Serviced apartments have significantly redefined corporate stays in recent years. With a growth rate of over 15% per annum, serviced apartment sector is the most buoyant segment of hospitality industry. While it is growing at a phenomenal rate, there is still a supply-demand gap which can be gauged by the fact that over 20% of hotel stays are due to the lack of serviced apartments. Many apartment owners are converting their properties into serviced apartments, lured by the attractive returns. However, there are some vital points that need to be considered before starting a service apartment.
It is the most important aspect that you need to consider before starting a serviced apartment. As a major chunk of the business is via corporate, the apartment necessarily needs to be near commercial and business hubs. In addition to that, it also needs to be located in a good residential neighborhood with amenities like shops, quality restaurants and cafes, convenience stores etc in close proximity.
Security is tantamount to location when it comes to serviced apartments. Most of the guests will be new to the city and need to feel secure in their environs. It is the responsibility of the host to provide a feeling of security to the guests. From zeroing in on a good neighborhood to hiring staff that inspires trust, you will need to resolve these concerns before you can hope for the success.
Most of your guests will be business travelers and professionals on assignments, who expect a certain class and standard from their accommodations. Like it or not, even though serviced apartments are markedly different from hotels, comparisons between the two are very likely to come up. Make sure that the furnishings and aesthetics of the entire apartment are at par with good hotels. From the sofas in the living room to linen in the bedrooms, you will need to pay attention to detail. The entire apartment should exude a warm and homely ambiance. Make sure before starting a service apartment that you have good quality goods in the apartment. Also don’t compromise on the quality of furnishings.
You will need to study the market and trends. You will need to decide on a USP that sets you apart from your competitors. Your pricing, coupled with amenities on offer needs to be reasonable and competitive. In today’s world, where any information is just a click away, it hardly takes any time for a company to find options and compare prices. So make sure before starting a service apartment that you are offering the best possible price and the guests will keep coming back to you.
MARKETING After Starting a Service Apartment:
You will need to have a clear plan of action for an effective marketing strategy. Also you can consider various options for selling your services. Consider options like direct marketing, print ads, listing on online directories, social media platforms like Facebook etc. It is a good idea to have your own website and a professional company presentation that you can mail to your prospects. You can also add your apartment at our site and become our exclusive partner.