Identify Local Providers and Start Negotiations
Using the matrix created in Step 1: Getting a Handle on Your Agreements, see if any of your communities are not offering a service or amenity that you believe would be beneficial.
Reduce Your Payback Period on Amenity Fees
Are you considering installing a Bulk Internet service or add any other “amenity fee” on a property within the next 12 months? If so, read this tip.
It’s Time to Negotiate a Better Deal
The next step is to see if you have the same service or amenity expiring this year on multiple properties.
Do you have a dedicated person to manage your ancillary agreements?
For every agreement signed, you should designate someone that is responsible
for overseeing, managing and making sure that the provider is living up to their
end of the deal.
Do you know what amenities and service contracts expire this year?
Start by getting copies of all your amenity and service contracts. Create a matrix that will allow you to sort and track them by property, by provider, and by expiration date.
Analyzing the Data Increases Opportunities
In Part 2 of Steps to a Successful Amenity & Ancillary Service Program, Andrew discusses the importance of analyzing your agreements. Implementing an effective Ancillary Services program requires more than just a casual glance each year or two at the services and revenue they generate.