Nevermind, I found out what I was doing wrong. Its not the gameobject you drag and drop, but the component of the gameobject.
HOWEVER, I am now running into another problem. When I set the property color to a variable "theColor" in the Set Property action, it doesn't stay set when I play and pause the game. It sets the color property value back to "None" as if I haven't set it.
Any ideas on why my variable keeps getting reset right when I start playing and stopping my game in the Unity Editor?