Step 1 – Evaluate Current Services and Programs
Each property in a portfolio is unique. In order to fully understand the needs of the property, the management and the residents, ASM conducts an exhaustive audit of all existing services and programs. ASM staff collects copies of all contracts and identifies the key components and terms. The information is entered into ASM’s proprietary contract management software for continued analysis and evaluation. The objective is to create a comprehensive “picture” of our client’s portfolio from which we can zero in on new or improved property specific ancillary service programs available now as well as in the future.
Step 2 – Locating Opportunities/Negotiating Agreements
After conducting the portfolio-wide audit and developing specific strategies for each property, ASM will continually work within those constraints to find services and providers and negotiate terms and conditions acceptable to management/ownership. Since the legal costs associated with negotiating a quality contract can be significant and are either a reason many people shy away from seeking legal advice which get them into trouble later or a deterrent in implementing a new program, ASM picks up the legal expenses associated with negotiating agreements!.
In some scenarios separately negotiated contracts across multiple properties can be consolidated and renegotiated with a provider. In other circumstances ASM brings to the management/ownership a variety of new or expanded programs to investigate. . ASM’s professional and experienced staff will guide management through this process and will be working as your Ancillary Services Department. Remember, ASM works for you, not the service providers.
Step 3 – Manage and Monitor Services
Using ASM’s propriety software system, ASM will manage the contracts and services for our clients. Throughout this process ASM ensures that contracts are not automatically renewed or extend, that providers are living up to the terms of the agreements, in both providing adequate services as well as accurate accounting of revenues. In addition, ASM’s software is innovative in its ability to help us and management see the “big picture” of the ancillary services and will enable us to continually stay on top of the contracts, scheduled compensation payments, and opportunities as they present themselves. Overall, management will see a significant improvement in the organizational aspect of their contract management and the revenues they receive from their agreements.
Step 4– Ongoing Client Support and Services
The ASM Advantage means that once a contract is in place, ASM is there for you for the duration. We serve as your liaison between the provider and you and/or your property managers. When things do not go accordingly, ASM’s team is there to seek out solutions and rectify the situation. We are constantly monitoring the service providers to ensure that you are receiving top quality services.
- Revenue Monitoring: Depending on the terms of the contract, ASM is collecting revenues on monthly, quarterly or yearly basis for our clients. ASM monitors these collections to ensure that they are meeting the projections that were developed during contract negotiations. If they do not, then ASM works with the provider to determine why, and how to get the services back on track. This ongoing process provides peace-of-mind for our clients, who would otherwise have to spend a substantial amount of time tracking and monitoring payments themselves.
- Client Services: ASM is your single point of contact for all of your ancillary service needs. If you have an idea that you want pursued, ASM will do its best to get your idea implemented. If troubles arise with providers, let us deal with the problem. Just like having your own staff, ASM is there to work for you and to serve as your Ancillary Services Department.
- Research and Market Trends: ASM staff spends a considerable amount of time each year researching new products and services, while also monitoring trends in the industry. By traveling to national and regional trade shows and talking with service providers, property owners and managers, ASM keeps abreast of the latest information on services and providers. We are also negotiating various contracts for our clients on a continual basis, thus we have a very good understanding of what the markets will bear in terms of expected revenue or cost savings. Unlike most owners or managers who only visit a contract when it expires or is up for renewal every 5-10 years, ASM is working with a wide range of providers on a daily basis.
- Data Analysis, Tracking, Forecasting and Reporting: When applicable, ASM will develop very detailed analysis of revenue projections for prospective services. When ASM issues a request for proposals, we will provide our clients with a very detailed analysis of each proposal, in a manner that compares “apples to apples.” ASM’s analysis will also include detailed revenue forecasts to provide our clients with a clear view of what should be expected after negotiations are completed and the contract is signed. ASM will provide our clients with reports to assist them in tracking their services and the revenue generated from them. All of this is done because ASM believes in complete transparency with our clients so that they understand the totality of each contract and what is to be expected over the term.
- Training and Marketing: ASM will also serve as a liaison between the service provider and our client’s staff when the provider is tasked with providing training. ASM assists in scheduling training sessions and making sure that staff receives adequate instruction.