01 May Advice for Working With Management Companies
What advice do you have for working with management companies?
Management companies fill a variety of roles on behalf of hotel owners. With proprietary systems, carefully sculpted operating policies and procedures, asset management responsibilities, and financial reporting, these companies ensure owner, company, and brand standards are upheld and results are achieved. This frees the owner to focus on their portfolio as a whole while the management company earns its fee.
A great management company has team leaders in mid- and executive-level positions that possess direct experience in hotel operations. Upper-level personnel can forget the unpredictable nature of daily operations, staffing concerns, and guest interactions.
Firms with a vested interest in the hotel typically take better care of their teams and assets. Those without skin in the game can be equally successful—so long as their leadership teams are qualified and able to fully understand the day-to-day demands of the property.
Personally, I’ve had both successful and challenging experiences. It often comes down to the individuals on the team. My advice to management companies is to build leadership teams with humble, quick learners who also have tenured hospitality backgrounds, including front of house experience. Strong teams will create a strong and successful future.