Asset management companies play a key role in the hospitality industry. They manage hotel owners’ portfolios and do their best to make the right investment decisions and achieve the strategic and financial objectives of investors. What’s more, they help hotel owners and hotel operators better understand each other’s goals and find balance between their interests.

In this article, you will find a list of tips on how to choose the best hotel asset management company and increase the value of your hospitality investment.

1)Evaluate the company’s experience
 

The first thing you should focus on is the company’s experience. Make sure that the firm specialises in the hospitality industry and has been working in this field for many years. For example, you may ask for their successful case studies that are relevant to your business. Looking at their past successes is a good way to determine whether this company is suitable for you.

In addition, you should evaluate the staff working in the company. Besides the high moral values, a great asset manager should have extensive knowledge of the industry to help hotel owners analyse the past performance and evaluate all possible risks that may appear in the future. 
 

2)Ask about the asset management company’s style


You need to make sure that the core values of the asset management company coincide with yours. If you like working in collaboration and making decisions together, it will be a bad idea to choose a company that prefers a dictatorial work style. Thus, before selecting a company, feel free to dig up as much information on the Internet as possible - go to the consumer review websites such as TrustPilot or Yelp and take a closer look at what people usually write about the company. Sometimes users leave their phone numbers or other personal information on these websites, so do not be shy to contact them and ask all your questions. 

3)Make sure that the cost of service is affordable

Compare the prices of different asset management companies to find the firm that can offer you the best solution for the most affordable price. Do not only focus on large and well known asset management companies! Turn your attention to small firms that can satisfy all your needs and expectations no worse than asset management giants. What’s more, with a smaller firm, you can get more personal experience.   

4)Ask about your asset managers’ availability

You don’t need to talk with your asset managers every day but you have to be in touch with them regularly to make sure that they fulfill your goals. Thus, when selecting an asset management company, don’t forget to ask your manager about how often you will meet and what ways you will use to communicate with each other (emails, phone calls, text messages, etc). 

5)Read a contract carefully

Before signing a contract, you need to make sure that you clearly understand all paragraphs in it - your rights, obligations, limitations, etc. Besides that, you need to pay your attention to the small print because it may include the information that is not in the best interest of your business (hidden fees or any other additional charges). However, even if everything seems transparent to you, it’s better to hire a group of legal experts that will study your contract  and familiarise you with your rights and benefits once again.

To sum up, selecting the right asset management company is not an easy task and requires much time and effort. However, using our tips will make this process easier and allow you to find a firm that’ll have your best interests in mind.

 

Published by scott jack