Best Property Management Software

Property Management Software: A Buyer's Guide

Property management software (commonly also known as PMS System in business parlance) is completely computerized in function and facilitates the smooth running and management of properties (on rent or for guest usage). It looks into maintenance, legal issues, and personnel coordination from a single source. Earlier this software was available as a computer-based software requiring multiple installations on different computers. The new generation web-based PMS application uses cloud computing technology to offer solutions to your business.

PMS software is the central aspect of any property's operations that involve processing reservations and keeps tracking with updates on check-in and check-out. It tracks the number of rooms to be sold (or rented out). It supports front desk accounts, marketing, connecting and coordinating with other internal communication systems such as telephones, booking, and reservation updates, and sometimes even restaurant management (if it is part of the property package). 

Specifically designed for the hospitality industry, this software for property management looks into basic aspects like coordination and operation of front desk administration, planning, and sales. Also, it has additional functions like bookings, guest information, online reservations, POS, accounts, HR management, inventory management, bills on food and drinks, maintenance, quality checks, etc. The property management system can be used in conjunction with other software systems that you may already be using at your property.

Property management software is a must for those who want to brand their property into a business entity and earn good revenue without the headache of remembering all the details involved in the property's maintenance and running. This software is also taken up by heritage property managers who need a robust system in place to take care of their property and hospitality aspects.

How can Property Management System Software Help Your Business?

Property software gives you the technology and tools to make truly informed decisions daily about every aspect of your hospitality business; thereby reducing costs, providing better services to the guests, and providing accurate inventory updates.

Advantages:

• _{^{This software is not very costly and can easily fit into the budget of the buyer. Most software has additional features that can be bought based on your needs.}}
• _{^{Property software is easy to use. All the aspects are visible to the user making it easy to navigate and find any data.}}
• _{^{The software for property management has different modules that you can specifically create according to your departmental needs. This makes it easy for you to coordinate and handle work.}}
• _{^{Since this software is hosted on cloud computing, it makes it compatible with the user and the guests; making it easy for prospective guests to book/reserve places easily.}}
• _{^{Most of property management software comes with the integrated feature of supporting multiple languages and even multiple currencies.}}

Disadvantages:

• _{Power cut at the time of data input or while booking or reservations; will not save the data.}
• _{If the information related to the guests is wrongly fed in; the guest might get irritated.}
• _{At the time of auditing at night; all users have to be logged off. Moreover, the lapse of a single night audit can create havoc for your business the next day.}
• _{A virus problem might affect the saved data and the guest might be given the wrong information.}
• _{The staff must be trained to use the software with care.}
• _{The property software solutions renewal policy has to be taken into account with all the terms and conditions involved.}
• _{Many cities or countries might not have face-to-face support from the software vendor except online.}

Essential Features of Property Management Software:

Support:

• _{^{Manage a single or all groups of properties}}
• _{^{Categorize the rooms of the properties and amenities}}
• _{^{Unlimited user accounts are possible}}
• _{^{Updated financial data available}}

Managing Charges/Rates:

• _{Special pricing for holidays, weekends, and short-term vacations is automated}
• _{Revenue distribution and generation data}
• _{Automated surcharge costing add-on}
• _{Multiple rates sequenced into a single stay for the guest’s convenienc}^e

Bookings/Reservations:

• _{^{Updated status of rooms}}
• _{^{Room availability can be checked by the guests themselves}}
• _{^{Guest details are easily formatted in free format forms available}}
• _{^{The reservation page gives all data in a single view}}
• _{^{Records can be archived}}
• _{^{Guest details can be saved for future reference}}
• _{^{Reservation page search and navigation is easy}}
• _{^{Details like special guest requests and late arrival or check-in are automatically updated}}
• _{^{Sync of reservations from emails and mobile apps}}

Bookings / Checkin and Check out:

• _{^{Guests can enter the start/end days of their stay and also select their rooms}}
• _{^{Guests can get Real time updates on the availability of the rooms and their charges & confirmation updates on their reservations.}}
• _{^{Synchronization of multiple usage rates and packages into the guest billing}}
• _{^{Guest account creation and confirmation emails to guests are automated}}
• _{^{Integration of booking systems and Coordination of data with links like expedia.com, yatra.com, and similar websites}}
• _{^{Automated room allocation (self-service check-in service)}}
• _{^{Credit card processing that is secure in online and offline transactions}}
• _{^{Void transactions and update check-out data in night audits}}
• _{^{Multiple currency payments}}
• _{^{Group checkouts with streamlined invoices and bills with Extension of stay updates}} 

Ancillary Services:

• _{^{POS services data updates in café, store, laundry}}
• _{^{Additional charges like phone calls, wifi, movies on demand, etc automated into guests' account}}
• _{^{Payments processing of credit cards}}

Accounts and Finance:

• _{^{Daily/weekly/monthly reports in summary}}
• _{^{Detailed property status}}
• _{^{Balances of payments that are not due, due or overdue}}
• _{^{Cancellations or no-shows and communication of refund policies}}
• _{^{Commission to websites like expedia.com or yatra.com}}
• _{^{General or Corporate billing ledger}}

Maintenance and Administration:

• _{^{Room status updates}}
• _{^{Internal communication}}
• _{^{Report of assignments}}
• _{^{Daily task lists for housekeepers}}
• _{^{Record of repairs and maintenance undertaken}}
• _{^{Reports of scheduled arrival and departure of guests}}
• _{^{Staff training}}

Property Management Software Related Content:

• How to select the right PMS (Property Management System) or HMS for your hospitality business?