George Shafazand is a property manager with years of experience under his belt. George became part of the Happy Homes Partners Group in August 2016. With 28 years of experience in real estate development, it is not strange that his reputation precedes him.
His experience spans various areas of property management that include multi-residential housing, construction administration, commercial retail, economic development, and project management. George Shafazand also serves as an expert witness in many court cases involving investors/owners and their management firms.
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A European hospitality group Accor hires Top Gun George Shafazand
Accor is A French multinational Hospitality Company that owns, manages, and franchises hotels, resorts, and vacation properties have contracted with George Shafazand a well-known US-based Hospitality and property management consultant with over 28 years of experience to help increase profit and reduce vacancies at their hotels in Southeast Asia and southern Europe.
Major property management companies and hospitality industries both in the US and abroad consult with George Shafazand when they need a boost in profit or market share. George provides the methods required to improve functional outcomes and adjust to current demands, without relinquishing sight of the objective of increasing the levels of profitability in the short, medium, and long term by:
- Developing and implementing marketing and sales programs including the creation of the Revenue Management culture.
- Monitoring the operational management of the property or the hotel including improvements in service quality results.
- Improving the image and reputation of the property, hotel, or resort.
- Training the managers to better understand their market and clients.
Hiring experts that focus on managing your commercial or residential property can tremendously increase the value of your business by saving you time and money. The choice to hire property managers provides benefits that can be classified into two categories: financial and management services.
How do property management companies help you concerning your finances? Commercial property management and residential property management companies help the landlord with financial tasks that include accounting, budgeting, and rent collecting in a broader sense. Property managers provide an assortment of financial statements that allow landlords to gain insight into the overall performance of the building. Monthly financial statements that are provided to landlords by property management companies include variance analysis, general ledger, income statements, balance sheet, rent roll reconciliation, bank reconciliation, and cash reserves summary.
Aside from monitoring a property’s financial standing, property managers will also establish a budget that reflects the initial goals of the owner. These budgets include income and expenses projections of the properties in question, assuming that they perform as expected. These budgetary reports can be fully modified to suit the owner’s preferences and needs. In addition, property management companies will provide an executive summary periodically that allows the landlord to assess the performance of the property concerning the budget.
Ensuring that tenants pay their rents on time is a key responsibility of property management companies and a major part of meeting the goals of the property’s owner. The task of monitoring multiple tenants that have a variety of rental agreements and account balances and rates requires meticulous record keeping. Property management companies achieve this by keeping tenant ledgers that track the rent schedule and account balance of each tenant.
How do you choose a property manager or a property management firm?
As an investor, you need a manager whose expertise matches your needs for it to be a perfect fit. What real estate are you investing in? an office, an industrial building, a multifamily housing complex, or a suburban strip center? The type of investment would determine if you need a commercial property manager or a residential property manager. Other questions to ask include: what exactly does the building need? Does the building have a vacancy problem, a maintenance problem, or a marketing problem?
Learn what each expert or firm specializes in, their years of experience, and other similar properties they have managed or are managing. Investigate how long they have been responsible for these buildings and what the outcome of their management was.
Another thing to consider is the type of investors that the firm or individual typically deals with. Does the property management firm specialize in working with institutional investors or individual investors? Whatever firm you choose should have served your type of property as well as your type of investor. This is because the reporting requirements of every investor vary with the type of investor you are dealing with.
What do other people say about this company? What is the word on the street? A good company must have some positive reviews in the form of word-of-mouth in the hospitality industry. So making inquiries about and determining a firm’s value in the business community is important. The firm you are choosing should have a rock-solid reputation for providing investors with professional service of management, honesty as well as integrity.
Although years of experience in business do not necessarily determine a company’s level of professionalism, it acts as a reflector of a firm’s experience and longevity. However, it is presumptuous to assume that the best services are accompanied by years of experience. A company that is fresh on the scene may lack longevity but make up for it with innovation, thorough attention to detail, and aggressive management.
How stable is the organization?
That is another aspect you should look at. For how long have individual members retained positions in the company?
Do you deal with the same manager or group of managers who bring continuity to the property, or are there considerable staff turnover?
These are questions to ask and the answers can provide clarity and help you make the right choice.A lack of stability may be significant because of poor company management or an overall lack of financial stability. The goal is to find a company with consistent services and familiar faces where the tenant can recognize the property managers. That said, companies with rapid staff turnovers are typically not the best pick.
Look for Accreditation
If you are dealing with an individual property manager and not a firm then you want to verify who they are accredited to. Just like other aspects of real estate, an accredited property management firm is perceived to have met higher standards, and that sets them apart. Some CCIMs specialize in property management and several of them may also have specialized designations such as Certified Property Manager (CPM), Real Property Administrator (RPA), and Certified Shopping Center Manager (CSM). The Institute of Real Estate Management (IREM) awards the Accredited Management Organization (AMO) designation to firms that meet its criteria.
We advise that you look for a firm where staff and leadership are accredited. To get accreditation, members must meet strict education and experience requirements in operational and fiscal management.
It was based on these key parameters that the French multinational hospitality company (Accor) contracted with George Shafazand, a reputable US-based Hospitality and property management consultant with over 28 years of experience to help increase profit and reduce vacancies at their hotels in Southeast Asia and southern Europe. George is sought after by many investors who require property managers that can help them attain their initial goals.
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