Just Answers - Real Estate

This is the time of year when vacation rental and investment property owners start taking a hard look at the revenues for the past 12 months and the quality of customer service that they and their guests received. With so many different property management firms and rental agencies to choose from in most markets, there is no

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

need to suffer from lackluster performance on the part of your service provider.

Here are some thoughts to ponder when deciding whether to stay with your existing property management company or make a move to a better, more professional organization.

First and most important, are the owners of the company available when yo

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

u need to talk to them or do you get sloughed off to an inexperienced trainee when it's an important issue that you need help with? Does the firm have a lot of turnover or can you count on the same professionals to help you year after year? Do you get a level of customer service that gives you a warm feeling or is there som

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

thing lacking and you deserve better? Is your property bringing in the revenues you expected and is the firm continually improving its marketing program?

If you don't have complete confidence in the company that is marketing your property for vacation rentals or long term leases, then maybe it's time to make a change.

When

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

you are comparing the services and fees of property management firms it's a bit like comparing apples and oranges. How do you accurately evaluate the sum total of all the various fees and expenses so you can estimate your annual net revenue? Are there hidden charges and monthly administrative fees that reduce your income? Wh

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

at is a fair commission rate to charge and what are the competitors in your market charging?

In Incline Village, the community where I work and live, the range of property management services and fee structures runs the gamut from bare bones to deluxe. If you are perplexed and confounded by these issues, then you are not al

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

ne. It seems that many property management firms (especially in the vacation rental business) try to nickel and dime their clients to death with excessive charges for cleaning, maintenance, credit card fees, administrative charges, processing fees, the list goes on and on.

Some firms charge a monthly administrative fee on to

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

p of the commission that they earn for managing a property. One can make an argument in favor of charging monthly administrative fees for short term vacation rental properties as they require more hands on attention to paper work with guests always coming and going. But charging this type of fee to the owner of a long-term r

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ental property when all the paper work is done up front when the lease is signed is merely a form of gouging and should not be tolerated.

Processing fees for vacation rental properties are another bone of contention. Why should an owner or an owner-guest pay a processing fee? Companies that engage in this practice are trying

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

to squeeze every penny possible out of the people who are really their clients. If you, your extended family or your guests have ever been charged a processing fee for making a reservation to occupy your own property, then you should seriously consider finding a firm that has more respect for you as a client.

Cleaning fees a

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

re another area that merits scrutiny. As a property owner you should not be forced to pay a cleaning fee every time you use your place, especially if there are no paying guests coming to the unit between your personal visits. Also, you should not be required to pay exorbitant sums for the annual "spring cleaning" that many fi

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

rms insist on doing. If your property is supposed to be cleaned thoroughly after each paying guest, then why does it take several hours and cost hundreds of dollars just to clean a 2 or 3 bedroom condo in the spring time? Are the cleaning services padding their bills? Should you as a property owner and client of the firm have

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

excessive fees extracted from you just because someone at the management firm claims that it took X number of hours to do the work in a unit that should have been reasonably clean to begin with? If you're skeptical about the charges for "spring cleaning", then it's best to either do the work yourself or hire a reputable indep

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

endent cleaning service. The place will look just as good and you will save substantial amounts of money each year.

It is not always easy to find the right combination of great customer service, reasonable commission rates and high-quality care for rental properties. You can expect to find 2 of the 3, but finding all three t

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

hings is very difficult. Since many firms in this business tend to experience high levels of staff turnover, finding a firm with a well-trained and stable pool of employees should be your first priority. Even if you have to pay a slightly higher commission rate, you will more than make up for it with increased bookings, bette

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

service and fewer problems.

If you own any type of rental property, then On-line booking capability is another big issue, especially when you realize that searching on the Internet is rapidly becoming the research method of choice for both vacation rentals and long term rentals. Any firm that does not offer this service is

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

way behind the times and should not even be considered.

The Internet is a great tool for both marketing all types of rental properties and managing the vacation rental business. Just having a web site with pictures and text is not sufficient in these competitive times. If you are working with a property manager who refuses

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

to set up on-line booking by the time you are reading this article, then it's time to change services. Select a rental agent who cares enough about you as a client to market your property 24 hours a day on the Internet.

Remember, when the rental office is closed, the only way that someone can book your unit is on-line via t

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

e Internet. If your property manager does not offer this service, you are losing business. Customers who search on-line normally want to book on-line and they will go somewhere else if they cannot book your property at the moment they are ready to make to a buying decision!

Don't settle for anything less than great custome

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

r service, a responsive, professional and well-trained staff and owners who are available and care about you and your property. Your rental property is a big investment and having the right management services can make a lot of difference in your annual rate of return and the long term value that you derive from the property

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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