DEMAND FOR SERVICED APARTMENTS

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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 lookfor 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.

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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.

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.

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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.

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What can a virtual assistant do?

There are a variety of virtual assistants and they all have different skills. Some may gear their work more toward scheduling and logistics, while others may focus on web-based services like manning email accounts, doing research or social media. Here are just a few things they can help you with.