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by: Jeffery Rohan


Jeffery Rohan
GPA 3.67


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Class Notes
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This 3 page Class Notes was uploaded by Jeffery Rohan on Saturday September 12, 2015. The Class Notes belongs to HACE 3350 at University of Georgia taught by Staff in Fall. Since its upload, it has received 56 views. For similar materials see /class/202287/hace-3350-university-of-georgia in Housing And Consumer Economics at University of Georgia.

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Date Created: 09/12/15
December 9 2010 Enso Case Study Marketing and leasing are two of the most important aspects of residential property management A successful marketing campaign coupled with an effective leasing team can drive up the net operating income of any property Marketing is the process of planning and executing the conception pricing promotion and distribution of ideas goods and services to create exchanges that satisfy individual and organizational objectives Once marketing draws the potential resident through the doors the leasing process begins and turns the potential resident into an Enso Apartment Community resident Enso is an ecofriendly apartment community in Atlanta Georgia that offers its residents a wide array of amenities along with the added satisfaction of living in a green community In order to successfully market their community the Enso marketing team must establish who their target market is A target market is a defined group that marketers feel is most likely to live at Enso Enso offers several amenities including a super fast cyber and gaming lounge a multimedia bar with a movie theater a fitness club a spin room and a Zen inspired courtyard with a pool and grill area The most important feature for potential residents is most likely the environmental friendly aspect of Enso Enso s target market is most likely younger working class people who care for the environment Marketers for Enso also need to conduct a market analysis A market analysis is a tool used my managers to look at their property and compare it to competitors in terms of number of units amenities oor plan fee structure and many other things Understanding what you have to offer versus the competition helps set rents Rents at Enso vary based on the type of unit but are generally slightly higher than the competition because they offer a wide range of amenities that most other communities do not Once a target market has been established marketers can begin preparing an advertising plan Advertisements should follow the AIDA concept An advertisement should gain a potential resident s Attention raise his or hers Interest in the property create Desire to live there and arouse Action in the form of coming to the property Advertising can be done through several mediums including print media the intemet television and inside marketing Print publications such as Apartment Guide and For Rent magazine can be good a source of potential leads since they are already targeted towards people looking for apartments Inside marketing refers to resident referrals and is the most effective form of advertising Having the correct staff in place that offers exceptional customer service is a key to driving net operating income You can ensure resident satisfaction through customer service and attention to detail When a resident is satisfied he or she is more likely to refer their friends and family to the community When a customer walks into Enso having the right team in place to handle that customer is vital Leasing agents should make the prospect feel welcome After a warm greeting prospects should then have a guest card filled out which contains their name address phone number how they heard about the community size of the apartment needed number of occupant and employment Guest cards are important for data collection finding out the effectiveness of marketing qualifying and following up The process of determining if a potential resident meets the standards of the apartment community and if the apartment community meets the customer s wants and needs is qualifying Potential residents need to have a monthly income of three times the monthly rent After going through an apartment demonstration the agent should attempt to close Leasing apartments is the purpose of marketing plans advertising campaigns community tours and showing apartments There are several types of closes the leasing agent may use based upon what he or she feels is appropriate The agent may choose to use the summary close in which they summarize the benefits and features of the apartment to the prospect They may use the Ben Franklin close in which they create a pros and cons sheet to demonstrate the worthiness of the property There is also the which close counselor close and the assumption close among others It is important to follow up with the prospect Developing a catchy slogan to remind potential residents of the benefits of Enso can significantly increase traffic and eventually lead units being leased The most prominent advantage Enso has over other apartment communities is that they are green The green movement is extremely popular today and Enso needs a slogan to take advantage of the trend in ecofriendly consumerism Many companies use going green as a way to attract customers A proper slogan would be Help yourself while you help the environment by living at Enso Apartment Communities the leaders in green living This slogan conveys the fact that Enso apartments are an industry leader inthe green movement and a lovely place to live Another possible slogan is Helping the environment has never been so easy and comfortable This slogan conveys the message that Enso is friendly to the environment and a comfortable and pleasant place to live Once we have conducted a market analysis and created a slogan we may wish to advertise to increase traffic to our community As stated earlier advertisements can be seen through many mediums Using a budget of five thousand dollars we can put together an advertising campaign for Enso and as a result increase tra ic into Enso A ninety day advertisement on forrent com costs one hundred and fifty dollars A four week billboard advertisement in Atlanta costs over five thousand dollars according to Lamar Outdoor Advertising A thirty second radio advertisement in Atlanta costs roughly three hundred and sixty dollars Television advertising costs range significantly depending on the channel and time Enso can also create a social networking site to raise consumer awareness about the property and eventually increase traffic into Enso Sites such as facebook are free and have potential to reach a large number of people T shirts Frisbees key chains and other small gifts can be used as a form of advertising or to give as welcome gifts during move in In order to maintain ninety seven percent occupancy resident retention must be very high Resident turnover is very costly Limiting resident turnover by increasing resident retention can have a very positive effect on net operating income To increase occupancy and resident retention an apartment community needs to add value services such as an ATM appliance upgrades free laundry or vending machines Enso offers a first class menu of amenities and value services A timely and effective maintenance team is another critical aspect of increasing retention Best practices to minimize turnover include a careful screening process fair rent pricing a well run property respectful service property improvements and a prompt follow through By minimizing turnover we are increasing resident retention and increasing net operating income By increasing resident retention we also increase the likelihood of our residents referring other


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