Great Property Management Companies

Messaging and branding The outbound branding and messaging that the company uses is an important factor that can be used to determine what they are really like. To be able to understand them and their mode of operation. Then you need to ask questions.

 Documentation
The first thing that you should get to know is whether the company is licensed and recognized by the right body. You need to ensure that you get to know what kind of properties they manage and then get references. You should never move on with the deal if the company does not want or is not able to give you the necessary documentation.
 When you see the documentation, then you can comfortably say that their operations are legitimate.
 You should also get to know the following things about the company:
 How they set and collect rent How maintenance and repairs are handled? If property inspections are done Retention and marketing of tenants How the tenant and owner funds are handled? How they do tenant screening. The other things that you should talk to them about include: The management 
fees
contract The above should be done to about three companies that you may have shortlisted before you can hire them. You should remain vigilant and don't settle for the first company that you come across regardless of how good they seem to be. There is really no harm in talking to other companies.
 Talking to others confirms that the initial preference was the best and you may even have some more questions. Young never know, the next company could actually be better than the first one.
 If you do not take time to talk to others, then you will have nothing to compare with. It is important to have an idea about how other companies operate to be certain that you are indeed making the right decision.
There are many databases that you can use to locate management companies near you. You need to appreciate the fact that finding a manager for an investment that you made is a very important and big decision. You should do a thorough research before you settle for just anyone. There are many qualities that you should consider when you are picking a great organization. You should try getting referrals from various sources.
This is one of the best ways because you will know the experiences of other people first hand before choosing. You may get some amazing tips about the whole choosing process. Since referrals can sometimes be biased, you should get them from all corners. If you receive same referral about a certain company,

6 Important Factors to Consider When Getting a Property Management System for Your Hotel

If you think of a hotel as a well-oiled machinery, with its million little parts functioning together to deliver a seamless experience, a good property management system (PMS) is the heart that keeps the machine beating perfectly. From simple check-ins and check outs to offering sublime experiences based on guest preferences, a good PMS is integral to the functioning of hotels of all shapes and sizes.

That said, the technological needs of a smaller hotel are very different from that of larger establishments. An intuitive PMS that understands their specific requirements is worth its weight in gold. But it is also a significant investment and to ensure that the money is well spent, hoteliers need to choose a system that works well for their property.

Most hoteliers consider security to be their top priority, and that is a valid concern indeed. Any PMS you select must be PCI compliant. Without it, the system is open to threats and vulnerable to attacks. The banking data of your clients, their credit card details, and other personal information must be protected at all costs.

However, the specifications don't end with security measures. There are a few other things to consider before you finalize a PMS for your property.

It should be easy to use The best kind of technology is that which is absolutely easy to use. The longer it takes for you to wrap your head around the system, the more quickly you'll get fed up of it. Besides, hotels are famous for their high turnover rates, and the software is likely to be used by young executives and experts alike. The system should be such that it requires minimum training for people to get comfortable with it. It should be mobile compatible Gone are the days when technology was restricted to personal computers attached to a desk. This is the 21st century and unless your technological solution can literally walk with you, it's useless for all intents and purposes. Any PMS you consider should be able to connect and send information to mobile devices. It should be able to communicate with you no matter where you are and what device you are using, including mobile phones, laptops, tablets, and personal computers. Not only does this promote operational efficiency, your staff will also be able to deliver great guest service on the go.


It should be easy to integrate The PMS you select should have APIs that support both inbound and outbound connections. This will ensure that you're able to integrate it with any other solution you may be using in your hotel, such as customer relationship management and rate management software. If your PMS doesn't facilitate deep partnerships with other vendors, you will have a fractured technology solution on your hands. It will impede two-way exchange of information and hinder sharing of guest profile data. The final result will be less than satisfactory guest experience, not to mention a breakdown of relevant systems.

It should keep track of guest preferences and history The front desk is one part of the hotel that sees the maximum engagement, and, yet, most of the tasks happening there are fairly mundane and repetitive. If there was a way to automate them, the staff would be free to attend to more important duties.One way in which a PMS can add significant value to an establishment is by making low end decisions on behalf of the hotel. For instance, it should be able to auto assign rooms based on the guests' preferences. This it will do by collecting all the relevant information and using it to make appropriate choices on behalf of the guests.


Secondly, a good PMS should be able to pull a guest's history to discern what he likes and what his preferences were. This way, if a repeat guest has booked a room by the swimming pool in the past, the system will automatically book him the same room or something similar to that. This form of automation not only eliminates congestion at the front desk, it also results in more intuitive exchanges with guests and the delivery of personalized and informed services



It should automate guest communication Hotels are often required to reach out to their guests to share regular updates. But due to conflicting time zones, it becomes difficult to get in touch with them on phone. That's why they generally prefer to communicate via emails. Having to do this manually can get fairly tedious for hotel owners and the staff. And should you forget to send an email out, it could cause serious lag in communication. To keep things running ship shape, a property management system can automate this process, sending out emails related to confirmation of reservations, post-stay thank you's, and everything else in between.

It should help you measure success A great feature to have in your property management system is advanced reporting. It frees you up from having to go through long and complicated spreadsheets and deciphering the data that is relevant to you. Instead, it places all the information you need at your fingertips, accessible in just a few clicks. Basic systems will give you an overview of the daily running of your property. More advance systems should be able to provide reports around parameters like check ins and check-outs, cancellations, payment methods, average unoccupied rooms, average occupancy, average length of stay, and even revenue per available room.

With so much data at your disposal, you can get a perspective into the workings of your business and even identify areas that need improvement. As you may have gathered by now, a good property management system can really be god sent for a small hotel. Working invisibly behind the scenes, it combines the best parts of workflow management and decision automation. It also displays a fair amount of intelligence, learning from external systems it is integrated with, and delivering subtle insights that help improve guest relations. That's why it's important you choose a PMS that fits your establishment. Take into account all considerations, evaluate your requirements, and take a final decision once you're sure the product ticks all the boxes.property management system

Online Reputation Management: Proactive Vs. Reactive

Online reputation management can make or break your company's image. There are now 2.4 billion internet users across the globe, and that number is rising. Facebook CEO Mark Zuckerberg further accentuated the move toward whole global internet usage by announcing the establishment of internet.org - a consortium with handset makers, browser companies and network infrastructure manufactures that will allow Facebook to connect the world via the internet, despite economic hurdles.

 Zuckerburg cites internet connectivity as a "basic human right," and says that the next century will bring about a shift from an industrial, resource-driven economy to a knowledge-driven economy. Even with the current numbers, the internet stands as a driving force within our U.S. economy. Those connected to the internet are actively seeking out information regarding the companies and brands they support. This legion of purchasers are more informed and aware that their buying decisions can make a difference, therefore establishing relationships and paying close attention to online reputation can be the key component to being profitable.

 What is Online Reputation Management? Put simply, online reputation management studies your company's reputation and branding online, using that information to create proactive engagements and quickly handle any bad press or reviews. The internet gives everyone the power to publish, so it is easier than ever for a disgruntled consumer or former employee to voice their opinions of your products or services. In the past, word-of-mouth could hurt a bit, but the viral nature of the internet has made word-of-mouth reviews a powerful weapon - and the way that your company responds can actually create the largest impact. Good online reputation management is an ongoing process backed by the best in customer service. Superb products and great customer service are the best defense against bad reviews and negative postings. When it comes to this area of reputation management, little has changed. When those who know your brand and believe strongly in your products and ideals are able to back you up, it is easy to dispel rumors and keep negative reviews from spreading. 

Reputation management was originally a public relations function aimed at combating negative press articles or television exposes. One of the largest, and most studied, cases is the ABC News PrimeTime Live expose involving Food Lion stores. Back in 1992, long before the mainstream availability of the internet, ABC sent undercover cameras into a Food Lion store to broadcast gross mishandlings of food. The show was extremely powerful - during the week of the broadcast, Food Lion shares fell by $1.3 billion and profit losses nixed Food Lion's expansion plans and led to the closing of 88 stores nationwide. Again, this was before the internet age and social media. Can you imagine how much more devastating the story would be today?

Buliding Manegement System

From the perspective of business executives, there are two ways to grow an enterprise: build or buy. They ask whether it is appropriate to build a new business idea, product or service from scratch. Or should the company buy an existing corporation that already provides the desired product or service? The answer to that question: it depends. Either way, the solution is never simple. Often, purchasing another organization is an expensive way to grow. To start, buyers need to conduct due diligence, scrutinizing the minute details of financial and operational efficiencies. They investigate questions like, is the enterprise profitable? Does it own real estate? If not, is it paying too much for a lease? When does the lease end? Is there a union? Is the union friendly or antagonistic? What terms has the union negotiated? Does the business entity have debt? How expensive is the debt? Does it have shareholders? How efficient is operations? How strong is the management team? Does the company own intellectual property? Is the geographic location ideal? This is a comparably short list of items that need to be assessed before buyers consider purchasing a firm.

 Money is also a large factor during this due diligence process. If the research highlights a number of concerns, the buyer may opt to back out, even after investing funds into researching the acquisition. Then again, a troubled company can be an opportunity for it allows buyers to acquire a problematic company at a discount. If the buyer has the resources to fix it, the acquisition can provide many rewards. These benefits can range from geographic location, patents, client base, real estate, plant and equipment or talent. Assuming the financial and operational due diligence is attractive, there has to be an agreement on the purchase price and how the money is paid to the owner and/or shareholders. This is a critical step as there are owners who possess 100% of the company's stock. If he or she is paid a lump sum, (for example $20 million), it may incentivize the owner to relax and decrease productivity. Without the need to work as hard as before, the buyer may expect lower company performance and/or a decrease in the purchased firm's value.

 The other risk factor in acquisition is corporate culture. Firms like GE have a philosophy: when we buy you, you will do things the GE way. Often like GE, the acquirer attempts to integrate two cultures into one organization. However, the process can be the most expensive part of a merger or acquisition. The Harvard Business Report says 70%-90% of mergers and acquisitions fail or never fully realize their intended value. In some cases when the acquisition fails, the buyer sells the acquired company for less than what it was purchased.

 With that said, there are times when building rather than buying is appropriate. Bob Weissman, the former Chairman & CEO of Dunn & Bradstreet (D&B) is a prime example. During his tenure, he spun off a number of subsidiaries from D&B, like Nielson Ratings. In addition, he started companies from scratch, like IMS Health and Cognizant Technology. Back in 1994, he started Cognizant with 42 people from inside D&B. Today, it employs over 200,000 people and trades on the NASDAQ stock exchange as a spin off from D&B. IMS Health was also spun off and trades on the NYSE.

 While not every opportunity to build will be as successful as the D&B stories, the idea of growing it at home allows for more control. Notwithstanding, it is imperative that the homegrown enterprise is managed well by a strong team of executives. Without sufficient resources to hire top talent and make capital infusions, the idea of building mangement system can be a long process with mediocre success. Moreover, new ideas within an existing company can be overshadowed by current business. In many cases, there is a struggle to innovate in large corporations as employees will kill the new initiative.

 As you can see, the question of build or buy is not a simple one. Buying is like instant mix and stir. You buy a company that is already doing what you want, except the challenge is post integration. Building avoids the need for an integration process. The parent company becomes like a private equity firm that funds internal projects that can possibly be spun off. To do this, you need talent, great organization, capital and a huge commitment from the CEO that says this initiative is important.