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How can property management innovation help you reduce costs?

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Property management is a complex and demanding task that requires constant attention, coordination, and optimization. If you are a hotel owner or manager, you know how challenging it can be to keep up with the changing needs and expectations of your guests, staff, and suppliers. You also know how important it is to reduce costs and increase efficiency, especially in times of uncertainty and competition. That's why property management innovation can be a game-changer for your business. In this article, we will explore how you can leverage the latest technologies and trends to streamline your operations, improve your guest experience, and save money.

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1 What is property management innovation?

Property management innovation refers to the adoption and implementation of new or improved solutions that enhance the performance and functionality of your property management system (PMS). A PMS is a software platform that helps you manage various aspects of your hotel, such as reservations, check-in and check-out, billing, housekeeping, maintenance, inventory, reporting, and more. By innovating your PMS, you can automate and simplify many of these tasks, reduce human errors, and integrate with other systems and platforms, such as online travel agents (OTAs), revenue management systems (RMS), customer relationship management (CRM), and social media.

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Pavlos Skoufis MSc

CTO & Revenue Manager ?? I lead hotel & real estate investments ?? Property Management ?? Vacation Rentals ??? Real Estate Development
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While PMS systems are continuously evolving with useful and innovative functionality for managing properties. Understanding how these can be compatible with in-house teams and internal processes helps evaluate the innovations. While some products might be great for example housekeeping, they may not be compatible with all OTAs or your specific CRM system.

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2 How can property management innovation help you reduce costs?

Property management innovation can help you reduce costs in several ways. First, it can help you optimize your occupancy and pricing strategies by providing you with real-time data and insights on market demand, competitor rates, and guest behavior. This way, you can adjust your rates and availability accordingly, maximize your revenue per available room (RevPAR), and avoid overbooking or underbooking. Second, it can help you save time and labor costs by automating and streamlining your workflows and processes, such as reservation confirmation, guest communication, invoicing, payment processing, and staff scheduling. This way, you can reduce manual work, increase productivity, and enhance staff satisfaction. Third, it can help you lower your operational and maintenance costs by enabling you to monitor and control your energy consumption, equipment performance, and inventory levels. This way, you can reduce waste, prevent breakdowns, and ensure quality standards.

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Jon Haxhiavdyli

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Also good training of personel may lead to real reports of waste and a smaller waste that directly give you the opportunity to take measures about your expenses and costs .

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3 What are some examples of property management innovation?

Exploring and implementing property management innovation in your hotel can be beneficial. Cloud-based PMS is a popular option, as it offers scalability, security, flexibility, and affordability. Mobile PMS is another option, allowing you to manage your hotel from anywhere and anytime. Artificial intelligence (AI) and machine learning (ML) can also help improve decision making, forecasting, personalization, and guest satisfaction by analyzing guest preferences and feedback, segmenting the market, generating dynamic pricing and recommendations, and creating chatbots and voice assistants.

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4 How can you get started with property management innovation?

If you are interested in property management innovation, you may be wondering how to get started and the steps you need to take. To begin, assess your current situation and identify your goals and needs. Consider the main pain points and challenges you face in property management, as well as the areas you want to improve or optimize. Additionally, research and compare different options and solutions. Consider their features, benefits, costs, requirements, integration with existing systems, and compliance with regulations and standards. Finally, choose the best solution for your hotel; one that meets your goals and needs. You will need to install and configure it in your hotel, as well as train and support staff and guests to use it. Lastly, monitor and evaluate its performance and impact.

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Pavlos Skoufis MSc

CTO & Revenue Manager ?? I lead hotel & real estate investments ?? Property Management ?? Vacation Rentals ??? Real Estate Development
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The most important evaluation criteria have to do with compatibility with internal processes. Hotels with multiple properties need also to access local and distributed processes. If you are planning to use such a system across teams, one of the most difficult problems is the interoperability of the system with staff (mobile) devices. Some staff may be using old or outdated mobile phones which may prohibit them from accessing the system. My view is that cost is the least important aspect. Focus on what could work best for your organization and which features are must-haves for improving operations and ultimately reducing costs. Cloud solutions tend to be best because they do not require onsite updates and have minimum downtime.

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5 What are the benefits of property management innovation?

Property management innovation can bring you many benefits, both short-term and long-term. For example, it can improve efficiency and productivity by automating and simplifying tasks, optimizing workflows, and increasing speed and accuracy. It can also increase revenue and profitability by optimizing occupancy and pricing strategies, creating value-added services, and cross-selling opportunities. Additionally, it can enhance guest experience and loyalty by offering more convenience, comfort, and personalization. Finally, it can reduce costs and risks by lowering operational costs, protecting data and assets, and reducing cyberattacks.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Pavlos Skoufis MSc

CTO & Revenue Manager ?? I lead hotel & real estate investments ?? Property Management ?? Vacation Rentals ??? Real Estate Development
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Having a reliable backup solution in the event of a system outage is key to avoiding operational nightmares, such as guests not being able to check-in, or cleaners not knowing which rooms they have to clean. It can be really challenging, but planning for emergency scenarios beforehand ensures a high-quality service is maintained.

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How can property management innovation help you reduce costs?

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1 What is property management innovation?

2 How can property management innovation help you reduce costs?

3 What are some examples of property management innovation?

4 How can you get started with property management innovation?

5 What are the benefits of property management innovation?

6 Here’s what else to consider

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