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One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
One East Delaware
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One East Delaware

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  • 1. One East Delaware Property and Competitor Analysis
  • 2. Entrance and Lobby Entrance: -Sidewalks and landscaping well kept Lobby: -Large lobby -Friendly doorman -24 hours -First impression of floors/common area appeared clean
  • 3. Elevators <ul><li>Four elevators </li></ul><ul><li>Minimal to no-wait time </li></ul><ul><li>Elevators could use new carpeting </li></ul><ul><ul><li>Consider putting marble or hard flooring that is easier to clean and more ‘elegant’ </li></ul></ul>
  • 4. Fitness Room <ul><li>Larger than average fitness room </li></ul><ul><li>Personal TV’s on the elliptical and treadmills are a plus </li></ul><ul><li>Need to replace the floor mat for residents to do floor exercises (worn out and cracking) </li></ul><ul><li>Add a water cooler with paper cups </li></ul><ul><li>iPod docking stations </li></ul><ul><li>Personal training sessions </li></ul><ul><ul><li>Offered with outside contractor at no cost to Waterton </li></ul></ul><ul><li>Add stretchy workout bands </li></ul>
  • 5. Business Center <ul><li>Free paper, printing, fax </li></ul><ul><li>24-Hour use </li></ul><ul><li>Update the look </li></ul><ul><li>New technologies </li></ul><ul><li>Book trade </li></ul>
  • 6. Laundry Facility <ul><li>Card laundry; Low to average price per load ($1.50) </li></ul><ul><li>Plenty of washers and dryers to use </li></ul><ul><li>Laundry service ($1.00 per pound) a plus </li></ul><ul><li>Flat screen TV is a plus </li></ul><ul><li>Add chairs or stools for waiting and/or folding purposes </li></ul>
  • 7. 2 Bedroom: Living Room <ul><li>Very well laid out model: modern furniture and television, warm colors, lots of sunlight </li></ul><ul><li>Add a plug-in to make unit smell even fresher </li></ul><ul><li>Spacious private balcony attached </li></ul><ul><ul><li>Consider adding a plant or BBQ grill </li></ul></ul>
  • 8. 2 Bedroom: Kitchen <ul><li>Modern kitchen; was told that other kitchens will have black appliances and a flat-glass top stove; consider changing model to this ‘newer’ style </li></ul><ul><ul><li>More compelling and impressive for prospective renters </li></ul></ul><ul><ul><li>Consider putting coffee pot or toaster to make the kitchen seem livable and finished </li></ul></ul><ul><ul><li>Consider option of updates available for an additional cost (granite, stainless steel, etc.) </li></ul></ul>
  • 9. 2 Bedroom: Second Bedroom <ul><li>Love the modern style and backboard to the bed </li></ul><ul><li>Coloring is light and not too overwhelming </li></ul><ul><li>Effective use of accent wall coloring </li></ul>
  • 10. 2 Bedroom: Master Bedroom <ul><li>Love the ‘airy’ coloring and modern touches </li></ul><ul><li>Backboard adds to the elegance </li></ul><ul><li>Floor-to-ceiling windows is a huge perk </li></ul>
  • 11. 2 Bedroom: Bathrooms <ul><li>Ceramic tiled baths; consider updating flooring to modern, large tile floors </li></ul><ul><li>Bathrooms were clean and colors coordinated with respective bedrooms </li></ul><ul><li>Identical bathroom size with marble-like sinks </li></ul>
  • 12. 2 Bedroom: Master Bedroom Closet <ul><li>The master bedroom walk in closet with shelving is awesome – this is a huge perk that is uncommon in the gold coast area – would emphasize this! </li></ul><ul><li>Thought the shopping bags were a cute “realistic” touch in the model </li></ul>
  • 13. Hallway <ul><li>Modern painting on the wall between the two bedrooms was a nice touch </li></ul><ul><li>Plenty of light </li></ul>
  • 14. Current Advertising Analysis
  • 15. Digital <ul><ul><li>Videos </li></ul></ul><ul><ul><ul><li>Online videos are an effective source of advertising; easily shared, very visual, and a great way to capture your potential audience (arrives second in search results) </li></ul></ul></ul><ul><ul><ul><li>ForRent.com and Apartment.com walk through tours are great – I like the big picture floor plan view during video </li></ul></ul></ul><ul><ul><li>Rent.com </li></ul></ul><ul><ul><ul><li>Typos and grammatical errors in the description (first and second sentences are almost identical, needs to be reworked…) </li></ul></ul></ul><ul><ul><ul><li>Rent prices do not match the actual prices handed out and verbally confirmed during walk-through tour </li></ul></ul></ul><ul><ul><ul><li>Should add more pictures of the units, fitness room, and other amenities </li></ul></ul></ul><ul><ul><li>Arc.com </li></ul></ul><ul><ul><ul><li>Corporate Housing and Serviced Apartments website; stated a per-night rate with a weekly maid service, does this hold true? </li></ul></ul></ul>
  • 16. Digital, continued <ul><ul><li>ForRent.com </li></ul></ul><ul><ul><ul><li>Should consider SEO in description to increase traffic </li></ul></ul></ul><ul><ul><ul><ul><li>Use Google ad words to make sure you are optimizing your potential traffic </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Keep location or the most important keywords (“1 or 2 bedroom gold coast apartment” for example) in the beginning of the description </li></ul></ul></ul></ul><ul><ul><ul><ul><li>List local area attractions, main roads, colleges, etc. (“near Loyola University of Chicago”) </li></ul></ul></ul></ul><ul><ul><li>Property Website </li></ul></ul><ul><ul><ul><li>Video starting right away is an effective advertising method; captures viewer attention </li></ul></ul></ul><ul><ul><ul><li>CTA bus tracker is a great application for the website </li></ul></ul></ul><ul><ul><ul><li>Latest Community Newsletter was hard to read; consider changing to PDF format where user does not have to flip through pages </li></ul></ul></ul><ul><ul><li>Apartments.com </li></ul></ul><ul><ul><ul><li>Prices do not match current pricing outlined during walk-through tour </li></ul></ul></ul><ul><ul><ul><li>Great, clear photos </li></ul></ul></ul><ul><ul><ul><li>Consider changing main picture to one of the outdoor patio with the colorful landscaping (alluring and a distinctive advantage of the property) </li></ul></ul></ul><ul><ul><li>MyNewPlace.com </li></ul></ul><ul><ul><ul><li>Prices do not match current pricing outlined during walk-through tour </li></ul></ul></ul>
  • 17. Print <ul><li>Brochure </li></ul><ul><ul><li>Shiny three-fold folders given to all prospective residents </li></ul></ul><ul><ul><li>Inserted sheets with various floor plans </li></ul></ul><ul><ul><li>Apartment style sheet with rents and various fees clearly laid out </li></ul></ul><ul><ul><li>Community amenities and apartment features page </li></ul></ul><ul><ul><li>Overall, impressive and an effective use of advertising </li></ul></ul><ul><li>Publications to consider: </li></ul><ul><ul><li>Red Eye </li></ul></ul><ul><ul><ul><li>Free publication widely read by young professional demographic </li></ul></ul></ul><ul><ul><ul><li>Advertisement or feature article </li></ul></ul></ul><ul><ul><li>CS: Modern Luxury magazine </li></ul></ul><ul><ul><ul><li>Reach ‘sophisticated’ demographic in 13 major cities </li></ul></ul></ul><ul><ul><ul><li>@properties Luxury Collection insert </li></ul></ul></ul><ul><ul><li>Chicago Magazine </li></ul></ul><ul><ul><ul><li>Reaches 1.5 million readers and is published by Tribune Company </li></ul></ul></ul><ul><ul><li>Apartment.com magazine </li></ul></ul><ul><ul><ul><li>Features hundreds of apartment communities every month </li></ul></ul></ul>
  • 18. Advertising and Property Recommendations
  • 19. Advertising Ideas <ul><li>Capitalize on Current Tenants </li></ul><ul><ul><li>Send flyers to existing tenants, offering special incentives for referrals; especially for young professionals in the area, this can definitely work to get their fellow co-workers/friends to lease </li></ul></ul><ul><li>Network with Local Businesses </li></ul><ul><ul><li>Make a preferred employer deal with Salon Buzz, Feast, or other local businesses </li></ul></ul><ul><li>Discount Card </li></ul><ul><ul><li>Similar to Passport Unlimited; for residents to get discounts at local shops, eateries. Win-win for the business and an attractive concept for residents. </li></ul></ul><ul><li>Capitalize on local Universities: Loyola University, DePaul, University of Chicago … </li></ul><ul><ul><li>Setting up a partnership with Loyola students, for example, would be an excellent way to gain prospective residents. Placing One E. Delaware into the student newsletters and information packets for students who are looking for off-campus housing </li></ul></ul><ul><ul><li>Set up student rates? Especially graduate students who are moving here and do not want to live in a ‘dorm’ setting – many are new to the city and would appreciate the referral from Loyola. </li></ul></ul>
  • 20. Advertising Ideas, continued.. <ul><li>Blog </li></ul><ul><ul><li>Consider creating an incentive for a loyal current resident (discounted rent), to blog about their experience at 1 E. Delaware; proximity to all that the Goldcoast has to offer, etc. </li></ul></ul><ul><li>Email address list </li></ul><ul><ul><li>E-mail advertising generates the maximum return on investment than traditional modes of immediate marketing; collect email addresses from local businesses, and schools, to pursue target marketing methods. </li></ul></ul><ul><li>Use Social Media </li></ul><ul><ul><li>Create a facebook page for residents to communicate, post resident events, and community updates </li></ul></ul><ul><li>Send out direct mail cards to local businesses </li></ul><ul><li>Property Binders for Corporate Outreach </li></ul><ul><ul><li>Instead of just taking over a few brochures to preferred employers, take a leather binder including photos, floor plans, price sheets, etc. The binder will give the outreach or preferred employer program more credibility (with an approximate per binder cost of $20-$50, this method is proven to increase corporate outreach by about 30%) </li></ul></ul><ul><li>Host fun resident events to generate buzz in the area </li></ul><ul><ul><li>Wine tasting, BBQ or Social gatherings on the sun deck for residents to get to know each other </li></ul></ul><ul><li>Apartment Design </li></ul><ul><ul><li>If prospective renters seem to love the furniture in the model, possibly offer a program where the company that supplied furniture for the model could outfit their apartment , as well </li></ul></ul>
  • 21. Advertising Ideas, continued.. <ul><li>Corporate Rental Outreach </li></ul><ul><ul><li>Reach out to Feast (local restaurants), or doctors offices, (etc.) and let them know that you would like to give their business FREE advertising by including them in the resident folder that goes out to each new resident. In exchange, the organization/restaurant will distribute One E. Delaware flyers in their space. You can include employee incentives to rent with you, as well. </li></ul></ul><ul><li>Bookmarks or Flash Drives </li></ul><ul><ul><li>Design a bookmark with the One E. building photo with logo, list of amenities and contact info, and take them to the local bookstore on State Street, or Loyola bookstore around the block, and encourage them to give one away with each sale. A flash drive with the One E. Logo and contact information printed on the device is another excellent and useful way to capture potential resident attention. </li></ul></ul><ul><li>Pet Adoption Fair On-Site </li></ul><ul><ul><li>Since 1 E. Delaware allows pets at the property, the property could host a pet adoption fair. Promote the event with a slogan like, “Would you like a best friend?” – this would create huge PR buzz, free of charge, and bring a huge amount of traffic. </li></ul></ul><ul><ul><li>Coordinate with Tails in the City and offer a special discount at the store the day of the event; Easter Bunny day… </li></ul></ul>
  • 22. Gen Y Marketing Tactics <ul><li>Considering One E. Delaware attracts young professionals, students and 20-something singles , here are some important apartment attributes among this demographic: </li></ul><ul><ul><li>Sense of community: </li></ul></ul><ul><ul><ul><li>Yoga or pilates classes </li></ul></ul></ul><ul><ul><li>Community Parties </li></ul></ul><ul><ul><li>Modern look and feel </li></ul></ul>
  • 23. Competitor Analysis
  • 24. 25 E. Delaware <ul><li>Management Company: BJB Partners </li></ul><ul><ul><li>Vintage Building </li></ul></ul><ul><ul><li>Studios, One and Two Bedroom Apartments </li></ul></ul><ul><ul><li>Wood floors, 9-foot ceilings </li></ul></ul><ul><ul><li>On-site management (not friendly…) </li></ul></ul><ul><ul><ul><li>Did not take my name, ask where I live or act even slightly interested </li></ul></ul></ul><ul><ul><li>Amenities: Laundry, Fitness, Dry Cleaning </li></ul></ul><ul><li>Pricing: </li></ul><ul><ul><li>Studios: $895-$975 </li></ul></ul><ul><ul><li>1 Bedroom: $1,195 - $1,495 </li></ul></ul><ul><ul><li>2 Bedroom: $1,695 - $1,995 </li></ul></ul>
  • 25. &nbsp;
  • 26. 1111 N. Dearborn <ul><li>Management Company: Planned Property Management </li></ul><ul><ul><li>Goldcoast High-rise </li></ul></ul><ul><ul><li>Studio, 1 and 2-bedroom apartments </li></ul></ul><ul><ul><li>Amenities: </li></ul></ul><ul><ul><ul><li>Cats Only </li></ul></ul></ul><ul><ul><ul><li>Updated Kitchen for another $100 of rent, per month </li></ul></ul></ul><ul><ul><ul><li>Pool </li></ul></ul></ul><ul><ul><ul><li>Laundry </li></ul></ul></ul><ul><ul><ul><li>Fitness </li></ul></ul></ul><ul><ul><ul><li>Dry Cleaner </li></ul></ul></ul><ul><ul><ul><li>Parking: $215 assigned space, covered </li></ul></ul></ul><ul><ul><ul><li>24-hour door staff </li></ul></ul></ul><ul><li>Pricing </li></ul><ul><ul><li>Studio:$1175 - $1250 </li></ul></ul><ul><ul><li>1 Bed: $1495 - $1575 </li></ul></ul><ul><ul><li>2 Bed: $1925 - $2050 </li></ul></ul>
  • 27. &nbsp;
  • 28. 1133 N. Dearborn <ul><li>Management Company: Planned Property Management </li></ul><ul><ul><li>Built in 1989 (same year as One E.); 33 stories </li></ul></ul><ul><ul><li>Studio, One, Two and Two-Bed Townhomes </li></ul></ul><ul><ul><li>Amenities: </li></ul></ul><ul><ul><ul><li>Cats only </li></ul></ul></ul><ul><ul><ul><li>Pool with sundeck </li></ul></ul></ul><ul><ul><ul><li>Laundry Room </li></ul></ul></ul><ul><ul><ul><li>Conference/ Party room </li></ul></ul></ul><ul><ul><ul><li>Fitness room </li></ul></ul></ul><ul><ul><ul><li>Business Center </li></ul></ul></ul><ul><ul><ul><li>Parking $225 </li></ul></ul></ul><ul><li>Pricing </li></ul><ul><ul><li>Studios: $1195 - $1250 </li></ul></ul><ul><ul><li>1 Bed: $1495 - $1750 </li></ul></ul><ul><ul><li>2 Bed: $2095 - $2295 </li></ul></ul>
  • 29. &nbsp;
  • 30. 33 W. Delaware <ul><li>Condo Association: Delaware Place on the Park </li></ul><ul><ul><li>Individually owned condos </li></ul></ul><ul><ul><li>Amenities: </li></ul></ul><ul><ul><ul><li>Fitness Center </li></ul></ul></ul><ul><ul><ul><li>24-hour doorman </li></ul></ul></ul><ul><ul><ul><li>24-hour business Center </li></ul></ul></ul><ul><ul><ul><li>Dry Cleaning </li></ul></ul></ul><ul><ul><ul><li>Sun Deck </li></ul></ul></ul><ul><ul><ul><li>Floor-to-ceiling windows </li></ul></ul></ul><ul><li>Pricing: </li></ul><ul><ul><li>1 Bedroom: $1300 - $1600 </li></ul></ul><ul><ul><li>2 Bedroom: $2200 $2500 </li></ul></ul>
  • 31. &nbsp;
  • 32. Competitor Analysis One E. Delaware Sorrounding Properties                   33 West 25 E. 1111 N. 1133 N.   One E. Delaware   Deleware Deleware Dearborn Dearborn                     Monthly Rental Charges:                   Studio       $1175 - $2235     $895 - $975 $1175 - $1250 $1195 - $1250 Convertible       $ 1285-2300           One Bedroom       $1485 - $2920   $1300-$1700 $1,195 - $1,1495 $1495 - $1575 $1495 - $1750 Two Bedroom       $1970 - $3144   $2200-$2500 $1,695 - $1,995 $1925 - $2050 $2095 - $2295                 Amenities:                                       Laundry Room     Yes   Yes Yes Yes Yes             Doorman     24 Hour   24-Hour Only nights 24- Hour 24-Hour             Fitness Center     Yes   Yes Yes Yes Yes             Parking     Attached $265/month   Attached; apx $250/month No Attached $215/month Attached $225/month             Business Center     Yes 24 Hour + computers   Yes 24 Hour + computers No Yes Yes             Pool   No   No No Yes                                
  • 33. Summary <ul><li>Attractive property </li></ul><ul><ul><li>Competitive amenities </li></ul></ul><ul><ul><li>Premiere location </li></ul></ul><ul><ul><li>Impressive, modern exterior </li></ul></ul><ul><ul><li>Elegant lobby </li></ul></ul><ul><ul><li>Spacious floor plans </li></ul></ul><ul><li>For the caliber of the building, minor changes in kitchen could bring it to level of the building and maintain competitive edge in current market </li></ul><ul><ul><li>GE Profile stainless steel appliances </li></ul></ul><ul><ul><li>Granite countertops </li></ul></ul><ul><li>Consider supplemental target markets </li></ul><ul><ul><li>Graduate Students (Loyola, DePaul, Northwestern, University of Chicago) </li></ul></ul><ul><ul><li>Growing young professional market via employers </li></ul></ul>

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