FINAL PAPER

FINAL PAPER - I. General Information Whirley Properties,...

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I. General Information Whirley Properties, based in Covington, Georgia, is a small rental property company offering affordable housing to small families’ in the historical Covington area. Since its creation in 1997 by Rick and Nancy Whirley, Whirley Properties has changed in many significant ways ranging from their day to day operations, to the long-term goals of the company. The name of the company is indicative of its founders, Rick and Nancy Whirley. Since its founding, they have remained the sole owners and operators of this growing business. Located in historical Covington, the vast majority of the company’s assets consist of sixteen contiguous properties. Located in a convenient area, walking distance from the Square in Covington, fifteen minutes from Interstate-20, and forty-five minutes from the Atlanta Airport, the properties owned by Whirley Properties can feasibly target many different families in the marketplace. The properties are mostly geared toward smaller families focusing on younger couples in transition and are perfect for older couples with grown children Since Whirley Properties offers a fairly unique product, they have the luxury of cornering their segment of the market. Whirley Properties is concerned primarily in dealing with smaller homes and duplexes; they do not compete with larger rental property owners. Also, since they own all of the properties on Thompson Avenue in Covington, Whirley Properties is not concerned with competition from similar rental property owners in the area because of the isolated location of the property. In short, they literally own all of the choices on that street, which is their greatest strength when it comes to dealing with competition. As far as substitutes are concerned, Whirley 1
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Properties has a distinct advantage because of their lack of competition, as well as the lack of substitutes. This situation, combined with the barriers to entry into the marketplace due to the decreasing amount of land available around that area, the increasing taxes and license requirements associated with real estate, etc. have set up Whirley Properties to be a decently lucrative business. In terms of Whirley Properties’ product strategy, it appears that the unique goals of the company have a direct impact on their strategy for the use of their products. After meeting with the owners, it became apparent that this company does not concern itself with making as much money as they can in the shortest time possible, which is grossly different than most comparable companies. Instead, it seems that Whirley Properties has the luxury to “sit back and wait” as the market expands itself. Because of the quickly growing population in the Covington area, Whirley Properties is concerned primarily with breaking even at the end of every year. After inquiring as to why this would be their strategy, I was informed by the owners that they think of “their small company as more of an investment than a cash cow.” The theories behind this mentality will be
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This note was uploaded on 04/24/2008 for the course MGMT 3165 taught by Professor Yang during the Summer '06 term at GCSU.

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FINAL PAPER - I. General Information Whirley Properties,...

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