The acronym PMS stands for Property Management System.
These are systems that solve in one place everything related to the management of temporary rental properties, facilitating the administrative tasks related to reservations, such as calendar management, rate scheduling, sending messages, etc.
Originally, these systems were developed for the purpose of managing hotels, but today they have diversified and there are specific PMSs for short-term rental of apartments and houses.
What are the advantages of having a Property Management System?
1. Channel Managers
The PMS is connected to the OTAs (online travel agencies) through a Channel Manager. Thanks to the connection between both parties, Channel Managers allow working with one or several properties at the same time, automatically updating rates, availability and bookings in several agencies simultaneously.
This facilitates calendar management and avoids duplicate bookings for the same property at the same time, which would happen if two guests chose to book the same apartment through two different agencies, such as Booking and Airbnb.
In addition, Channel Managers provide performance reports that facilitate decision making on marketing and sales strategies.
2. Single calendar
Having a single calendar that centralizes the reservations made through different OTAs is an undoubted advantage that facilitates organization, since it allows you to see and manage all the information in a single place without the need to go from one calendar to another to match reservations, close days, modify prices, etc.
On the other hand, OTAs instantly update their platform’s internal calendar based on what is happening on other platforms, thus achieving a centralized global calendar and avoiding what was mentioned in the first point: receiving duplicate bookings for the same property (known as overbooking).
This convenience for managers is also an advantage for guests, who can make their choice of location and dates from a single online travel agency (OTA) with the assurance that availability and pricing information is up-to-date and synchronized across all platforms and that once they have booked a location on a date it will be blocked to other interested potential guests.
3. Several users at the same time
Property Management Systems can be managed by several users at the same time, as these systems allow several user accounts to be accessed at the same time.
In the case of individuals or companies that manage only a few properties, there are usually only one or two managers who log into the system to perform the administration. But when it comes to managing several properties at the same time, the option of having many user accounts with simultaneous access enables the work of teams with different roles, schedules and spatial locations.
4. All messages in one place
Responding to inquiries, communicating with potential and current guests at each property and resolving situations during stays are time-consuming daily activities that require organization and control in order to do so quickly and clearly and not leave messages unanswered.
Therefore, the use of a Property Management System offers a great advantage in this task, since it centralizes in the same interface the messages received and sent from all the managed properties.
Each PMS user can choose to view the messages of a single property, of all the properties of an administrator, or of all the properties managed by the company, being able to filter in each case by pending, sent, received, etc. messages.
5. The cloud
Property Management Systems software is hosted in the cloud. This allows access at any time and from anywhere, whether with a cell phone, tablet or computer. In addition, there is no need to install programs or apps. All you need to do is log on to a web browser.
6. Customizable accounting, billing, reporting and reporting services.
In addition to facilitating and optimizing the daily tasks related to the management of each property, Property Management Systems offer accounting services, billing, reports and customizable reports, which can be useful to save time in daily work and make projections.
The accounting and finance modules, for example, allow for receipts and settlements and efficient tracking of incoming and outgoing payments, as well as accounts in general.
7. Task scheduling
Another benefit that favors the organization and supervision of the team is the option provided by Property Management Systems to program tasks for each person or work group, with the possibility of assigning different roles, such as the administration of reservations, the reception and dismissal of guests(checkin and checkout), the functions of cleaning and control of the elements and the state of the property, the response to messages and the creation of automatic messages, marketing, etc.
One thing to note is that PMS software is not always listed as Property Management System. It is also known as “vacation rental software” or “property management software”.
