1. Provides a one-two page overview of the business selected, why this business,
ID: 374860 • Letter: 1
Question
1. Provides a one-two page overview of the business selected, why this business, and the Temkin ratings https://temkingroup.com/temkin-ratings/, just provide an overview of what Temkin rates and how you think your selected business would rate). Integrate information from previous findings in the modules 8 and 9 if appropriate. Research the business and use at least two sources from a newspaper, periodical or journal regarding the business plus find the business on the http://www.brandindex.com/(Links to an external site.)Links to an external site. (Not all businesses are listed there so if you don't find yours find an alternative website.) and discuss the business you selected. (make sure that the business you selected is identified in the resources.)
2. Identify pertinent passages from the textbook on how customer experience, customer relationship management, and customer service is provided by this company. Summarize/integrate these concepts into your analysis of how well this business builds customer relations? (at least one page)
3. In at least one page address the following questions regarding the business you selected:
In your opinion is this business effective in building brand loyalty, emotional loyalty, behavioral loyalty?
Does the business have a presence on Social Media? (Identify the sites)
How does the business use Social Networking sites? (provide examples)
Does the business have a mission statement and if so are the customers part of the mission statement?
Review the business' web site and address how it is or is not customer-centric.
In your opinion where can this business improve? (Don't avoid this question by saying you don't think this business has any room for improvement. If that is truly your opinion then go into detail describing why you reached this conclusion.)
Explanation / Answer
Investing in vacation rental property isn’t a decision that’s made overnight. There are many factors to take into account which will help influence your final decision on whether to start a business in this growing industry.
Arguably the most valuable contributions come from doing the groundwork involved in creating a strategic vacation rental business plan – long before you even hand over the deposit or receive the keys.
Creating a viable business plan will help you identify risks before you even invest, which will in turn help you determine the chances your business has at success.
In this article, we take a look at what a business plan is, and the top 12 things your vacation rental business plan needs to include if you want your private accommodation company to succeed.
WHAT IS A VACATION RENTAL BUSINESS PLAN?
To put it simply, your business plan is an overarching set of rules, goals and frameworks that will help you to make decisions for your new business and its future. Not only will the business plan help you define the strategy you will run your business with, but it will also be a useful tool to refer back to time and time again to make sure you going in the right direction.
It is advisable to write a business plan before you buy the rental home so you can truly judge if it is a worthwhile investment and business venture.
The market trends as it involves the property management business are indeed dynamic and at the same time, pretty much easier for a newbie to come in and still make money from the industry. All that is needed for any property management company to do well in the industry is to have good managerial skills and health relationship with landlords (property owners). Every detail we need to excel is contained in our property management marketing plan.
Some of the factors that count positively in this line of business are trust, honesty and relationship management and any property management company that has this will indeed do pretty well in the industry. Landlords and property owners ensure that they put their properties under the care of someone they can trust.
Our target market as a property management company cuts across people of different class and people from all walks of life. We are coming into the industry with a business concept that will enable us work with the highly placed people in the country and at the same with the lowly placed people who are only interested in putting a roof under their head at an affordable fee that won’t be so much of a stress to raise..
Although finding tenants is relatively easy, but the truth is that, finding qualified and law abiding tenants can be somewhat challenging.
It is important to note that the target market for those who are into property management business goes beyond those who make use of the internet (Craigslist) to search for properties; some of them only rely on the print media (local daily or weekly newspaper both in English and in Spanish for the Spanish community in the US), some on word of mouth adverts and others on street to street search. The bottom line is that, the market trend for property management business is indeed a dynamic one.
In other words, our target market is the whole of the United States of America and below is a list of the people and organizations that we have plans to do business with;
Our Competitive Advantage
Hilary Tyson and Co Property Management Company obviously is a newbie in property management business, but one thing is certain; we have done our homework and we have been able to highlight some factors that will give us competitive advantage in the marketplace; some of the factors are trust, honesty, good network and excellent relationship management.
Another competitive advantage that we are bringing to the industry is the fact that we have designed our business in such a way that we can comfortably work with both the highly placed clients and the lowly placed clients. Lastly, our employees will be well taken care of, and their welfare package is amongst the best in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our objectives.
Property Management Business Plan – SALES AND MARKETING STRATEGY
Networking is an effective way to begin building your clients base and we have plans in place to leverage on all our networks. In view of that, we will continue to find local real estate clubs and connect with them and also we will find local business organizations like the Chamber of Commerce and connect with them as well.
We will also network with real estate brokers who are constantly in touch with landlords and properties owners. We are not going to ignore local lending institutions, we are aware that they are also good sources of leads for property management companies.
The truth is that, they may have properties for which they are responsible and also to outsource such properties to property management companies in some cases lenders sometimes find themselves stuck with rental properties, and are not in the business of property management, so they tend to outsource it to property management companies. We also enter business partnership with local contractors since they also interface with property owners regularly.
Lastly, we will leverage on the power of the media by advertising our services using both online and offline platforms. For instance; the phrase “property management companies” is searched about 90,500 times monthly in Google in the U.S alone and the phrase “property management firms” is searched about 30,100 times monthly, that is why we will ensure that we run paid search campaign to capture property owners and even potential tenants who are searching on this subjects within the area that we operate.
Over and above, we have perfected strategies to network with people who are likely to refer businesses to the ways of people. Also, check out some non-traditional places and events for networking opportunities. In summary, Hilary Tyson and Co Property Management Company will adopt the following strategies in sourcing for clients for our business;
Our Pricing Strategy
Part of business strategy is to ensure that we work within the budget of our clients to deliver excellent properties to them. The real estate industry is based on commissions and properties are valued by professionals based on the area the facility is located, the type of facility and other factors.
Since we are not directly in control of the pricing system in the real estate industry we can only abide by what is obtainable when it comes to pricing structure. Part of what we intended doing that will help us cut cost is to reduce to barest minimum all maintenance cost by renting / leasing any property under our care to responsible tenants who won’t cause damage to our facility.
Our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. But at the same time, we will not accept payment by cash because of the volume of cash that will be involved in most of our transactions. Real estate deals usually involves huge amount of money. Here are the payment options that Hilary Tyson and Co Property Management Company will make available to her clients;
In view of the above, we have chosen banking platforms that will enable our tenants pay their rents and bills without any difficulty. Our bank account numbers will be made available to tenants who may want to deposit cash.
Property Management Business Plan – Publicity and Advertising Strategy
Any business that wants to grow beyond the corner of the street they are operating should be ready and willing to utilize every available means (conventional and non – conventional means) to advertise and promote the business.
We intend growing our business beyond Atlanta, Georgia which is why we have perfected plans to build our brand via every available means. Below are the platforms Hilary Tyson and Co Property Management Company intend to leverage on to promote and advertise her property management business;
Generating Funding / Startup Capital for Hillary Tyson and Co
The Founder Mr. Hilary Tyson is the sole financier of the business and he has been able to generate the start – up capital from his personal savings Please note that as it stands, the start – capital of $60,000 is already available for the business.
PROPERTY MANAGEMENT BUSINESS GROWTH: Sustainability and Expansion Strategy
We are set to take on new business territories in the United States of America; which is why we have hired some of the best hands in the real estate industry to help us lay a solid foundation for growth and expansion of the business.
Part of the sustainability strategy that we have adopted is continuous training of our workforce (both fulltime staff and freelancers working for us) so as to provide them with the capacity to perform effectively in the highly competitive property management business in the United States of America. In other to be in business for a long time, we will not in any way comprise our integrity and trust.
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