Rooms, Etc. 5. Market Ready Apartments a. Quantity b. Quality 6. Merchandised Apartments - Mini Models 7. Model Apartments

B. PRICING 1. Market Studies 2. Availability - By Unit Type 3. Price Leaders

4. Special Unit Pricing 5. Incentive Pricing (Net Effective Rent)


C. MARKETING/TRAFFIC GENERATION

1. Signage a. Entrance Signs 1. Lights Installed and Functioning 2. Clean, Clearly Visible, Looks Freshly Painted b. On-site Directional Signs c. Off-site Directional Signs d. Amenity Signs e. Bootleg Signs f. Bus Bench signs g. Human Directional

2. Advertising/Media a. Newspaper b. Apartment Guides c. Billboards d. Radio/Remote Broadcast e. Television (cable) f. Special - model guides, airports, company publications

3. Resident Referral Programs a. Signs b. Flyers c. Posters d. Newsletters e. Contests f. Target Employers

4. Marketing Calls - Two Types a. Chamber of Commerce b. Hospitals c. Military Bases d. Large Area Employers e. Real Estate Brokers f. Hotels and Motels g. Schools and Universities h. Shopping Area

i. Other Apartment Communities

5. Office Themes 6. Training - Mini Seminars 7. Corporate Apartment Programs – Suites

D. SALES

1. Telephone Techniques 2. Prospect Follow-up 3. Shopping Reports 4. Contests and Incentives 5. Traffic Reviews


E. RENEWALS 1. Personal Contact 2. Follow-up 3. Incentives - When Necessary 4. Month-to-Month Leases

F. MAINTENANCE AND SAME DAY SERVICE 1. Preparing the Product (see A above) 2. Resident Services 3. Maintenance and Renewals 4. Preventative Maintenance Schedules 5. Productivity Analysis 6. Public Relations and Attitude G. CAPITAL IMPROVEMENTS 1. Planned 2. In Progress 3. Needed - but not planned H. FINANCIAL PERFORMANCE 1. Market Rate Increases 2. Renewal Increases 3. Delinquency 4. Budget Controls and Allocation of Resources

5. Other Sources of Revenue

VI. EXECUTING AND MONITORING THE PLAN

A. DEFINE GOALS BY DAY OR WEEK - BY PERSON B. PROGRESS MEETINGS - DAILY OR WEEKLY C. VISUAL AIDS - PROGRESS CHARTS, GRAPHS, ETC. D. INCENTIVES TIED TO GOALS E. REVISE PLAN AS SOON AS IT IS DETERMINED "IT IS NOT WORKING"

Documents

TRG Management Company of Florida · TRG Management Company of Florida Revised Feb 2004 - Chapter 7 - Page 2 Marketing Assessment Step #1 Developing a marketing plan involves assessing