Choose Owner Relations Manager Carefully
Aside from the General Manager and Chief Financial Officer in any Condo-Hotel Program, the Executive whose background must be equally vetted, whose skill set and strengths carefully analyzed, and whose abilities sufficiently weighed , is the Owner Relationship Manager or Owner Coordinator.
This Executive becomes the face of the hotel program and, in so being sets the tone and perception toward the quality of the hotel.
Owner Relations Manager Duties:
· Maintain copious notes on all unit owner communication in Owners Ledger in PMS System
· Send newsletters to owners in hotel program.
· Provide updates on Board of Director meetings and issues discussed.
· Attend BOD meetings when possible and when critical issues are happening at the building.
· Provide Unit Owners with recommendations on the hotels preferred candidate picks for elections.
· Solicit pro RMA unit owners to serve on the Board of Directors.
· Collect necessary absentee ballots and track vote envelopes received for annual elections.
· Respond to all owner communication within 24 hours.
· Notify unit owners if and when unit needs to be taken out of rental rotation for 2 days or more.
· Share Oversight responsibility of bringing units back in rental rotation in a timely manner.
· Control timing when possible of removing units from rental rotation.
· Prepare in advance to remedy issues in units at appropriate times.
· Communicate any and all discontented owners or mishaps to the General Manager.
· Attend a weekly Revenue Management meeting to answer owner questions about market conditions
· Introduce new unit owners to hotel program
· Review RMA contractual specifics with potential owners considering the hotel program
· Take physical inventory of unit before entering into hotel program.
· Schedule installation of equipment and services to units entering the hotel program
· Recruit NORMA units (no RMA) owners to participate in hotel program.
· Make arrangements to use NORMA (no RMA) units when hotel is oversold.
· Insure that all NORMA units borrowed for rental use have appropriate insurance in place.
· Negotiate with NORMA unit owners on rates to be paid for borrowed units (if and when needed).
· Make sure that all liability insurance policies are in place BEFORE units are placed in the program
· Make sure that all liability insurance policies remain in place.
· Make sure that liability insurance policies are appropriately endorsed.
· Remove any unit from the program in which insurance is not in place, for any reason.
· Track periodic reports from the housekeeping department about the condition of each unit.
· See that extermination services are scheduled and provided
· Schedule heavy duty cleaning and scheduled maintenance and bill the same
· Bill owners for services performed under the dollar threshold amount in the RMA
· Bill owners for replacement parts needed in units (i.e. batteries, bulbs, air filters, etc.)
· Bill owners monthly fee to cover replacement parts.
· Schedule at least one capital project per year to accomplish in all units (i.e. – carpets, tv’s, etc.)
· Contact Unit Owner for permission to take bids or repair items that need attention in units.
· Order FF&E when needed and when permission is received
· Discuss the use of Reserve Funds for annually scheduled projects and other possible needs.
· Track and report the balance in Owners Reserve Accounts (in room).
· Reserve funds lacking, discuss whether hotel program can provide unit owner with 3 month terms as
o an incentive to renovate units.
· Update prices on all in room Furniture & Equipment addendum that is attached to RMA annually.
· Adhere to RMA requirements in assigning the complementary use of units.
· Adhere to RMA requirements in allowing owners to occupy their own units.
· Accept and track Owner Reservation requests and owner guest reservations.
· Inspect and insure superior condition of unit before owner visit and periodically during year.
· Inspect all units in the hotel program at least once a year and record blemishes and work necessary.
· Schedule meeting with Owners visiting property to discuss conditions and revenues.
· Provide General Manager with advanced notice of owners visiting or staying at property.
· Adhere to any agreements to pay condo maintenance on behalf of Unit Owner.
· Manage and block reservations
· Manage and track distributions
· Manage and track all fixed income rooms.
· Work with Chief Engineer in preparing Work Orders for repairs and maintenance
· Insure that all Work Orders include agreed upon profit markup.
· Prepare labor and material estimates on all quoted jobs.
· Reconcile all Work orders at each periods end