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How have property management systems adapted to new challenges?

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Property management systems (PMS) are software platforms that help property managers handle various aspects of their business, such as reservations, accounting, maintenance, marketing, and communication. However, the recent changes in the market, customer behavior, and technology have posed new challenges for PMS providers and users. How have property management systems adapted to these new challenges? In this article, we will explore some of the ways that PMS have evolved to meet the changing needs and expectations of the industry.

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1 Cloud-based solutions

One of the major trends in PMS is the shift from on-premise to cloud-based solutions. Cloud-based PMS offer several advantages over traditional systems, such as lower upfront costs, easier scalability, faster updates, and better security. Cloud-based PMS also enable property managers to access their data and operations from anywhere, anytime, and on any device, which is especially important in the era of remote work and mobility. Moreover, cloud-based PMS allow for better integration with other software and platforms, such as channel managers, revenue management systems, payment gateways, and guest communication tools.

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Smart Chick Megan Orser, CALP,HCCP CPM Candidate

CEO & Business Strategist at Smart Apartment Solutions & Smart Moves ?? National Speaker ?? Two Time NAA Excel Award Winner @smartapartmentsolutions , @smartmovesmngmnt
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When we kicked off our management firm in 2014, we opted for QuickBooks and faced some challenges. In 2019, we made the smart move to contract with Yardi Breeze, and we've never looked back. The cloud-based software has been a game-changer, allowing us to streamline processes and save time for both us and our clients. The flexibility is fantastic—I can access the platform from anywhere, and they're even working on an app to enhance our experience. Managing a mix of single-family homes, duplexes, and commercial spaces is a breeze with the all-in-one dashboard, and the cost is remarkably affordable. Looking back, I only wish we had made the switch sooner. Lesson learned!

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Samuel de Saint Laurent
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C’est très récent, effectivement que les systèmes de gestion immobilière proposent des solutions basées sur le Cloud. Cela facilite grandement les mises à jour le support. L’industrie immobilière a longtemps été basée sur de vieilles infrastructures sous prétexte que le cloud était moins sécurisé…

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2 Data-driven decision making

Another way that PMS have adapted to new challenges is by leveraging data and analytics to support decision making. Data-driven PMS can help property managers optimize their performance, revenue, and profitability by providing insights into key metrics, such as occupancy, ADR, RevPAR, guest satisfaction, and market trends. Data-driven PMS can also help property managers identify and address issues, such as overbooking, cancellations, maintenance requests, and complaints. Furthermore, data-driven PMS can help property managers personalize their services and offers to their guests, based on their preferences, behavior, and feedback.

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Smart Chick Megan Orser, CALP,HCCP CPM Candidate

CEO & Business Strategist at Smart Apartment Solutions & Smart Moves ?? National Speaker ?? Two Time NAA Excel Award Winner @smartapartmentsolutions , @smartmovesmngmnt
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Transitioning to a cloud-based platform has transformed the way we operate. Accessing data swiftly allows us to make better, more timely decisions than ever before. Gone are the days of feeling overwhelmed during calls with owners, juggling information from multiple sources. With everything streamlined into one system, we can now keep our fingers on the pulse of what's going on and adapt quickly.

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3 Contactless technology

A third way that PMS have adapted to new challenges is by incorporating contactless technology to enhance guest safety and convenience. Contactless technology refers to any feature or function that reduces or eliminates the need for physical contact or interaction between guests and staff, such as online check-in and check-out, mobile keys, digital signatures, self-service kiosks, and chatbots. Contactless technology can help property managers comply with the health and safety protocols and regulations imposed by the pandemic, as well as meet the demand for more seamless and frictionless guest experiences.

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Smart Chick Megan Orser, CALP,HCCP CPM Candidate

CEO & Business Strategist at Smart Apartment Solutions & Smart Moves ?? National Speaker ?? Two Time NAA Excel Award Winner @smartapartmentsolutions , @smartmovesmngmnt
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As we transitioned to a cloud-based system, it opened up a world of possibilities, including an online application system that empowers clients to complete the application process remotely. With the shift to self-guided tours, we've embraced QR codes, providing a seamless starting point for new applicants and an easy access point for new residents at move-ins. Now, they can effortlessly navigate the resident portal for work orders, payments, and communication.

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4 Automation and AI

A fourth way that PMS have adapted to new challenges is by using automation and artificial intelligence (AI) to streamline and improve their processes and tasks. Automation and AI can help property managers save time, money, and resources by automating repetitive and manual tasks, such as invoicing, reporting, inventory management, and housekeeping scheduling. Automation and AI can also help property managers enhance their guest service and engagement by automating communication, feedback collection, upselling, and loyalty programs. Additionally, automation and AI can help property managers learn from their data and generate predictions and recommendations to optimize their strategies and outcomes.

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5 Sustainability and social responsibility

A fifth way that PMS have adapted to new challenges is by incorporating sustainability and social responsibility into their features and functions. Sustainability and social responsibility refer to the efforts and initiatives that property managers take to reduce their environmental impact and contribute to the social good, such as energy efficiency, waste management, green certifications, community involvement, and charitable donations. Sustainability and social responsibility can help property managers attract and retain more conscious and loyal guests, as well as enhance their reputation and brand image. PMS can support property managers in their sustainability and social responsibility goals by providing tools and options to measure, monitor, and report their impact and actions.

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6 Customer-centric innovation

A sixth way that PMS have adapted to new challenges is by adopting a customer-centric approach to innovation. Customer-centric innovation means that PMS providers and users focus on understanding and solving the problems and needs of their customers, both internal and external, rather than on developing features and functions for their own sake. Customer-centric innovation can help PMS deliver more value, satisfaction, and loyalty to their customers, as well as gain a competitive edge in the market. PMS can foster customer-centric innovation by involving customers in the design, development, testing, and feedback of their solutions, as well as by creating a culture of continuous learning and improvement.

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Murad Mubarak Lalani

Proprietor at Nest The Property Shop
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A sixth way that PMS have adapted to new challenges is by adopting a customer-centric approach to innovation. Customer-centric innovation means that PMS providers and users focus on understanding and solving the problems and needs of their customers, both internal and external, rather than on developing features and functions for their own sake. Customer-centric innovation can help PMS deliver more value, satisfaction, and loyalty to their customers, as well as gain a competitive edge in the market. PMS can foster customer-centric innovation by involving customers in the design, development, testing, and feedback of their solutions, as well as by creating a culture of continuous learning and improvement.

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7 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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How have property management systems adapted to new challenges?

1

2

3

4

5

6

7

1 Cloud-based solutions

2 Data-driven decision making

3 Contactless technology

4 Automation and AI

5 Sustainability and social responsibility

6 Customer-centric innovation

7 Here’s what else to consider

Property Management

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How have property management systems adapted to new challenges?

1

2

3

4

5

6

7

1 Cloud-based solutions

2 Data-driven decision making

3 Contactless technology

4 Automation and AI

5 Sustainability and social responsibility

6 Customer-centric innovation

7 Here’s what else to consider

Property Management

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