What are the most common property management systems and how can you choose the right one for your business?

1 Cloud-based vs. On-premise

One of the first decisions you need to make when choosing a PMS is whether to opt for a cloud-based or an on-premise solution. Cloud-based PMS are hosted on a remote server and accessed via the internet, while on-premise PMS are installed on a local computer or network and require hardware and maintenance. Cloud-based PMS offer several advantages, such as lower upfront costs, scalability, mobility, security, and integration with other online platforms. On-premise PMS may offer more customization, control, and reliability, but they also come with higher initial investment, IT support, and risk of data loss or theft.

2 Features and Functionality

When choosing a PMS, it is important to consider the features and functionality that it offers. Depending on the size and type of your property, you may need different capabilities and tools. Generally speaking, a PMS should have reservation management, guest management, accounting and billing, marketing and distribution, maintenance and housekeeping, and reporting and analytics. Reservation management allows you to create, modify, cancel, and track bookings from various channels. Guest management enables you to collect, store, update guest information, preferences, and feedback. Accounting and billing helps you manage income and expenses as well as process payments. Marketing and distribution assists in promoting your property and optimizing rates and occupancy across multiple channels. Maintenance and housekeeping allows you to schedule tasks related to the upkeep of your property. Lastly, reporting and analytics provides insights on performance trends as well as generate reports and dashboards.

3 Compatibility and Integration

When choosing a PMS, you should consider the compatibility and integration with other systems and software you use or plan to use for your business. For example, you may want to integrate your PMS with a channel manager, website builder, booking engine, revenue management system, and customer relationship management (CRM) system. A channel manager connects your PMS with multiple OTAs and synchronizes your availability, rates, and inventory across them. A website builder helps you create and manage your own website to showcase your property. A booking engine is a widget that allows guests to check availability, compare rates, and make reservations directly with you. A revenue management system helps you optimize your pricing strategy to maximize revenue and profit. Finally, a CRM system helps you build and maintain relationships with your guests by segmenting them, sending personalized messages, offering loyalty programs, and soliciting reviews.

4 Customer Support and Training

The final factor to consider when choosing a PMS is the customer support and training that it provides. A good PMS should offer reliable and responsive support, in case you encounter any issues or need any assistance. You should also check the availability, channels, and languages of the support team, as well as the cost and terms of the service. Additionally, a good PMS should offer comprehensive and user-friendly training, to help you and your staff learn how to use the system effectively and efficiently. You should also look for the availability, format, and duration of the training, as well as the resources and materials that are provided.

5 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?