Handling several properties alone without the help of technology can be very difficult in today’s time. One should look for the best software to manage their properties. Apart from handling all documents of the property, you might need this software for accounting and financial management.
Technology has been evolving continuously and we have been witnessing a gradual shift towards cloud computing. Many businesses across industries have shifted to the new-age techniques of working, and the property management system is not new to this. Setting up new interfaces the industry has been luring several big names in the hotel and hospitality industry.
The real estate industry is also witnessing big changes in the way things operate for them. The property management system has not only made things easy and hassle-free for them but has offered them the most effective way to post their properties on the listings of these apps.
What is Property Management System?
A PMS is a software used for hotel management, used mainly by the front desk workers to manage the reservations, timings, bookings, availability of rooms, and other important features of hotel booking. It consists of all important information about the bookings and assists the front desk operators streamline the bookings.
The staff can have a better understanding of the bookings made by the visitors through the property management system. It is one of the most efficient ways of delivering the best in the long run. The hotel metrics and other important data can be better managed through this centralized system.
Further, this system is also a boon to the owners and landlords, allowing them to work remotely at any time of the day. They can get the following benefits from these apps:
- Post ads of any vacancy in their property
- Accept rent payments through these apps
- Track the rent payments
- Keep a check on the expenses
- Generate receipts and invoices of the payments made
The database of the system includes a wide range of property listings, which are of great help to the tenants when they are looking out for properties for renting or buying.
From managing a single property to taking care of up to 50 or more properties, the PMS assures that all work can be single handily managed through this system. Property holders should invest their time in money in this meaningful system to generate more revenue and for ease of work.
One cannot rely on the old-school methods of managing their properties as they don’t go well with the coming-of-age techniques.
Advantages of using a property management system
Cloud computing has become the need of the hour as every person wants their property listings, details, tenants’ details and other important data to be stored in one place.
Enhancing the user experience, this system has only proved to be beneficial and more reliable for the users. The landlord can maintain transparency in all aspects of the property and payments with the tenants.
Take a look at the advantages of the system:
- Decreases add-ons: One can be sure of the amount he/she has to pay for the property reducing the chances of any fraudulent activity. The landlords cannot apply any ad-on charges to the rent or property price. Similarly, in the case of hotels, one can be sure of the charges that would apply to one’s bill.
- Save time: It reduced the time spent on looking out for properties in person, going from one place to the other at a time. The tenants can get in touch with several property agents or landlords at the same time with the help of these apps and lookup for a property in a given area.
- Minimized administration cost: Since everything is done online, there is no need for incurring any administration costs. The software is self-sufficient in handling the majority of work done.
- Centralized document plan: The software is enabled with techniques that represent an efficient platform that is centralized.
- Management of orders: One can rely on these apps for bookings and orders without having to hire any middlemen or agents in between to get people looking for properties.
- Eliminates the need for agents: The platform brings the tenants in direct touch with the landlords and they can sign a deal without spending money on agents and middlemen. Similarly, people who are booking hotels can directly make their bookings through the apps rather than bringing travel agents in between.
- Filter: The search on this system is tailored, suiting the preference of the user as they can filter for the kind of property, location, and budget on the app.
- Saves money: Spending a fortune on the agent for buying a property? Well, not anymore as the property management apps will do all that work for you eliminating this extra cost.
- Daily tasks: One can get an insight into the daily managerial tasks with the help of the system as they are intimated in advance about the parties who will come to see their property on a certain day.
- Allows coordination among multiple users: The system allows real-time coordination between multiple users allowing them to exchange information all at once.
- Controls finances: Since all transactions are automated and the data is saved on the back-end, all finances are automatized and maintained by the system.
- Scalability: The reach of this system is wide, therefore there is a chance of getting users from across the cities, states, and countries.
What to expect from a Property Management App?
A property management app should have all the necessary features to help the users lookup for properties and making easy decisions. From setting up an app to rates and housekeeping, here is all you can expect from a property management system:
- Easy set up: Offering a seamless transfer experience, the system makes it possible for app developers to set it up easily and be available for the users. One has the option of creating and managing multiple property options at the same time. The admin interface is easily manageable and one can include or remove any property listing from the same at any point.
- SMS functionality: The property management system also enables the customers to get in touch with the property owners or hotels with the help of traceable SMS functions.
- Rates: Since the property management system uploads all data related to the rates of the hotel rooms, these can be easily managed and synced with hotel booking sites with the help of CRS integration.
- Housekeeping: The system helps the front office staff to keep a tab on the housekeeping staff. The housekeeping too can flip and keep their work in check with the help of tablets available to them.
- Dashboard: This is an important element for the admin as they have control over all administration work like revenue, feedback surveys, occupancy, and guest stats with the help of the dashboard.
How does the property management system work?
It is a contactless means of working and all conversations, bookings and transactions can happen remotely without people having to come face-to-face. This diminishes the need for a massive team. Take a look at how the system works:
- A user doesn’t need anything more than an efficient internet connection to make the system accessible from anywhere in the world.
- Unique automated text messages can be sent out to the guests assisting them on the check-in procedure and the codes to access their room door or you can also integrate a intercom systems installation to manage it from other room.
- All unpaid balances can be remunerated via the system by leading the guests through the secured payment gateway on their website or app.
- This also enables the hoteliers and staff to remain in constant touch with the guests to help them in case of any issues arising during and after their stay.
Communications via SMS
- The integration of SMS functionality in the app of the website of a property enables the hotel staff to stay in touch with the users before, during, and after their stay.
- Send out automated texts to the guests such as reminders of their stay a day prior to their check-in and their check-in timings, etc.
- The check-in service becomes easy as they don’t have to wait in the queue to speak to the front desk staff, rather can do all of it online.
- The system eliminates the need for them to get a key from the front desk, allowing them to get the code access before their stay which they can directly use at the time of lodging.
Showcasing the room grids
- A room grid system allows the admin to drag and drop the details with the help of an interface that allows them to update the information on the availability of rooms at the property.
- The system offers multiple views of the same to the users, allowing them to track the operation.
- The multi-window display enables users to multi-task. They can preview their bookings and check the check-in time and other details while keeping an eye on the room grid screen.
- A guest survey is a comprehensive system enabling the users or the guests to analyze a property and share their experiences with other users with the help of the medium.
- The system has a built-in survey option that is customized for each user depending on the services availed by them at the property and the room booked at the hotel or a resort.
- These surveys do not have to be monotonous carrying detailed questions, however, the hoteliers can make them interesting and easy to fill by including ratings from 1-5, multiple-choice questions, and true or false.
- Hoteliers keen a keen eye on the functioning of their property, and the system allows them to do so. They can observe the trends in the industry with the help of real-time trends.
- A financial software of your choice can be integrated with the system used for the property.
Back office management
- It tends to manage the events that are going to take place at a certain location and the catering for the same.
- While most hotels offer gym and spa services to their customers and guests, the PMS takes care of managing that as well along with the hotel bookings.
- The software is also integrated with the capability of managing the staff at a particular property.
Important features of PMS
- Easily understandable interface: The interface of a property management system is quite easy to understand hence, it can help train the hotel staff and remove any scope of creating errors. It helps one be self-sufficient and maintain bookings, payments, and operations of the property all by themselves, without having to depend on other personnel. A mobile app can also be of great help in this scenario, where everything can be managed on a mobile device.
- Modify reservations: The system empowers one to manage all bookings online, without having to maintain a register like old times. All details are provided to the hotel staff with this medium helping them maintain transparency and removing any confusion about the rooms. The hotel staff is intimidated in case of any modification in a booking.
- Personalized taxes and fees: One can easily personalize the taxes that are chargeable on a room tariff. They can also manage their cancelation policies.
- Compliance with the government: The hoteliers should make sure that the policies laid by them comply with the tax reporting regulations and requirements.
- Communications: This feature is a must in any PMS as any hotel or property needs to maintain pre and post-stay communications for a better understanding of what they want and their expectations from the hotel staff.
- Payment: The system should be integrated with several payment options including Credit cards, debit cards, online bank transfers, and other eWallet apps. The system should be encrypted for safe transactions.
How much does a property management system cost?
The pricing of property management software depends upon the number of properties owned by a person or the number of rooms in a hotel. While most of the PMS service providers have calculators on their websites or apps, one might have to get in touch with them to get a better understanding of the same.
Take a look at the budget of different kinds of PMS:
- A PMS made on a low budget might cost around $50 per month. However, there are chances of it going up according to the availability of properties and rooms.
- A premium PMS will cost around $200 per month even for the smallest of all properties, and the pricing might keep increasing with additional properties.
Things to be considered while choosing PMS software
The selection depends mostly on the type of industry your property belongs to. Next is the size of the property that should be taken into consideration while zeroing on software. There are many software developing companies in the market that offer the options of customizing for basic modules and properties.
Since many properties already have their platforms for reservations and their CRM, these should be able to figure out an integration plan for their platforms with the third-party services. Any decision should be made according to their functionality requirement. Take a look at the things that should be considered while developing software:
- Check integration options: If you already have the booking platform available for your hotel or a CRM system, you must check with the software developers (third-party) if the additional functions could be integrated with the already functioning platforms.
- Mobile access: Since everyone is using their mobile devices to make all bookings and lookup properties, it is best to ask the software developers to build software that is compatible with mobile phones.
- Cloud computing: This system is comparatively less expensive as compared to the on-premise software. Another thing that makes it better than any other system is that it can be updated at any time and its compatibility with third-party systems like GDSs.
- Ease of use: One of the most important things to consider while making the software is the user interface and the UX of the system. One should always try to make it as simple and comprehendible as possible so that the users do not have any issue understanding it.
- Customization: The PMS vendor should be able to offer the property owners the option of customizing. In case a person has put up the rooms from his property for rent, he should be able to change it to per bed system in the future course of his business.
- Customer support: Always read the reviews of other hoteliers and property owners who have got their PMS developed from a particular PMS vendor. This will help you understand the kind of work they have done in the past and whether or not they have succeeded in providing the customer care services post delivering the end product. Customer support in technical things is a must and can be needed anytime in the future.
- Calculate Return on Investment (ROI): You must always calculate the money that you will have to spend on getting a new PMS made or on getting one updated. There are several factors that will help you be sure if the PMS will pay off. Here are some of them:
- The amount of time it will reduce for the manual labor
- How it will change the revenue and distribution
- The cost that you will have to incur on the development of the software
- The amount that will be spent on its maintenance
Apart from being used in the hotel and hospitality industry, PMS is also used in real estate, manufacturing, and local government industries. It has not only made the hotel industry function smoothly, but one can have access to it from anywhere in the world.
It helps a property maintain its reputation and offers a seamless experience to the users and guests. From a single booking to group bookings, the PMS offers an array of functions to its users.