BMRDA
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Boom and recession in the software market influences the demand for serviced Apartments. is generated. The period 2004-2007 was the golden time for Serviced Apartments. The period between 2008-2011, there was sharp decline for the demand for service apartments. But as the software companies recruited in a big way in the month of June 2011, there was relatively more demand from this time forth. As of today, Infosys and many other software companies have decided to cut their expenses, there is some uncertainty in the market about the customer demand for the second part of 2014. Also, once the Metro Rail project is totally completed, it will have an impact on the demand for Serviced Apartments. At present most service apartments are situated in and around Software hubs. Metro Railway is expected to reduce the traveling time from one end of Bangalore to the other, significantly. Earlier, Service Apartments in Bangalore were concentrated in South and Central Bangalore. As the New Airport is located North of Bangalore, and new Techno Parks are set up in selected locations of North and East Bangalore, the service apartments, now are coming up in almost all parts of Bangalore.
The number of low budget Service Apartments may not come down in a big way, in the future,for many reasons. First, there are nearly a lakh of flats and houses vacant in Bangalore. As there is less demand for rental customers, flat owners may be forced to rent them out as fully furnished apartments with basic room services. These small hospitality units may not be come to be known as branded Serviced Apartments. However, they are likely to offer better services than traditional Paying Guest Accommodation and may be more resemble the alike Bed and Breakfast, units offered by retired couples in Western Cities.
Why
Demand in Bangalore?
Bangalore being Silicon and IT City many people from other
States and also from abroad are migrating to Bangalore in connection with their
profession.As the cost of the room
rents in the various types’ hotels and the necessity to stay for longer period
drive these professionals to look for Serviced Apartments.These Serviced Apartments are cost wise it is economic and comfort-wise it gives homely
atmosphere.These are well furnished
with all amenities to lead a homely life and in some service apartments there
are provisions for self-cooking also.
They are designed specifically for people who travel from
abroad for stay in long periods, and who will be resident in one particular
place. With the economy booming and IT and ITeS sectors being in demand in Bangalore,
a large number of professionals are packing their bags to kick start and
oversee business operations in Bangalore. And this is exactly the fraternity
that is pushing the growing demand for Serviced Apartments, especially in
Bangalore. Serviced Apartments in Bangalore also known as ‘Corporate housing,
apart-hotels, temporary rentals, Interim housing, short-term accommodation,
business rentals, etc.
How to Start a Serviced Apartment?
Setting up a
relatively a smaller unit of Serviced Apartment is easier to begin with. They
can somehow survive for longer period compared to large Hospitality Unit, even
if they don’t have much occupancy. It all depends of how much working capital
and resources the management has with them. One problem with smaller Serviced
Apartment is that, when they become really successful, they realize that they
are unable to reap the full benefit as they have only limited number of rooms
to offer. Secondly, the employee salary, and many other components of expenses
are not that different from that of larger hospitality units.
It is very important
to ensure a regular flow of business inquiries from the very beginning by
choosing the right marketing portal. Many new Service Apartment Owners burn
their fingers by spending money in all sort of expensive Advertisements. Just
Dial comes first when thinking of Starting a small and medium sized Serviced
Apartment Unit in Bangalore. Some of the Service Apartments owners try to
advertise in google.com/ad words. However, one should really opt the right
keywords, media, location and audience to get the best benefit from
adwords.google.com.Classified Pages of News papers are also used to find
potential customers to the Service Apartments
Are They Viable?
The success of you
running a serviced Apartment depends on how you generate business leads. The
bulk of the guests to any Serviced Apartment in Bangalore is coming from
Corporate Houses. And these corporate businesses essentially go to large units
where 10 to 50 rooms are located in one building and restaurants, Banquette and
conference hall etc are also part of the Accommodation Facility. However, it is
extremely difficult to make profit from any large Serviced Apartment Complex
simply because, maintenance cost of these larger units are higher. Most of the
big service Apartments actually runs in loss in the lean season. Remember, if
the Service Apartments try to charge more Price from customer, then, they will
put themselves in direct competition with Star Hotels, which is not desirable.
Working jointly with established big groups of Hospitality providers may not be desirable for Smaller Serviced Apartment Business as bigger groups never ensure any guarantee on guest occupancy, but advertise smaller associate units as part of their facility to present the image of a larger Hospitality corporation having facilities in multiple locations of the city.
Working jointly with established big groups of Hospitality providers may not be desirable for Smaller Serviced Apartment Business as bigger groups never ensure any guarantee on guest occupancy, but advertise smaller associate units as part of their facility to present the image of a larger Hospitality corporation having facilities in multiple locations of the city.
Though it is
important to do some direct marketing to nearby Companies to get Guests,
employing marketing executives to sell your Accommodation Service to local
Corporates, may not give the desired results all the time. You should really
monitor marketing activity.
The emphasis of
Serviced Apartment Business is on the Service you provide to your customers.
You should train and motivate your employees / third party Service Providers to
ensure professional Service. Room Service, supply of food (often not advertised
with main business), washing and changing of linen etc should be ensured.
Providing hot and cold water is sometimes disrupted in many parts of Bangalore.
You should show genuine interest to attend your customers and get their
requirements satisfied. It may be a challenge, on occasions, to come up to the
expectation of well informed, well travelled guest. But there can be no
compromise on the quality of service you offer, with the limited resources, and
human resources. Please note that up to 40% of the guests in most Service
Apartments are either old customers or recommended by past guests.
Boom and recession in the software market influences the demand for serviced Apartments. is generated. The period 2004-2007 was the golden time for Serviced Apartments. The period between 2008-2011, there was sharp decline for the demand for service apartments. But as the software companies recruited in a big way in the month of June 2011, there was relatively more demand from this time forth. As of today, Infosys and many other software companies have decided to cut their expenses, there is some uncertainty in the market about the customer demand for the second part of 2014. Also, once the Metro Rail project is totally completed, it will have an impact on the demand for Serviced Apartments. At present most service apartments are situated in and around Software hubs. Metro Railway is expected to reduce the traveling time from one end of Bangalore to the other, significantly. Earlier, Service Apartments in Bangalore were concentrated in South and Central Bangalore. As the New Airport is located North of Bangalore, and new Techno Parks are set up in selected locations of North and East Bangalore, the service apartments, now are coming up in almost all parts of Bangalore.
The number of low budget Service Apartments may not come down in a big way, in the future,for many reasons. First, there are nearly a lakh of flats and houses vacant in Bangalore. As there is less demand for rental customers, flat owners may be forced to rent them out as fully furnished apartments with basic room services. These small hospitality units may not be come to be known as branded Serviced Apartments. However, they are likely to offer better services than traditional Paying Guest Accommodation and may be more resemble the alike Bed and Breakfast, units offered by retired couples in Western Cities.
Secondly, unlike late
1990s, the business infrastructure is now available in all parts of Bangalore
city. The companies are coming up in every nook and corner of Bangalore, and we
do not have any form of business guest rooms in many areas of Bangalore. New
units of Serviced Apartments may likely come up in selected areas around these
New Business hubs. Other noteworthy point is the expansion of Internet using
community in India has increased many fold. Earlier when a hotel is booked
through commission based agents, or travel portals, the overall price of these
hotels are artificially raised. Presently the India’s internet using community expand from
approximately 35 crores by the next 5 years, a large number of smaller and
relatively cheaper Serviced Apartments will attract most of these tech-savvy
travelers and executives at the cost of Hotels which are using expensive
traditional marketing methods.
Hire
a virtual secretary in service apartments.
A virtual assistant is generally self-employed and
provides professional administrative, technical, or creative (social)
assistance to clients remotely from a home office.
A business endeavor entails a plethora
of activities that has to be completed if your business has to grow in a sound
manner. When it comes to administrative, creative, social, sales or technical
aspects of a business, having a virtual secretary is the way to go. A virtual
secretary brings along with him/ her years of work experience in different
industries to cater to all kinds of business needs. In the past, success was
associated with people working in the same place achieving certain goals. Work
was limited to geographical boundaries.
But today the scene has changed
completely. Advancement of technology in a globalized world has made it
possible to work with people of different nationalities across the globe. Being
cost efficient is the way of the future as its benefits can be passed on to the
consumers thus increasing your customer base. Such processes can be applied to
business solutions and personal interactions.
More,
We provide serviced apartments in Bandra West mumbai, corporate apartments in mumbai, budget service apartments in Bandra West. We provide corporate stays in which city where you want.
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