Six Key Components of a Property Management System

Six Key Components of a Property Management System

Over the last few years, channel managers have become more popular and relatively inexpensive and have become invaluable in managing any property. Choosing a channel manager with clear, two-way integrations with several distribution networks makes all the difference.

Fremont, CA: From 2019 to 2025, the global hospitality property management software market is expected to expand at an annual rate of 8.0 percent, reaching $1.17 billion by the end of the forecast period. The tourism industry is the primary growth propeller for this market. With the optimistic trend in travel and tourism, hotels and hospitality businesses are trying to keep up with demand while lowering costs and retaining high-quality service offerings. Managers and business owners can use property management software to keep track of tenants, availability, and bookings, as well as monitor accounting and financials.

Direct Booking Support

Direct bookings have become a hot topic in recent years, and rightly so. Online distribution platforms that can boost your property's revenue are amazing, but they come at a price. And as commission percentages rise, this cost may become substantial. However, if a traveler has made their way to your website, you are entitled to a direct booking. And if you have a simple direct booking engine on your website, you'll be far more likely to catch their attention.

Rate Plan Management

Rate schedule optimization is one of the most critical aspects of a property management system. In today's market, many factors influence your hotel's prices, such as distribution channel, season, day, and so on. As a result, different rate plans are essential. You can easily build rate plans and derived rate plans with a good property management system and then allocate them to reservations.

Customer Data Base

A good property management system can serve as a base for customer management. The contact details of past visitors is a valuable resource that many properties overlook. Email marketing is also alive and well, with 69 percent of companies investing time and resources in it. You can use it to keep in contact with previous customers about local happenings, deals, and other valuable details, in addition to tapping new leads.

A Drag and Drop Calendar

Any property management system must have an interactive calendar. Property owners, administrators, and staff may use a calendar to anticipate their reservations and availability in various ways. Managing rooms and reservations can be a lot of work, and a calendar can help you see things differently. You'll discover new ways to increase reservations and boost current flow.

Integrated Channel Manager

One of the most critical ways for small to medium-sized hotels to compete with large hotel chains is by distribution. Over the last few years, channel managers have become more popular and relatively inexpensive. They've become invaluable in the management of any property. When looking for a property management system, make sure it integrates with a robust channel manager.

Choosing a channel manager with clear, two-way integrations with a number of distribution networks makes all the difference. Although your property might not wish to engage in every available platform, you would want as many choices as possible.

Point of Sale

Point of sale integrations is one of those little details in a property management system that can make a big difference. With a point of sale integration, accepting and changing reservations is simple and easy. Property management systems that distinguish their point-of-sale from their reservation and transaction systems are more vulnerable to errors and data mismatches.

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