What is Location-Based Marketing?

Location-based marketing is a rapidly growing marketing strategy, located right in the middle of the advertisement ecosystem.

In most but not all sectors this advanced marketing approach is a perfect fit. Here’s what makes location-based marketing successful and a few pitfalls you’ll need to avoid.

Marketing based on location: Wherever it operates.

Brands with physical locations are the best fit for location-based marketing, which is evident but worth repeating at all times. Such types of businesses are best suited for geotargeting strategies because location-based marketing and analytics firms will geofence locations to identify the audiences visiting their locations. Marketers build audiences for their geo-targeted ads based on real-world experiences, rather than shares and follow on social media. Using this approach, advertisers ensure that they reach the right audience and deliver appropriate content at the right time.

So who will successfully use the geotargeting campaigns? It covers all retail outlets, catering and dining establishments, grocers, and the list goes on. Below are just a few more examples.

Auto dealers

Auto dealers also profit from geotargeting campaigns which can reach customers of their competitors, especially geo-conquesting. In their final phase of visiting auto dealers, their large retail presence, high-value price tag and purchasing process force advertisers to work hard to reach the car shoppers.

Pop-ups and seasonal stores

The businesses and brands with seasonal stores and time-specific events often create impactful geotargeting strategies when they meet the right requirements. Talk of pop-up tax bureaux and holiday shops.

Marketers for these brands use publics seen at their previous year locations to offer ads to the same audience, enabling return visits the following year. To encourage future ticket purchases, professional and college sports teams use location-based targeting to meet the audiences who visit their stadiums each season. A trade show that takes place in a large venue over several days, attracting thousands of attendees, is an effective way to capture a business-to-business public.

Tourism boards

We have also seen travel and tourism boards use geo-targeted campaigns with success. For example, a marketer who works to encourage tourism in Charleston, SC, may decide to convince Savannah, GA tourists to visit their location next summer instead.

Ecommerce companies

In some cases, marketers at e-commerce firms and consumer packaged goods (CPG) firms can also use location-based marketing. Whether they have physical retail stores or not, eCommerce companies are competing for customers who visit rivals that have shops. Likewise, businesses that stock items in specific stores may use geotargeting for consumer-packaged-goods (CPG). A business with a high-end hair care product that can only be sold at salons should use location-based marketing to target customers who frequent those salons.

Location-based marketing: What to avoid

Those who use every targeting technique know that there are limitations to each strategy and location-based marketing is no different. These restrictions can be in terms of both data quality and quantity, as well as regulatory and compliance limitations.

Locations that don’t scale

The most common obstacle to build an effective location-driven campaign is to discover that places are not going to scale up to create a substantial audience. This difficulty can come from a variety of issues like choosing a single location to examine without heavy foot traffic, events that don’t last long enough to attract the right audience or smaller markets with limited data to start with.

Marketers also sometimes consider location-based audiences difficult when companies are clustered closely together or on top of each other, as in malls or multi-use buildings. It is difficult to create a market for a store located on the street level of an apartment building, or tourists to an office located on a skyscraper’s 12th floor. Marketing and analytics firms based on location may not be able to determine the difference of who is a shopper and who lives or works on the floors above or below the desired location.

Products or services available everywhere

Recall an example of this high-end hair care product? If it’s only available in certain salons, then ads based on the location will work well. But if it’s available somewhere, the plan would just not work.

Goods that are omnipresent, and can be sold in a variety of locations — think bubble gum, soft drinks, pet food — do not benefit from observations derived from a distance. Such advertisers should use other targeting strategies to reach their customers more efficiently, such as demographics and buying history.

Businesses with sensitive data

Considering the sensitive nature of the data, brands at certain places, such as healthcare facilities, can pose another challenge for location-based campaigns. Compliance companies such as the Network Advertising Initiative, the Digital Advertising Alliance, and TrustArc have membership requirements that stipulate appropriate business practices and how their member firms will treat opt-in authorisations. We play a vital role in providing protections for customers in the absence of robust federal legislation.

Usually, adhering to these codes of conduct, location-based marketing firms do not encourage advertisers to build markets around sensitive areas, especially related to health care, or participate in any discriminatory practices. These same principles apply to the right to personally track or target another person. Marketers have no desire or motive to target one market, but rather large audience cohorts which exhibit similar behaviours or characteristics.

What’s next for location-based marketing?

There are three important elements in the future for location-based marketing: legislation, the emergence of new data sources, and attribution.

The end goal is a standardized structure that voluntarily welcomes both consumers and businesses, and one that gives greater clarity and control over data practices across the entire data ecosystem.

The 5 G rollout would create massive sources of highly accurate location data, combined with the introduction of billions of new sensors over the Internet of Things. The 5 G towers must be more tightly grouped together than the current cell phone towers. Such finer clustering means cell phone carriers can triangulate position with a greater degree of precision than they can do today. 5 G also offers quicker upload and download rates, driving the proliferation of more internet-connected devices across a variety of products and industries. As these billions of sensors come online, they will not only produce location data but also other valuable data sources to track the use, usage and life cycle of goods. It is yet to be determined how advertisers, academics, and regulatory bodies interpret, evaluate, and use the more granular data.

Finally, advertisers will be gradually held accountable for their ad spend, requiring evidence that their ad spend results in new foot traffic and sales. We’re a long way from demonstrating that digital ads, and most other advertising formats, have resulted in actual sales in the shop. There are just too many unconnected silos of data to put meaningful and statistically relevant findings together. The ad seen on TV can not tell your phone or laptop that it has also been watched, while the point-of-sale or online checkout system can not alert the prior touchpoints to confirm that the sale has taken place. Given these challenges of tying online ads to offline sales, when using location data, marketers adopt a macroeconomic view of attribution. They assess how their campaigns affect foot traffic at their own locations, as well as competitors, as another data point to measure the effectiveness of their ad spending.

The Last Line? Such improvements are all new opportunities. It is because of its efficiency that advertisers can continue to invest in location-based marketing. Understanding what works and what isn’t the basis for any successful campaign.

Myrsa will help these marketers to easily find temporary rental spaces in high footfall areas. Register your Brand with Myrsa and start your promotional activities now.

February 21, 2020 0

Ways to Improve Your Budget 2020 As a Landlord

Budgeting for rental properties is an essential part of a rental business. The more detailed you find the budget plan, the more likely you will be able to properly evaluate your current financial situation to get a full picture of your potential earnings and to build your financial goals.

However, it doesn’t always turn out the way you expected things. Emergency expenses, one-time payments or unexpected expenditures may keep you from bringing your company to the next level.

There are a few ways to prepare your budget thoroughly for the coming year so that you can avoid any future surprises.

Let’s look at the four ways your 2020 budget could be improved:

1. Calculate Monthly Income and Expenses.

Make it a habit to regularly calculate your corporate and personal finances. You can manage your business expenses by keeping track of your monthly income and expenses, and learn how to set aside money. This form of financial planning assists in maintaining a balanced budget and in creating a competitive business.

2. Use a Digital Accounting Tool.

Some proprietors tend to use digital tools that help manage multiple assets. You should (and should) look at financial software or property management systems that deal with your rental business ‘ financial aspects. If you use a cloud-based service, all financial data and a full transaction history will be stored in one location, so that you can access it conveniently whenever you want.

Any online accounting tool will help you stay on top of your finances anyway.

3. Understand the Tax System.

Taxes always looks a little daunting for landlords. But it’s essential to know how things work and what tax deductions you can take. Deductions may include loan and business card interest, property depreciation, insurance, fees and taxes, professional services, utilities, travel costs, equipment and suppliers, marketing costs, home office costs, tax preparation costs, etc. Make sure you document all the expenses you plan to deduct.

Once you get notified with your rental tax benefits, you’ll be able to precisely plan your budget for a year ahead.

4. Encourage your tenants to keep the track of rent payments.

Your tenants might not want to keep track of all the expenses (and that’s their choice), but at the very least it is necessary to monitor rent payments. To this end, encourage your tenants to record each transaction related to the property they make. Say when you were out of town they had to cover expenses related to urgent repairs; you’ll probably want to refund the amount paid for the services. That’s why having it documented somewhere makes sense.

MPower as a Property Management Software manages all your financials from rental proceeds and receivable details of your properties at one place. You can track the financial aspects of your properties and related reports of property performance and occupancy tracking with Mpower.

While a one-time cost will not significantly affect the budget, it is always better to be prepared for unforeseen expenses.

Getting a precise picture of your finances gives you a sense of control over your money and helps you make better decisions about spending.

February 4, 2020 0

How to run a comedy night?

With the comedy scene more popular than ever, an audience is hungry for spending their time and money on high-quality stand-ups. Whether that’s selling out household name arena tours or smaller venues highlighting the new underground talent. If you’re thinking about taking a slice of that comedy pie, but are new to promote, or just want some new ideas, we’ve produced this guide on how to put on a comedy night out.

Finding a Venue

You will be limited to some extent by budget and availability when it comes to finding the perfect venue, but there are venues out there for all kinds and sizes of comedy shows –you just have to find them! The first step is getting to know what to look for.

Location: Make sure the venue is central and with good transport links. Even the most breathtaking building, if it is a mission to get there, will not sell tickets.

The venue: Then anything goes as long as the venue facilitates entertainment shows. Having said that, when booking a comedy show venue, there are certain specific things you should think about. It is necessary to set up the room itself so that the sound reverberates around the room, in particular looking for venues with low ceilings and brick walls. This means emphasizing the sound of laughter and applause, making your audience feel less self-conscious and more likely to be throwing themselves into the show.

Facilities available: Most importantly, there should be a dedicated performance space at your venue, anything from a theatre to a function room in a pub. Try and find a venue with a Green Room to prepare the comedians. Whatever the popularity of your acts, they will probably not appreciate sitting with their audience outside.

When you book a venue, be sure to discuss whether the hiring fee is based on a direct booking fee or a share of profit. Some venues demand a fee to hire the room and make up their money from the sales of food and drinks. Other venues prefer a profit split, where a percentage of ticket sales are taken. You should make sure you understand this from the beginning so that you avoid any surprising fees later on down the line.

Equipment for a Comedy Night

Venues that have live music on a regular basis will likely have their own lighting and sound equipment, but it’s always best to check what facilities they have. For a quality comedy show, the following equipment is required: –Spotlight and adjustable lighting–Microphones of good quality–Microphone stands–Raised stage or performance area–PA system–Music system

Once you have selected your actions, you’ll need to check this list to make sure you’ve got all the resources they need for their actions. A double act, for example, would need two microphones and two microphone stands, and a musical comedian will need a vamp. Do the professional thing, and ask the comedian in advance of the show what tools they need.

Budgeting for a Comedy Night

Budgeting is an essential part of every event that you put on. You can easily make a loss before you even start, without knowing your budget. It’s essential to know your breakeven point and help you with ticket pricing and knowing what you can afford for advertising and nighttime extras. There are several costs to remember including:–Venue hire–Driver–Vehicle hire charge for your plays

How to choose your comedy acts

You need great comedians to do a great comedy series. Planning your line-up carefully is key to the success of your show. Walk the circuit and see as many performances as possible–open mic nights can be a great way to provide a platform for emerging talent. If you’re keen on a certain comedian, talk to them after the show and introduce yourself–putting a face to the name is always best.

Keep it interesting, and reserve a mix of acts. There are a variety of comedy types that you can mix to keep things interesting alongside observational comics like one-liners, but always ensure the content is good.

Note this is heavily influenced by the weekday when you pitch a charge for your plays. Thursday and Saturday nights are peak hours and therefore more costly, while Sunday through Tuesday nights are cheaper and comedians are more likely to be available and try a gig.

Planning

Setting out the venue

The trick to setting up your venue is to make sure your performances are the main focus of the evening and to make your audience feel at home. That can be done in several ways.

First, the comedian should be on a stage or raised platform, it is important for the audience to be able to see them from at least the waist. Comedy is all in the delivery so you want to make sure your audience is always able to read the body language of the comic.

Bad lighting can ruin a display. If your location lacks adjustable lighting, look for some to employ. Your comedian is supposed to be well lit but not blind. We should see their audience and should be able to read their responses.

Your audience ought to be in the dark. It makes them feel less aware of themselves and more likely to dive into the evening.

To create an intimate and relaxed atmosphere, seats from the front should always be filled in first. Blank tables and chairs do nothing to maintain the confidence of a comedian or an audience.

Marketing & Promotion

Without a great crowd, a comedy show is nothing. It’s your job as the promoter of the show to make sure everybody who might be interested knows when and where your comedy night is going on.

Whatever your budget, there are a number of ways you can get your show promoted. Announce your show on social media at the very least, and create a Facebook event. Encourage people to share and invite friends; all of this helps to create a buzz around the show. Even the comedians can be great to share with their networks.

Build a flyer and poster that will catch your eye. There are illustrators out there who might be willing to design a poster solely for exposure or a small fee. Visit relevant events, and distribute the flyers once the show is over.

Talk to your venue about posting posters on your message boards, listing the event on the calendar of your website, and even selling tickets directly through the venue. If the venue shows other comedy shows there is even more chance of your target audience seeing your event.

Place your show on websites for free event listings, and contact the local press to let them know about the series. They can include this in a calendar of events.

Challenges and how to overcome them

How to hold back your crowd.

Use your previous ticket sales to build a mailing list, and give them new show information when they are revealed. Try to keep the activities down to the same night whenever possible. When you host a show on the first Tuesday of the month the viewers will soon start searching around this time for show announcements.

What to do if it throws out a comedian?
This scenario is very unlikely if you have picked your acts well, but never say never! To reduce the risk of this happening, make sure you have contacted your acts the day before the show, as well as check your emails and make regular phone calls throughout the show day. Don’t panic if your act pulls out hours before the show. Check at what’s left of your acts and working order. Speak to them about including an opening sketch if you’ve chosen an accomplished MC. Speak about headlining the show to your middle act. They’re very unlikely to turn down the chance.

Technical hitches

The Scout motto’s words: be prepared. At least make sure you always have a spare microphone at your fingertips. If your venue includes a sound and lighting system, it is more than likely they will be providing the evening with a technical engineer. Ensure that they have a list of the equipment that every act needs prior to the show.

Now that you are all set to start your comedy show. Find spaces for rent for your comedy shows on Myrsa.

January 21, 2020 0

5 Keyways to overcome the Risks while optimizing ERP Implementation

Finding the right ERP software solution is not an effortless task to achieve and can prove to be a long and tiring process, but it certainly adds considerable value to the activity and business flow of the company. Nonetheless, purchasing the ERP software as implementation is just part of the entire process, and end-user transfer is the final step for the whole process.

The implementation aspect is where most companies are facing difficulties. In most situations, if not properly implemented, an ERP program could result in reduced ROI, leaving the company helpless. We also identified important risks that need to be tackled when refining the ERP implementation to help businesses avoid the possibilities of any failure due to these risks.

1.The requirement of the business

Before executing it with the ERP vendor and thoroughly testing it, it is essential to document the workflow and business requirements accurately during the implementation of an ERP. Such specifics allow the ERP provider to recognize and configure the specifications, thereby removing any workflow gap.

The company needs to define the goals to be achieved by the new ERP software. The selection process for ERP software is an unimportant attempt if there is no clear goal. It is important to evaluate the existing system in order to set a clear purpose and to clarify the business requirements, and the processes within and outside the system must be observed in detail.

An imperfect implementation of ERP will create different issues, such as unnecessary features, poor integration of the ERP program with business operations, etc.

2. Software Selection:

While selecting ERP software, it is important to choose a system that fits well with the needs of the organization. A proper analysis should be drawn to find the pain and risk areas of the organization, and then only the ERP software should be chosen that can address these sections along with various other functionalities.

This analysis helps in avoiding multiple issues rising down the road, making the new ERP software a success. The ERP software chosen should be equipped with future state technology including additional interfaces and adequate infrastructure to withstand the demands of the performance.

3. Complete control of ERP Implementation:

It is imperative for the organization to pay close attention to all the critical implementation processes such as budget and timeline, selection of the vendor and software, resource strategy, deployment methodology, etc.

The company must pay close attention to all essential processes of implementation such as budget and timetable, product and device selection, resource plan, delivery methodology, etc.

Failure to do so may result in less than expected results from the implementation of ERP software, such as communication issues, inadequate internal support, delays, budget overages, etc.

4.Continuous Support

Commercial property management software is also a form of technology, and it also has a shelf life like any other ever-evolving technology. Therefore, a version update is usually the right solution for a successful implementation.

In such situations, a team of technology professionals working constantly to upgrade and improve the efficiency of the ERP program will take the business to the next level by supporting the strong support system.

5.Data Migration

When a new ERP program is introduced, it is important to transfer all data from the old system to the new system. The cost of updating the data is likely higher for most software and more time-consuming than implementing a new ERP program.

The real reason for such pitfalls to occur is because the data, itself is the issue. The format of the tables used might be different, the software difference between the two systems, poor quality of data, etc.

The best way to overcome these restraints is by choosing a commercial property management software that makes data migration easier in place of making it a sophisticated, grueling task.

Maisonette’s ERP software with its technology professional team helps to overcome all the risks associated with the implementation of ERP making it the company’s best commercial property management software.

The risks are real, and it’s not always possible to avoid these risks but they can still be recognized in time and prevented, and Maisonette at every step focuses on being the support of their clients helping them overcome the issues with ease.

Corporate and commercial agents need an industry-specific and tailored ERP software solution to manage property-based inventory transactions such as office, retail, residential, industrial or branch offices and corporate offices. A real estate software system can monitor different types of property as well as all other asset life procedures like space assignment and many other functions.

January 9, 2020 0

Office rentals set to rise faster in Bangalore

Even as the Indian real estate sector continues to experience a downturn, cities such as Bengaluru and Mumbai are expected to attract healthy office rentals in 2020, mainly backed by rapid IT industry growth, a study said.

Beating not only Delhi and Mumbai but also Singapore and Hong Kong, according to a survey, the rental office market in Bengaluru is now the highest performing one in the Asia Pacific. While rentals in Bengaluru are now lower than BKC from Mumbai and Connaught Place from Delhi, Bengaluru posted the highest 17.6 per cent rental rise.

Due to the availability of the right talent pool and new office assets at comparatively low rents, multinationals continued to expand robustly, especially in Bengaluru. When demand for office space is expected to increase in 2020, we expect the trend to continue for these markets.

In the first half of 2019, the IT industry accounted for 35% of the total volume of transactions across the top eight cities, most evident in Bengaluru, which recorded a 14% rental increase in January-June (H1) 2019.

Grade-A office rents across the Asia-Pacific region are expected to fall by as much as 3 per cent in 2020, compared to a 0.6 per cent increase in the first nine months of 2019, as occupier demand continues to weaken.

Bengaluru’s central business district (CBD) was the best-performing Asia Pacific sector in July-September (Q3) 2019 with 17.6 per cent rental growth, the report said.

Connaught Place’s CBDs in NCR and Bandra Kurla Complex in Mumbai were the 7th and 11th fastest-growing prime office markets in the Asia-Pacific region, with 4.4% and 2% year-on-year rental growth respectively, it said in Q3 2019.

Myrsa is an online platform where you can find commercial spaces for rent on a temporary basis.

December 26, 2019 0

What to consider when choosing a perfect wedding venue?

Choosing the perfect wedding venue is easy for some couples-to-be because they selected a favorite place even before they got involved. The options available are overwhelming for many others. It can be a challenge to find the perfect location for the wedding, from churches to hotels to restaurants to castles. Until selecting a location, here’s a guide on what you should think.

1. Number of guests

For your number of guests, you will need to pick a place that is the right size. If the place is too small, it’s going to cramp your guests. If it’s too big, the atmosphere will be dull, and a significant number of guests will appear to have failed to appear. Get a rough figure of expected wedding guests before you start listing potential venues.

2.LOCATION

Study your wedding venue’s location carefully as it can easily put off your guests at your wedding. If there are two different sites to stage your wedding ceremony and reception, make sure they are close to each other. It could make things hectic for your guests if the two sites are more than two hours apart. Think of your venue’s accessibility. If a large number of your guests come from far away, consider choosing a place near an airport that can be easily reached by road. The accommodation should also be available on your premises or nearby.

3. Finance or Budget

Think about your budget when selecting a venue. Ask yourself, “Can I afford this place?” Don’t include venues that you know you can’t afford in your list as this will only result in heartbreak and a waste of time.

4.How hands-on you happen ready to be

The effort you will need to put in will vary from location to location. Consider a place as unique as a barn. You will need to make lighting plans, clear the hay, hit the tables and execute a backup plan, just to name a few. Such a venue or any private rental or marquee wedding is not suitable for you if you are not ready to become hands-on. Go to a hotel with a one-size-fits-all approach, but take off your shoulders a huge weight.

5. Wedding Date

If you have a particular date in mind for your wedding, it may take some time to find places on that date that can fit you. Many sites have digital calendars where on your chosen date, month or time of year you can search for availability. For others, to rough accessibility, you should contact them.

You can find your venue much faster if you are flexible with dates. If you have a dream venue but it’s not available on your day, or you can’t afford it, consider scheduling your wedding for an off-peak time such as November, early December or February. There will be less competition for venues and there will be cheaper prices as well. Although some guests may not be able to attend, you may also consider a midweek wedding.

6. Theme or Style

What kind of event are you looking for? Will it be formal or informal? Do you want something new or traditional? These are just a few of the questions you can ask yourself about your preferred style. You will narrow down your list of potential venues by describing the features you would like to integrate into your wedding. For example, large hotels, castles and stately homes are great options if you want something formal and ornate. Smaller hotels, country houses, barns, and restaurants are more ideal if you prefer an informal ceremony.

7. Parking

The parking area is a vital factor in choosing your wedding venue in this day and age. Make sure there is plenty of on-site parking space. Include a map to show guests where cars should be parked in your invitations. If you don’t have enough parking space in your chosen location, tell your guests about the entry points to nearby parking lots. You may recommend carpooling or provide ferry guests with a shuttle service to the venue.

The best place to find it is waiting for you. Take into account the above considerations and continue to search. You’re going to step into a place you’re going to fall in love within a moment.

Finding temporary spaces on rent for just a few hours has always been a tedious task. Myrsa will help you make this process easier. Also finding temporary parking space for events is also made easy on our platform. Visit Myrsa for all your requirements for temporary space on rent.

December 12, 2019 0

What does Cloud-Based Property Management Software do?

Are you still using spreadsheets to manage your properties?

Is it slowing down your property management software?

Are your servers crashing time and time again? If yes, then it is an indication that you need to upgrade it to cloud-based property management software.

Here are some benefits why you need cloud-based property management software:

1. Cloud property management software allows you to work from anywhere

You’re constantly on the go as a property manager. From customer meetings to inspections to maintenance organizations, your software needs to be accessible from anywhere to reduce downtime and help you find the information you need when you want it.

With cloud property management software, your data is stored virtually in a secure network of servers which can be accessed as long as you have an internet connection. This allows you to log in from anywhere in the world, at any time. You are no longer limited to a single computer, database, location or time zone.

Improved transparency also means easier collaboration. Using the mobile app of the company, you could be on-site performing an inspection and your team member could be in the office writing the inspection report for the same property. This not only enhances productivity, but it also keeps everyone in the loop.

2. You can automate repetitive tasks with Cloud-based management software

If there are many tasks that are repetitive and time-consuming then you can automate them with the help of cloud-based property management software. It includes:

Reconciliation Traditionally, you’d have to download a file from your bank to update your accounts and type each payment manually into your code or table. This may take hours each week, depending on how often you do this and how many properties you control.

Cloud property management software automates many processes for you. Just import your bank file and it will allocate it to different parts of your portfolio automatically. All you have to do is approve with a single click the matched transactions or change the allocation as appropriate.

In fact, if your cloud property management system has bank feeds, you can instantly import your trust account transactions directly from your bank overnight, saving you even more time!

Data backups and software updates If you are using server-based property management software, it is likely that you will spend a few hours each month to back up your data and update your software. This is all done automatically with cloud property management software. So you can say goodbye to downtime and IT expenses related to data recovery and technology upgrades. It’s hours of lost productivity that you get back every month!

Processing and paying bills Some cloud property management software systems make it a breeze to process and pay bills.

Planning inspections When planning your inspection day, you often need to manually determine which properties are due for inspection and then calculate the distance and travel time between properties to determine the most efficient route. You must then manually identify the relevant tenants and prepare notices for inspection. Many cloud software management systems will automate this process to save you time.

Communications By automating your communications, you can save time with cloud property management software. In order to ensure reliability and product continuity, you can set up message templates and triggers based on specific behavior and tasks. For example, customized messages are automatically generated with attached statements once you have disbursed your owners and suppliers. Until sending them off, you can set these to fire automatically or have them ready for preview in your outbox.

3. Some cloud property management software helps you stay compliant

As a property manager, monitoring is tricky. There are many moving parts–you have to comply with regulations, keep track of monitoring activities for your owners, and ensure that any financial operation and contact for audit purposes is tracked and documented.

If you use server-based property management software or spreadsheets, enforcement activities are likely to be manually monitored and stored in large volumes of data each month. This often results in missed assignments or small data entry mistakes that escalate into larger ones that take plenty of time and money to rectify the coming audit time.

4. You can reduce add-ons with cloud property management software

If you use server-based property management software, you are likely to use a number of add-on programs to inspect, track maintenance, send messages, and manage listings. These are multiple subscriptions that you pay for each month, in addition to what you already pay for your server-based property management software.

The team will recall multiple logins, not to mention, and continuously move from program to program to perform regular property management tasks. Meanwhile, to prevent unauthorized access to your portfolio, you need to keep track of various subscription billing cycles and ensure that your team follows best security practices.

You will through add-ons with everything you need to handle your assets using cloud property management technology. Look for a system with comprehensive trust accounting, integrated inspections, and maintenance, inbound and outbound messages, multiple security layers and flexibility to integrate with other programs. That way, every month you can save hundreds (or thousands) of dollars while increasing your efficiency.

5. You can streamline your communications with cloud property management software

Communication is one of the property management’s cornerstones. You track leads every day, coordinate repairs, chase rent arrears, etc., etc. Sometimes it feels like an endless cycle of calls, SMS, letters, and emails that come from a variety of different directions. In addition, your team members have internal noise… that’s where cloud property management software comes in! Through putting together most of these platforms into one forum, it can help you streamline your communications. Send and receive custom emails and SMS directly back to your portfolio, trigger automated notifications based on specific tasks and behavior.

6. Cloud property management software can help you scale your business

If you use server-based software, your growth is often limited as your space is limited. You need to maintain and upgrade your servers to scale up your business, which is expensive and inefficient as your entire team needs to log out of the system.

In comparison, storage is digital and uncapped with cloud property management technology. This allows you to upgrade or downgrade your storage or subscription as required. It’s much more cost-effective because you just pay for what you need.

Furthermore, there is a lot of automation in cloud property management technology that can simplify your workload and improve your performance. Alternatively, you should focus on maintaining friendships and growing your rent roll.

All in all… Here are six reasons why you need cloud property management software: 1. It allows you to work from anywhere 2. You can automate repetitive tasks 3. It helps you stay compliant 4. You can reduce add-ons 5. You can streamline your communications 6. It helps you scale your business

November 29, 2019 0

The future of Co-working looks bright

The coworking juggernaut in India has had unprecedented success over the past few years. This rapid growth has been powered by the groundbreaking change to a more open, affordable and accessible coworking space in the traditional Indian workspace. Coworking itself had transacted around 2 million square feet of commercial real estate in the first half of 2019; well ahead of the 1.8 million square ft in 2018.

Through 2021, the industry is expected to grow 3X, which will lead to huge opportunities for the country’s coworking sector. Coworking has now built itself as a fundamental part of the CRE leasing operation and as an autonomous full-fledged market, offering traditional office spaces a tough competition.

However, the rising entrepreneurial spirit, which also flows into Tier-II cities, is accelerating this tremendous development. It is projected that the Tier II markets will rise to 8.5 mn by 2020. Therefore, given the strong demand and momentum, it has been able to gain, it wouldn’t be an exaggeration to suggest that the best is yet to come for a segment that is still in the nascent stages of development.

Over the years, coworking has witnessed many new trends and innovative activities fundamentally cooperative and versatile by nature like coworking spaces for rent. Fierce competition and ever-increasing demand have driven many leading players to put on their brainstorming hats to ensure continued market dominance and maintain value-added benefits for consumers. While some clear developments have been discovered over the past few years that have redefined the segment’s future, we also expect the momentum to continue strongly in 2019.

Here are the top seven trends that we foresee will become the game-changes in the industry.

Coworking players handholding developers in interactions management

The business relationship between a developer and a provider of coworking space is now no longer confined to leasing the commercial space. Coworking spaces are not only going beyond setting up workspaces and collaborating with developers to allow them to achieve higher returns, but they are also handholding developers by marketing and selling other building floors to customers on traditional lease.

Related Post: How to Choose a Co-Working Space Wisely?

Coworking players are curating unique experiences and commitments to create tenants by providing state-of-the-art facilities such as gyms, cafes, creches and managing the entire building environment by providing occupants with partnerships, activities and community emphasis.

Coworking players trying to co-live

Expansion and market diversity is the secret to any company’s sustained growth. While coworking space providers have successfully bridged the gap in Indian office spaces between supply and demand, this has now also spread to the residential real estate market where millennials are now becoming accustomed to the idea of co-living.

This is a perfect setting for engaging millennials when overcoming the conventional lodging issue with all-inclusive services and community events. While this is still untested waters, in 2019 we look forward to seeing more use cases and measuring their success.

Deeper technology integration

Despite wearable technology and AI gradually taking over coworking spaces and turning them into autonomous workspaces, the conventional desk is likely to be non-existent over the next three years. Intelligent access, intelligent meeting rooms and smart receptions have already been explored to allow cloud-based access, facial recognition and real-time security monitoring.

Digital assistants, AI-powered ambience, temperature control, and partnerships focused on the touch screen improve user experience. The laptop and smartphone will become obsolete as voice-activated systems, wearable technology including wearable glasses, embedded sensors, and Internet of Things (IoT)-connected wrist devices will take center stage and linking work professionals with fixed desks will become a past.

No flight, video technology and speed of networking would ensure real presence. In reality, artificial intelligence can confirm the shape, size and use of furniture as cumulative data per client.

Rise of ‘work near home’ programmes

The number of people who prefer to live near their workplaces or vice versa is on the rise and “talk to work” is a phenomenon that is picking up rapidly in metro cities as it saves valuable man-hours instead of losing time to traffic congestion for hours while commuting to work.

Because of multiple locations, both inter-city and intra-city, coworking spaces are the option for reducing traffic hours and providing both personal and business benefits. Organizations have been considering the idea of allowing employees to “work from home” to provide more employee-friendly policies.

Due to intrinsic obstacles such as a, however. Home disruptions b. Right network unavailability (high-speed internet, printer, desk space) c. There is a significant loss of efficiency due to a lack of social interactions/peer to peer commitments. It causes more and more companies to consider “work close to home”–enabling employees to work remotely out of shared spaces while accessing efficient office infrastructure.

Adoption of flexible and mobile solutions

The number of transactions for “just-in-time” use of meeting rooms and flexibility passes has increased three times over the past two years and is rising at a rate of more than 12 per cent per month for most games.

Today, companies are spreading across the country in various geographies and serving customers. As a consequence, it is not always realistic to plan and allow the workforce to work from a few central locations. The current workforce has to be spread geographically and on-the-move according to the job’s demands.

Employees of Millennials and Gen Z are searching for versatility, mobility, teamwork and opportunities to help them work in real-time and untethered. Shared workspaces allow flexibility by providing solutions such as national passes, roaming and bulk meeting room hours to work out from any place at any time, without any reservation restrictions and hassle. Digital offices support small town-based businesses looking to set up a business address or have a presence as their central business districts in larger towns/metros.

Holistic enterprise solutions

Shared workspace providers are working together with running the co-working company to create and manage separate offices for companies. The process starts right from finding an appropriate space for constructing, customizing and providing complete back-end support for office space software and operations. This is a trouble-free way for a company to outsource their “own” office space to plan, build and manage, enabling them to focus on running their business rather than their office.

Platform for collab

In addition to providing real estate options and trouble-free leadership, coworking spaces also provide an ideal platform for participants to exploit business opportunities. The connections are smooth and alliance plentiful with so many different businesses sitting next to each other. Collaboration also often takes place between the coworking space provider and the consumers sitting inside by retailing and selling products and services. Customers receive real-time feedback from the larger community and a chance to test the market with varied demographics.

The change of the workplace has started in earnest and will see some big changes in the next 5-7 years as the lifestyles of people develop, technology advances are taking place at a fast pace, office commute times are growing, and safety and well-being are at the center of attention. This will place the office worker at the forefront of all options for office space.

Finding office spaces on rent for just a few hours has always been a tedious task. Myrsa will help you make this process easier. Find office spaces on rent on a temporary basis on Myrsa.

You can even rent your empty office spaces for a few hours on Myrsa.

November 19, 2019 0

QuickBooks vs. Property Management Software

Property management has its own distinct challenges. You need to market your vacancies, oversee the leasing cycle, collect rent, and manage a range of services, including maintenance and landscaping of buildings.
Several property managers and landlords are using QuickBooks to manage their finances in an attempt to simplify. You can set up each unit as a customer and each tenant as their job and use the software to track new owners, issue monthly statements and automate invoices.

QuickBooks may look like a good solution at a glance. But it is only meant to help with the general finances. But only one aspect of property management is handled by QuickBooks. You are likely to achieve your financial goals using its accounting features. But in order to remain competitive in the property management environment, you should go the extra mile. That’s why, with QuickBooks and other solid accounting software, property management software has become a popular choice.

Property management is much more complex than financial management.It is important that you have a system in place to help you execute some key functions when it comes to managing multi-unit rental properties.

Property management software offers a lot of options for your business performance. From Managing Multiple Properties with all the essential features that your business needs. Whether you are a landlord managing a handful of properties or a property manager with hundreds of properties.

Your software solution must enable you to:

Centralize and Digitize information

Property managers have no patience for data to dig through. You need to combine everything in a secure online hub that can be accessed 24/7 by you and your team. Accounting solutions out-of-the-box just deal with one part of your business line: accounting. You will be able to monitor maintenance issues and rent collection with the right property management software and easily share relevant data with employees, contractors and tenants.

Efficiently collect rent

Unlike QuickBooks, industry-specific software makes moving the entire request for maintenance to the cloud easy. You must ensure that repairs are performed quickly and correctly from filing service requests to issuing work orders to tracking progress. The correct software also allows you to keep tenants in the loop and monitor the performance of contractors, ensuring transparency and accountability. And while increasing time-consuming paper-based applications, it does all that.

Establish Strong Communication

Good communication is the key to maintaining positive relationships with tenants, contractors, and employees. Whether you’re talking about routine maintenance announcements or holiday greetings, you need an effective channel to communicate with your team and they need to be able to reach you as needed. Property management technology provides a portal that enables easy communication through email or SMS, allowing users to use their preferred device: laptop, tablet or smartphone.

Property Management Software:The Solution you need

Property managers and landlords will see lasting benefits through Mpower. Mpower is a real estate management software that lets you list all your spaces on the dashboard, accept inquiries for the listed spaces and earn effortlessly. You can also maintain financial records and paperwork that reflect the transactions made with the bank and the customers. Moreover, we provide you with a dedicated relationship manager that looks after all your queries and resolves them in no time.

Manage your entire space inventory and earn effortlessly with Mpower!

November 6, 2019 0

8 Tips To Grow Your Seasonal Retail Business

Many businesses have ups and downs in their businesses and in many cases, these fluctuations are due to the seasonal changes. Seasonal business is a term to describe such types of businesses that correspond with the seasonal changes. A season can be comprehended in this setting to incorporate a) periods of the year and their climate-related changes, b) holidays, and c) festivals like the Holi, Diwali or the Christmas. Although most organizations experience some occasional business variances, others experience serious regular changes and may even restrict their tasks to specific seasons.

Some businesses that are extremely seasonal may close down completely at some time of the year. There are some businesses that are open throughout the year but may experience huge profits during one or two seasons of the year, like Diwali or Dussehra being the busiest for electronics.

Some of the events can influence the sales in every month of the year that can be predictable to businesses. These types of seasonal events can affect different industries differently. For example, January is a good month for fitness memberships or health memberships. February is generally the slowest month but it does have Valentine’s day which triggers a great way for a seasonal business. Summer is the month where all the summer products are in high demand. Likewise, June has a great increase in back to school sales. Finally, winter that starts with November and December is also the holiday month for many. Therefore tourism increases.

The dominant feature of all these seasonal businesses is that they are all small shops like kiosks in a mall or a beach shop – they are all gift stores. What this means is the customers are buying a gift for someone or gifting themselves because they are on a holiday.

These are the important customers that are more open to buying a high priced item than the other ones that only buy items in seasonal business due to the sales that they can get with any type of brands.

Though this type of business is not the most traditional type of retail business, they are very much profitable when they are in a high traffic location that has a lot of footfall in the form of tourists and vacationers. If you have a seasonal shop or are thinking of opening one, here are some of the reliable tips that you should use to manage your business for success:

1. Marketing of your brand- You might have been advertising your event mostly in a traditional way that is print media, television. You should now try to leverage social media to gain benefit for your business. Facebook, Instagram, Twitter whichever suits your demographics well. They will help to reach a larger audience without investing a lot of funds.

2. Advance advertising of opening- One of the mistakes that new seasonal businesses make is to wait until they are open to start advertising the brand. Experts in the marketing field believe that advertising beforehand, that is before launching your product can create a huge interest in the customers regarding the brand and they are much more willing to stay updated.

3. Know your vicinity- If possible see to it that the products you sell do have a local connection. Some of the examples include locally hand made products and products that have a local theme and also products that have a direct connection with the city where you have set up your business. For example, if you are in Goa then the products will have a style that is local and cannot be found online easily so that they come back home.

4. Clear out- Make sure that you don’t hold onto the old merchandise because they feel like “it never gets old.” But guess what? It does. Have a huge clearance sale that will while there are still shoppers left. Don’t wait for the offseason.

5. Pick the right products- Select the products that are proven to be top-selling items. If you dont then the sales training will also not help you. You don’t have time with slower-moving products when you run a seasonal shop. Even though they have a higher profit margin it is recommended that you have a product that has better sales. Successful seasonal business flourishes on higher volume.

6. Give customers a motivation to purchase- People are bound to burn through cash when they’re in the midst of a get-away. Separate yourself from your rivals and you’ll see a greater amount of that cash coming to your direction. Show a couple of things keenly instead of racks and racks of something very similar. Feature new uses for a more established item. Prepare extraordinary signs that make clients stop and think about your things.

Related Post: Start your own hassle-free popup shop!

7. Be different- Continuously search for approaches to differentiate your business so you’re not all that subject to the blast and-bust cycle of the occasional activity. Would you be able to start more organizations that kept running in various seasons?

8. Utilize the off season furthering your potential benefit- The best entrepreneurs utilize their personal time to revive and plan for one year from now. Clean the whole store – that implies the build-up toward the sides of the floor covering, the extra tape from signs, stapes from enhancements, the works! Do the math. Search for approaches to improve. Refocus your methodologies. To put it plainly, improve yourself and you’ll improve your business.

Now if you are looking for spaces for your seasonal business. Myrsa will help you find spaces in different locations. You can book a space for a few hours to a few days in high footfall areas. Find spaces in malls and also in other commercial areas with Myrsa.

October 10, 2019 0