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Thursday, May 25, 2017
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Management

For sale inspections

The simplistic side of this part of the sale process is that a potential buyer wants to look at the good, the bad and the ugly. The seller wants the buyer to have a quick look around, say they will buy it and then leave to avoid an employee or customer finding out that they are selling. Many potential buyers …

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How to create a 360-degree customer view using data

How valuable would it be to know everything about your customer’s interactions with your competition? Creating a 360-degree customer view is considered the holy grail of customer intelligence, and you can create it, today. Would you like to know how much they’re spending, when they’re spending, why they’re buying with the competition and not you, what drives their purchase behaviour …

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Watch out for post-storm scammers

NSW Fair Trading commissioner, Rod Stowe has warned Sydney folks with storm damage to be aware of scammers going door-to-door, claiming to be contracted by the State Emergency Service (SES). “Unfortunately, storms that cause significant property damage are often followed by scammers taking advantage of consumer vulnerability at a stressful and difficult time,” Mr Stowe said. “This type of misleading and …

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Use video email to outsell the competition

Based on what I hear from the hotel sales and catering sales managers I train each month, the vast majority of inquiries for groups, meetings, conferences and catering events are being received electronically. Some come in via direct email; others arrive after a planner completes a “contact us” inquiry form at the hotel’s website. Most, however, arrive via third party …

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Ancillary revenue: strategic, consistent, targeted

Recently on a business trip I hired a rental car and was inundated with numerous up-selling options by the sales agent at the check-in counter. I found this amusing, as I knew the strategy was to increase ancillary revenue, and I was impressed at the consistent level of up-selling to customers taking place from across the counter. They almost convinced …

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Industry responds to penalty rate reveal

In the days following Fair Work Commission’s decision signalling penalty rate reform, the accommodation industry has had a mixed response. The issue is one that seeks to balance the need for a healthy market with competitive hours and fair wages. Some concern for hospitality workers The FWC has officially backed a submission to reduce Sunday penalty rates for full-time and …

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Brisbane hotel unearths artistic talent within its maintenance team

Since commissioning acclaimed Australian street artists Rone, Fintan Magee, Numskull and Beastman during its development in 2014, TRYP Fortitude Valley Hotel, Brisbane has become a well-known supporter of the arts. Its striking murals can be seen blocks away from its location on Constance Street. Now, in an interesting twist, the hotel’s management has discovered that its own maintenance manager is …

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Accommodation mark-up

When we hear the term ‘mark-up’ we think of the amount added to a product on top of the cost to make a profit. In the case of motels or accommodation businesses, the product is the unit being rented.  The cost to rent that unit needs to be calculated to be able to determine a suitable mark-up to achieve a …

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I want my top-up

Top-ups, the process by which the term of management rights agreements are extended, is an essential component of the management rights industry and why these businesses command a significantly higher value than most other businesses. It is the expectation that the term of management rights agreements will continue almost indefinitely, which generates the premium placed on the values of such …

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Ranking the importance of your management agreements

The documentation that ‘bubble-wraps’ management rights include a caretaking agreement with the body corporate; a letting agreement with the body corporate; the body corporate by-laws; a letting appointment with each of the owners in your letting pool. I am frequently asked about the importance of each document. Consequently, I thought it might be worthwhile to rank the commercial importance of …

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