3. 3
MISSION STATEMENT:
Achieve a leased percentage of 90% by March 31st, 2015 —
and cultivate The Century’s legacy and entity.
4. 4
How The Century Is Different
The Century – located under the shadows of Seattle’s most pinnacle skyline, The Space Needle. The Century
exists in the perfect location for anyone to call home. The location of The Century is also unique in that it sits
in between the most traveled streets in Seattle, Mercer and Denny, while remaining in the eye of every tour-
ist underneath the monorail. The opportunity to showcase this convenient location as well as provide a
unique Pillar lifestyle, is where The Century will truly shine.
Dedicated to provide an incredibly awesome experience, The Century contains not only 258 beautifully de-
signed condo-like homes, but also remarkable amenities that boast breathtaking views of downtown Seattle,
the Space Needle, and Lake Union. Each home in The Century feels like home, and when the product is un-
matchable, the appetite of the customer will be satisfied.
Entering December of 2014, The Century is leased at just under 63% leaving 96 apartment homes available.
The majority of the availability exists in the one bedroom, and one bedroom plus den floor plans. The market
value seen in the square footage of a larger one bedroom, is presenting a challenge to rent a one bedroom
den in which perhaps that area is not needed. Although the one bedroom dens are in the last place for the
race to the top - it is not to say they are being dismissed. The team has been challenged to be more creative
when touring these blank canvases - challenging them to actively listen to resident needs and engage in dia-
logue of how best to use the space to fit those needs.
The marketing plan (action plan) contains 6 -7 weekly marketing strategies. These various strategies are cre-
ated to achieve the leased goal as well as cultivate The Century’s legacy and entity. The marketing analysis
will be the responsibility of the entire team to upkeep, comment on, and continue.
The Century’s Lease Up Tracker has a weekly goal of 5 leases per week and calculates the actual leased on a
weekly basis.
The incentive plan is dedicated to create a competitive leasing atmosphere as well as a continuing education
for our team. The focus will be to achieve our leased goals and also to remain educated in the building’s pric-
ing, availability, and leased percentage.
Introduction
5. 5
The Century’s location is one of the most prominent strengths the building possesses.
Located in heart of Seattle’s most desirable neighborhoods – The Century is footsteps
away from all the high contenders of the city. While the location is a strength of The
Century, it is merely the starting point of everything this community has to offer. The
amenities of the building offer unique and elegant spaces that stand apart from the
competition, while the apartment homes stand out in the development and finish.
Each home is inviting, strong, and spacious! Even the studios are larger than the in-
dustry average.
The finish and quality of the apartment homes are captured in each unique amenity
space. The fitness center rivals private gyms, equipped with free weights, weight ma-
chines, and a jaw-dropping variety of top-of-the-line Precor equipment. The extrava-
gant private theater offers three flat screen TV's and multimedia functionality for any
device, and the community is topped off with several rooftop areas including private
seating, gas grills, and heat lamps. Our garage hosts enough cars for one per house-
hold, and has three different sized spaces to choose from: parallel spots for large
cars, compact spots, and fuel efficient charging station spots. Lastly, the enclosed dog
play-area on the top floor of the building is perfect for any sized dog (and their canine
friends!).
Customer Service
Hotel & Condo Like Finishes
Larger Studios Than Industry Average
Quiet, Private Street, That is Easily Located
Full Staff With Years of Experience
Quiet Floor Plans
Pet Friendly– No Size Restrictions
Strengths
6. 6
The supply of one bedroom dens has been a challenge during current demand.
Prospects see the value in our product but seem to prefer a larger floor plan in
general, rather than a dedicated den space. It will be crucial for the team to focus
on when these floor plans are struggling and how to help them reduce vacancy
loss. The Martin, a Greystar/Riverstone property that opened in October of 2013,
has 188 units, and 106 of which are one bedroom dens. The team believes they
had a successful lease up of reaching 90% in 11 months.
Sources are not all 100% tailored for advertisement. Renderings are still up on
some sites, while others have no photos at all, the team is testing the ILS daily.
Saturated competition with specials, preferred employer discounts, and lower
price ranges.
Sources such as Zillow were not leading into our PopCard feeds or email accounts
properly, causing the prospect to have no answer back when they have reached
out to us. This was discovered on 12/3 and fortunately, Zillow was able to provide
185 prospects from the past 2 weeks that the team is creating PopCard leads and
contacting personally.
Aparments.com was set up incorrectly to automatically populate every 24 hours,
while Rent Café (the feed it pulls from) is only set up to populate the pricing every
24 hours. This has caused the listing to not show any images, content, or contact
information. This was discovered on 11/25 and is almost back up to 100% accura-
cy.
Many of these weaknesses will quickly be overcome – but it is clear that there is a
lack of attention to detail in our sources and our marketing. Now that we have
found these areas the team is dedicated to focusing on these items and regularly
ensuring accuracy and consistency.
Weaknesses
7. 7
The primary lead sources for The Century are walk-ins and our property website. The op-
portunity is thriving for the team to always investigate and improve these sources by en-
suring we are advertised on street corners, walking paths, and the routes of the public
transit system. The property website requires daily supervision – and to truly capitalize on
this source, the team will need to “be the prospect” and utilize the website in both desk-
top and mobile capabilities to ensure accuracy and attraction.
Many of the team members did not know the term ILS – Education is another huge oppor-
tunity. With strong, educated leadership the team will be able to strengthen their closing
ratios, marketing techniques, and revenue on homes.
Many of the walk-ins are in short term corporate leases with our preferred employers,
such as Amazon and Microsoft. The challenge is that their current leases are not expiring
until late Spring and early Summer. The opportunity lies in the strategy to stay in touch
with this customer who will return and lease at our building, even if it is in 3-6 months.
We currently have 0 Yelp reviews. Obviously this is a tremendous opportunity for the team
to work on. The company’s expectation is to receive 4/4 or 5/5 on all customer review
sites and satisfaction surveys. The upkeep and monitoring of Satisfacts and Yelp is a signifi-
cant part of The Century’s opportunity for continued success.
The ability to outreach on companies that we have several leases from – why not spotlight
these companies and try to generate more buzz and interest, ultimately driving more leas-
ing. Big companies that are not Microsoft and Amazon also live in South Lake Union such
as Group Health, UW Medicine, Allen Institute for Brain Science, REI etc.— the opportunity
to create a tailored Century is a unique advantage.
Opportunities
8. 8
The Century’s location is in an area of high demand for construction, development,
and improvement. Within the next year there will be a considerable amount of prod-
uct that will threaten our building. The location of the property can also become
threatened by the overall congestion of the city– marathons, traffic, and/or events
that take place nearby.
More product scheduled to open in 2015 and continue. Competition is all within
a 1-mile radius.
Construction.
Certain city events that prevent walk-ins or drive by’s.
No loading dock.
Saturated market.
Concerns over urban environs—crime, transients, noise.
Threats
9. 9
Opened 09/01/2014
Leased: 62.79%
258 Units
Dimension
Opened: 10/31/14
Leased: 23%
298 Units
The Verve
Opened: 10/16/14
Leased: 30%
166 Units
True North
Opened: May 2014
Leased: 71%
286 Units
The Martin
Opened: 06/01/2013
Reached 90%: May 14
188 Units
Via 6
Opened: Feb. 13
Reached 90%: June 14
654 Units
Competition That Has Opened
In the 2nd-4th Quarter of 2014
Stabilized Competition
10. 10
Lease Up Graph of Competition vs. The Century
True North
Opened: May 2014
The Century
Opened: 09/01/2014
Dimension
Opened: 10/31/2014
The Verve
Opened: 10/16/2014
11. 11
The leased percentage goal of 90% by March 31st, 2015 is a goal that will create a
strong impression on the market, the company’s portfolio and the team achieving it.
There are a total of 70 leases needed to achieve this goal– and throughout the first
quarter of 2015 the team will be presented with new challenges that they may not
have expected or seen throughout this lease up. Managing lease expirations, renew-
als, and market changes will be a focus as well to maintain the high occupancy rates
we are desiring. This business plan and marketing plan will help the team be pre-
pared and confident in this challenge. The Century’s legacy is just beginning.
Conclusion
12. 12
Words you did not see in this business plan: Velocity & Strategic.
Genevieve Mentele
