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5 Core Functions of a Property Management System

Updated: May 18, 2022

picking a propterty managment systemWhen choosing a property management system (PMS) for the vacation rentals you manage, there are many features and functionalities you should take into account in order to choose a system that perfectly meets the needs of your business. Since it’s easy to feel overwhelmed by the wide variety of software solutions available for short-term rentals, this article breaks down the 5 most important functionalities you should look for in the systems you consider for your company.

  1. Channel Management

    – This feature is a must for any vacation rental manager who uses different vacation rental listing sites (OTAs) to advertise multiple properties. What this feature does is to ensure a total and seamless integration of all the calendars and booking channels that you use. This way, when a guest books a vacation rental through one channel, the reservation shows up in the calendars of the other channels in real-time. This reduces the risk of double bookings. Since the channel management functionality gives you access to multiple booking calendars at the same time, you can easily see availability, reservations, and cancellations, handle listings and guest inquiries, and also change dates, prices, and other details from an easy-to-use dashboard. Therefore, the channel management functionality can put an end to the hassle of managing multiple accounts on different vacation rental listing sites.
  2. Property Management

    – By using this feature, you can handle various tasks, including housekeeping and maintenance. In general, the property management functionality allows you to assign user roles to team members and third-party service providers and establish what they can do or see on the platform based on their roles and responsibilities. With the help of this feature, you can also schedule and assign tasks to your employees or external service providers, keep track of daily operations, and make changes in just a few clicks. Since this functionality is synchronized with other features, the information gets updated instantly throughout the entire system as soon as you enter or change any details. As a result, you don’t need to spend extra time updating information or contacting your staff to communicate the latest updates.
       
  3. Revenue Management

    – With the help of the revenue management functionality, you can set different standard and seasonal rates for each property and/or channel. Furthermore, revenue management capabilities can help you streamline your pricing process. As a result, you can easily optimize your pricing plans based on seasonality, occupancy, and other variables that may affect the vacation rentals you manage. For higher efficiency, some advanced solutions can be set up to update pricing automatically. By choosing such a system, a vacation rental manager can stay competitive in today’s rapidly changing business environment. 
  4. Accounting

    Accounting is one of the most difficult parts of running a successful vacation rental management company. But if you select a PMS that is seamlessly integrated with an accounting module, you can control a variety of accounting-related tasks quite easily. For instance, you can use accounting functionality to make payments, keep track of financial information, including invoices, recipients, transfer statuses, etc., and issue different financial statements. Needless to say, financial statements deliver the best way to take your vacation rental management business to the next level. That’s because they give you an accurate picture of your finances and assets whenever you need it, while also indicating where your revenue is coming from and how you can reduce your operating costs. But the greatest thing about integrated accounting functionality is that you can forget about endless calculations. When using a comprehensive PMS, the software will do all the calculations for you, so you know exactly how much you’ve spent, earned, and owe in taxes every time you issue financial statements.
  5. Task Automation

    – Integrated with various software solutions, a comprehensive PMS can automate a series of routine operations, which range from adjusting nightly rates based on specific pre-set rules to responding to inquiries and sending updates to guests regarding their reservations. 

The property management system is a platform that you’ll use every single day to run every aspect of your business. Although there are different solutions specifically designed for short-term property management companies, the PMS you intend to select for your business should have the right suite of features for your operational needs. This is the most important aspect you should consider if you wish to run your company as well as the properties you manage as efficiently as possible. If you’re looking for a vacation rental management solution that isn’t only user-friendly and integrated with different features, but also ready to make your life easier and maximize your company’s performance, feel free to contact our friendly professionals today or schedule a free personal demo!  

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