Guest Reviews at the Speed of Cyberspace
There was an old adage that said that one {un}satisfied customer would spread the word to 10 others who in turn would continue the process until their message had reached thousands. In today’s internet based world this process has gone “viral” and the impact on your hospitality property can be significant.
With the push of a button, consumers are able to access almost unlimited information about your property. In most cases, this information is a one way conversation that a reader has no way of substantiating with regards to its validity. Imagine a bad guest review, based more on the mood of a unhappy guest or worse, a vindictive guest. As potential guests compare hospitality offerings on the internet, imagine the impact of an unfair review on their booking selection. As a consumer reads complaints about cleanliness, bad service or worse, the likelihood of them choosing your hotel drops dramatically. Sadly, if the complaints are unfounded or based on a nonrecurring incident, they still have sweeping effect on your property.
So what is a hotel owner to do? First and foremost, an important component of any property marketing program should include “e-management.” At a minimum, you should be aware of what consumers are saying about you. Additionally, you should be making sure that the right messages are being sent into cyberspace. Further, it is possible to manage the content of sites such as Wikipedia, within their guidelines, and to effect the queuing of information that turns up in a Google search. In short, one needs to be aware of what is being said; be able to respond accordingly and when possible, have some effect on how and when the information appears in searches. Today there are a number of marketing professionals that understand the cyberworld and can help you navigate through the process. Services range from monitoring services to rewriting algorithms to affect the priority of information and its relevant queuing in internet searches. The internet is here to stay and the savvy hotelier will manage its pitfalls and utilize it to their advantage.
-Paul Reitz
Paul Reitz, CCIM is Senior Vice President of Investment Services at NAI Global and is a hospitality specialist in NAI Global’s Special Asset Solutions and Investment Services groups.
About the author
Scope of Service Experience
Paul's real estate expertise includes brokerage, equity & debt financing, development, and investment of office, industrial, retail and hospitality properties. He has serviced his client's real estate needs throughout the United States, Canada, Latin America and the Caribbean. He has been featured speaker & panelist at major real estate conferences including The Global Property Forum- Toronto Canada 2007 & 2008 ; Eiendomsdagene -Kvitfjell, Norway 2009; Queen's University Executive Seminar on Corporate & Investment Real Estate, Toronto, Canada 2009 and The Nordic Business Arena-Stockholm, Sweden 2009.
Education
BS & MS degrees The Pennsylvania State University
Background & Experience
Paul has been in the commercial real estate business for 26 years. His transaction volume includes over $1 Billion of leasing, sales, development, financing & investment of commercial real estate. Paul has been a principle in the DFW broker member of New America Network (predecessor to NAI Global), and a founding partner of its first Mexico City broker member in the 1990's. He has been a past Chairman of NAN Investment & Industrial Councils and has served on the network's national advisory board. Paul's development expertise included the development of a 300,000 sf neighborhood shopping center; an award winning re-development of a 16 story historic office building and the construction of two urban parking lots. As the Chairman/Founder of Sinclair Resorts & Hotels, Inc.-an owner of 5 luxury boutique resorts valued at $100 Million, Paul directed the acquisition, financing, deal structuring and operations of the company. Recent accomplishments include the sale of a 5,000 square meter Class A office tower in Rio de Janeiro; advisory services for the proposed Waldorf Astoria Hotel & Residences in Montreal Canada. Paul is coordinating the activities of the Latin American investment team & actively working globally on behalf of his clients.. Additionally, Paul is directing NAI Global's Hospitality group and is a regional director for the companies Strategic Asset Solutions group targeting advisory and disposition services of bank REO properties & portfolio loan sales.
Professional Affiliations & Designations
CCIM
SIOR (inactive)
Licensed Real Estate Broker- The State of Texas
Significant Transactions
LTV Aerospace & Defense Company- several million sf office & industrial leases & acquisition of 300,000 manufacturing facility; Bridgestone Firestone 300,000 sf industrial lease; Homeowners Warranty 60,000 sf office lease; Holiday Inn Sunspree Resort $56M acquisition; Two Bunch Palms Spa Resort $20M sale; L'Auberge de Sedona $14M acquisition; acquisition, redevelopment & sale of 100k sf Sinclair Office Bld, Fort Worth, Tx.; acquisition, completed development & sale of 300k sf Good Homes Plaza Shopping Center, Orlando, Fla. $13M; acquisition, redevelopment & sale of 117 room West Vail Lodge, Vail, Co. $6M; equity & debt financing of Sinclair Resort & Hotel Companies hospitality portfolio $100M; sale of 5,000 square meter Class A office bld. (Shell Oil) in Rio de Janeiro; sale of 440,000 sf Sherwin Williams Distribution Center, Waco, Tx.; acquisition of 106,000 sf Martin Brower Distribution Center, Lewisville, Tx.; advisor to Monit Inc. in negotiations with Hilton Hotels regarding the proposed development of Waldorf Astoria Hotel & Residences, Montreal Canada; advisory services & master planning of proposed major industrial airport, Mexico City.