Hotel Sales Advice on How PIPs Are a Good Thing
Hotel owners might bristle at hearing the word PIPs. After all, it costs time and money. PIPs, or property improvement plans, are important but sometimes annoying. As experts in the hotel sales industry, we have extensive experience in PIPs, and we’ve found that hotel owners shouldn’t view PIPs as a nuisance.
Why PIPs are Important
Obviously, PIPs are extremely important. They keep you up-to-date with the latest guidelines that corporate has set forth for you. But, when those updates come, you’re probably not very enthused to implement them. Don’t look at it as a hassle, look at it as an opportunity to bring your property to the next level. Consider the fact that corporate has done extensive research as to what customers like and prefer. They then made these changes and found that customers have reacted positively. When these changes are passed on to you, you now have free marketing research in your hands. You have an opportunity to further appeal to new and existing customers by putting the PIP into action. Plus, if you’re looking to sell eventually in the future, this is a huge help to the hotel sales process. When you’re ready to sell, it’s best to have your PIP completed. Falling behind will only make the hotel sales process more arduous.
How to Stay on Top of PIPs
So, now that you know the positive side of PIPs, how do you stay on top of them? First, make sure you have the capital available to afford the improvements. Setting aside 3% of gross income each year ensure you’ll have enough. Also, some of these changes take time, and they may close off a section of the hotel in order to complete. You want to implement them, but you don’t want to slow down business in the meantime. The best thing you can do is save bigger projects for the slow season. For other smaller projects, take them one at a time, so you only have to close off small sections of the hotel when you’re implementing them. Staying on top of you PIPs means you won’t have to do a myriad of changes when it becomes necessary.
Trust the Hotel Sales Experts
As experts in the hotel sales industry, Southeast International Hotel Brokers knows how crucial PIPs can be to the selling process. If you’re buying or selling your hotel, let our team of hotel sales experts guide the way. We can help you through every step of the process. Contact Southeast International Hotel Brokers today, or view our website for even more information.