NAI EARLE FURMAN

325 W. McBeekevin eaves

marketing plan

marketing plan

NAI Earle Furman needs to lease 21,431 square feet of office space at 325 W. McBee St. in downtown Greenville’s central business district. The company needs a solid, effective marketing plan to get the property in front of potential buyers and other commercial brokers.

With over 600 transactions completed in 2012, the firm is successful and well-known throughout the Upstate as a reliable leader in the industry. The company’s brand is strong but could use some new creative ways to get their properties sold and leased.

This plan serves a variety of purposes. First, to help lease the property at 325 w. McBee and second to help the company market additional properties. The marketing tactics in this plan are new to the company and are designed to be used to market other NAI Earle Furman properties. It will be crucial to monitor the effectiveness of each marketing tactic in order to revise or modify according to what works and what doesn’t work.

NAI Earle Furman has an extensive amount of information to market this property, but the company could utilize new digital technologies such as video and infographic. We need to package the information we have on this property in new, creative and effective ways.

Situation Analysis

Despite the downtown CBD location, the property has not generated that much interest and had many showings. The building is primarily occupied by First Citizens Bank and features First Citizens signs in the front and back entrances. One key feature of the property is that the location is right outside the downtown area, so video and other marketing tactics will highlight this convenient, peaceful location. NAI Earle Furman has two brokers assigned to this property as well as a web page for the property and a property brochure.

We need to establish a database of potential buyers within our target market and actively market this property to them through creative marketing tactics. Our brokers also need to network within the communities are target markets participate in. We will also actively seek ways to market this property and NAI Earle Furman in these target markets.

Additional property details:

project summary

- Class A office space located in Greenville CBD with - Convenient Access to I-385 & downtown- Free on-site parking - Available parking: 100 Surface spaces and 50 covered spaces- Showers & locker rooms- 21,431 SF available- 5,020 SF on 3rd floor = could be ideal for start-up tech company- 16,411 SF on 2nd floor- Lease rate: $17.50 FSG- Current owner is First Citizens Bank- Two other tenants occupy space in the building

325 w. mcbee

marketing plan

Market Trends

Trends show that the industry should continue to improve in 2013. New construction statistics should stay the same in 2013, and speculative office development is not a factor.

The Upstate looks to be doing better than the national averages. In the Upstate, office vacancy was at ~9.1% vacancy and the national average was at ~11.9%. As the economy trends upward in 2013, the commercial real estate industry should improve as well in 2013.

*source: NAI Earle Furman 2013 Upstate market report

Market Growth

In the Upstate of South Carolina, the office market improved steadily in vacancy through 2012. The last quarter of 2012 saw a slight increase in vacancy.

The Central Business District of Greenville will appear to continue to help the market with the addition of Project ONE at 1 North Main Street in Greenville. The CBD in Greenville very appealing in the current Upstate market.

*source: NAI Earle Furman 2013 Upstate market report

Competition

CBRE | The Furman Co. is one of the main competitors in the Upstate. The firm offers commercial real estate brokerage (in the areas of office, industrial, retail and investment properties), property and facilities management, supported by proprietary market research and extensive local market expertise.

An affiliate of CBRE, the Furman Co. is known throughout the area for its research skills as well as its access to CBRE global network, which is the largest in the world.

Other competitors include: Prudential C. Dan Joyner Co. REALTORS KDS Commercial Properties Langston-Black Real Estate

market dataMarket Summary

According to the National Real Estate Investor, 2012 finished with mixed results for the commercial industry. Baby boomers continue to drive the market, but the younger generation is changing the way people work. Work is now more technology driven, and young people can work from anywhere. They don’t need or want the typical “office space” to conduct work. The value speed, efficiency and mobility. However, there should be another 20-year window when baby boomers will drive the market.

325 w. mcbee

target marketTarget Demographics

- business owners ages 40-70, mostly male- readers of publications such as the wall street journal, gsa business, the Economist- some of their favorite sports include golf, tennis, cycling, college football- enjoy food, travel and dining out- earn in excess of six figures per year- those that workout, run or ride bikes on their lunch break and could possibly find the showers and locker rooms useful. - care about presenting a professional image to clients.- they are active in the downtown community and need to be close to the CBD.- participate in a wide range of community and industry-specific events.- they love and see the value of the downtown Greenville area.

Ideal Tenants

- 11,000 sq. ft. section could be attractive to mortgage companies, construction companies, finance companies, investment companies, law firms, financial planning companies, advertising agencies, telecommunications companies, government officials - companies that could possibly use the services of First Citizens Bank.- companies that see First Citizens as a positive company that could help their business as well- businesses that need a professional, well-built imposing structure to project a certain imagethose that need easy access to I-385- have approximately 10-20 employees and those that have five or fewer- those that need space to meet with and impress financial clients.- they conduct a majority of their business in downtown Greenville, and their clients are nearby.

Secondary Target Markets

- technology start-up companies that want to be in the Central Business District- small business owners similar to the current tenants- software and mobile business app developers- the 5,000 square foot space could be attractive to small, technology companies that don’t need a lot of space but need to be downtown.

marketing plan

marketing plan

Strengths

The property is Class A office space located in the downtown location in Greenville’s CBD and features free, on-site parking as well as showers and locker rooms. The area is extremely well landscaped and the structure is beautifully built and designed. This building could be a very attractive space for companies that need to project a highly professional image. First Citizens Bank can be used as a positive element and target companies that could use their services.The property has convenient access to I-385.

Weaknesses

The majority of the property is occupied by First Citizens Bank, and the property features First Citizens signage at the front and back entrances. There is a drive-thru customer service station at the back of the property. The property is located outside of the general Greenville downtown area. This location could be seen as a disadvantage, but the property is still located in the Greenville CBD. The property may be too large and stately to some, smaller potential buyers.

Opportunities

Testing new marketing tactics on this space will allow NAI Earle Furman to learn how effectively they will work. During the process, the marketing iniatives can also be modified or revised. The new marketing tactics can also be used for additional NAI Earle Furman properties and added to the company’s marketing mix. Marketing a property in this market could lead to greater connections within multiple industries and help the NAI Earle Furman brokers establish a greater presence in Upstate markets.

Threats

The longer the space stays vacant, it could become less and less attractive to potential buyers. Because the property is large and stately, potential buyers could be turned away because of the appearance of the structure. Many younger workers can work from anywhere, and many businesses are downsizing their office space. This property could be seen as too large or excessively built for potential buyers.

swot analysis

Goals

Lease the property in six weeks or less. Develop and implement five new marketing tactics to use to market other properties.Establish a database of 200 contacts in our target demographic.Attend 10 local Upstate events that feature business owners in our primary and secondary target markets.Show the property on-site to 50 new clients within the five week period.

Objectives

Develop a target contact database to actively market this property to.Give the brokers more creative marketing tactics to get the property shown to more people.Find new and effective ways NAI Earle Furman can market its properties.Increase the brand awareness of NAI Earle Furman in downtown Greenville.Strengthen our relationship with other commercial real estate brokers and downtown business owners.Increase our brand awareness within our target markets and the Upstate CBD community.Share useful information with the members of our target markets.

Strategies

Attract brokers to the property by staging an event at 325 W. McBee.Use digital technologies to help brokers get property to potential buyers faster and more effectively.The use of digital technology will help us communicate more effectively with tech business owners.Market the proximity to 385 and its ideal location in the CBD.Focus on the positives of having First Citizens Bank on-site.Sponsor and support events that our target market actively participates in.Utilize more diverse marketing tactics such as video, virtual property tours and infographics.

Measurement

Survey of downtown property tour attendeesRecord how many showings the property has once the marketing is started.Brokers record new contacts in email database once plan is started.Monitor the amount of times property video is watched and downloaded.Once property is leased, send survey to buyer to determine which marketing tactics influenced his or her buying decision.

what, why & how?

Tactics

Hold downtown property bus tour. Attend and network at Upstate events within our target market.Sponsor a local cycling team.Develop short videos of property using an iphone and imovie software.Stage the property with new office furniture.Develop an infographic that highlights the benefits of the downtown location and the Greenville CBD.

325 w. mcbee

marketing plan

marketing plan

marketing tacticsTo tell the story of the property and develop its distinct character, the marketing tactics will focus on events, video, staging and a virtual tour. These five marketing elements will allow the brokers to get the property in front of prospective buyers, showcase the downtown location of 325 W. McBee and eventually lease it.

1. downtown property tour2. property staging3. video4. sponsorships5. networking6. infographic

1. The NAI Earle Downtown Property Tour

We need an event that will get brokers and buying prospects to the property and show-off its prime downtown CBD location. Similar to the popular pub crawls or restaurant crawl, this event will transport attendees by bus around the downtown area to different NAI Earle property locations. At each stop, attendees will be free to sample food, drink and tour each property. Event sponsorships would be offered to local restaurants, breweries, vendors and other interested businesses.

Additional Details:

- an event invitation would be emailed and hand delivered - the tour stop would start and end at 325 McBee to focus on the free parking - the tour begins and ends at 325 W. McBee to get the brokers to this location twice. - help everyone see how accessible the downtown location is from all directions. - take pictures and video of event and upload to facebook page and twitter feed. - a follow-up email would be sent to all attendees highlighting the property - email will thank guests for attending and provide contact info of the brokers. - contact local downtown restaurants to see if they would sponsor the stops by providing food. - the key for this event is gathering the attendees contact info and following up. - strategically send the property info to them after the event to reinforce the property brand.

2. Property Staging

In order to make the property more attractive to potential buyers, include staged furniture in the office to show what the space will look like when occupied.

www.naiearlefurman.comtel 864 232 9040fax 864 235 4300

marketing@naiearlefurman.com

You’re Invitedto the NAI Earle Furman Downtown Property Tour

We invite you to join us for a bus tour of downtown Greenville commercial real estate. We’ll give you a tour of some of the most attractive real estate in downtown

Greenville. This exciting and fun event will feature food, drinks and a property at each stop!

When: Friday, May 3 2013 starting at 3 p.m.Where: tour starts and ends at 325 W. McBee St.

325 w. mcbee

marketing plan

marketing plan

4. Event Sponsorship

- Sponsor the local Upstate Meals on Wheels charity ride and consider sponsoring a local cycling team if the event sponsorship is successful.- This to capitalize on the growing popularity of cycling within the Upstate community.- Many Upstate business owners participate in the sport and this is a great way to get the NAI Earle

Furman brand in front of their faces.

3. Property Video

- Create a property site video that brokers can email to other brokers and show in meetings. - Develop videos using an iphone5 and an imovie app.- Video will showcase the landscaping, peaceful location outside downtown and large parking area.- Video is convenient to show on smartphone and tablet devices in face-to-face meeting as well as easy to email to potential buyers.- Create a NAI Earle Furman Vimeo account and upload videos to it. - Upload the property videos to the company facebook page and twitter feed.

Click here to view the video sample of 325 W. McBee

5. Networking

- Property brokers attend and network at community events within our target market: mortgage companies, construction companies, finance companies, investment companies, law firms, financial planning companies, advertising agencies, telecommunications companies, government officials, technology companies- These are events outside of the traditional commercial real estate events.- Establish and presence in these communities and get to know leaders of the industries.

6. Infographic

Create a custom designed infographic highlighting the attractiveness of the Downtown Greenville location.Include statistics about Greenville CBD and downtown Greenville.

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325 W. McBee

325 w. mcbee

Click here to view a sample infographic

marketing plan

marketing plan

timeline

Step 1: Using our current email database, create a target list to market this property to. Brokers email out and hand deliver invites to the downtown property tour. Use email system to determine the best to invite.

Step 2: Brokers host viewings with staged furniture in the office space.

Step 3: Host downtown property tour.

Step 4: Brokers email out property video tour and property infographic to property tour attendees and prospective buyers. Feature video and facebook and twitter pages. Email out and present virtual property tour to those who attended event.

Step 5: Sponsor the Meals on Wheels cycling event to increase brand awareness. Feature the property at 325 W. McBee at booth during the event.

Step 6: Follow-up email to downtown property tour attendees thanking them for attending. In the email, include a survey to the attendees to measure level of effectiveness.

Step 7: Marketing department meets and evaluates all marketing tactics in this plan.

Many of the tactics for this plan will be on-going and continue trhoughout the six-week pro-cess and beyond. Brokers will attend networking events throughout the six-week process.

budget

325 w. mcbee

1. downtown property tour bus rental = $500 food and drinks at each stop, unless receive local restaurant sponsorships = $500

2. video iphone 5 for the marketing department = $200 monthly contract fees = TBD depending on current company plan vimeo pro account for business = $19 per month

3. property staging to stage furniture in the property = $2,000

4. event sponsorship approximatey $1,000 for basic sponsorship package

5. networking there may be some cost in joining associations and registering for events = $500

6. infographics & case studies may be some cost to purchase stock graphics = $100 completed by marketing department

budgetbudget

marketing plan