10 Factors for Serviced Apartment Success

Catch up with news, trends, product updates and our thoughts on where the serviced apartment industry is heading

16 November 2018 Giles Horwitch-Smith Leave a comment News

Running a Serviced Apartment business in the competitive environment that exists today is tough. We looked across our customers of res:harmonics apartment management software to try and identify common factors that the successful ones exhibit. We identified 10 things that all the really successful serviced apartment providers do.

10 Factors for Serviced Apartment success

Here are the 10 factors for building a successful service apartment business:

  1. Automate everything to reduce time spent dealing with each booking (emails, invoicing, housekeeping etc) and freeing up team members to focus on customer needs
  2. Provide a friction free experience for guest & bookers (make it easy to book, easy to pay and easy to communicate with real people)
  3. Utilise multiple sales channels (online travel agents, their own website, corporate accounts, direct etc)
  4. Use demand information to continuously optimise availability to reduce voids, increase occupancy and revenue
  5. Optimise rates daily to maximise average nightly rates
  6. Utilise up to the second information and key performance indicators highlighting any areas needing attention to run the business effectively (management by exception)
  7.  Capture lots of information about customers (budget, requested locations, referrers, channels etc) so they can deliver effective marketing messages
  8. Robust accounting functionality with the ability to synchronise in real-time their PMS and their accounts software
  9. Regular Business Information reports to understand in detail everything about their business and make strategic decisions based on the information (average length of stay, average lead time, average nightly stay, revenue by channel etc)
  10. They all use a software platform that operates across the business to link together all the key areas of what they do e.g. res:harmonics apartment management software to do it.

Res:harmonics

Our software was designed by experienced property managers to support the sales and operations of property in 3 different modes of operation; serviced apartments, vacation rentals and private rental sector.

We are aiming to deliver the best software for the industry by combining our experience of running property with the feedback from our customers and a strong technical and business orientation.

Find out how we can assist you –

 

Tags: , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *