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Top Property Management System Software in 2020

Finding the best Property Management Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

Table of Contents

What is Property Management Software?

Property management software (commonly also known as PMS System in business parlance) is completely computerized in function and facilitates the smooth running and management of properties (on rent or for guest usage). It looks into maintenance, legal issues and personnel coordination from a single source. Earlier this software was available as a computer based software requiring multiple installations on different computers. The new generation web based PMS application use cloud computing technology to offer solutions to your business.

PMS software is the central aspect of any property's operations that involve processing reservations and keeps tracking with updates on check-in and check-out. It tracks the number of rooms are to be sold (or rent out). It supports front desk accounts, marketing as well as connecting and coordination with other communication systems such as telephones, booking and reservation updates  and sometimes even restaurant management (if it is part of the property package). 

Specifically designed for the hospitality industry, this software for property management looks into basic aspects like coordination and operation of front desk administration, planning, sales and also has additional functions like bookings, guest information, online reservations, POS, accounts, HR management, inventory management, bills on food and drinks, maintenance, quality checks etc. This software can be used in conjunction with other software systems that you may already be using at your property.

This software is a must for those people who want to brand their property into a business entity and earn good revenue without the headache of remembering all the details that are involved into the maintenance and running of the property. This software is also taken up by heritage property managers who need a robust system in place to take care of their property and hospitality aspects.

How Property Management System Software can help your business?

Property software gives you the technology and tools to make truly informed decisions daily about every aspect of your hospitality business; thereby reducing costs, better services to the guests and accurate inventory updates.

Advantages:

  • This software is not very costly and can easily fit in the budget of the buyer. Most software come with additional features which can be bought based on your needs.
  • Property software is easy to use. All the aspects are visible to the user making it easy to navigate and find any data.
  • The software for property management has different modules that you can specifically create according to your departmental needs. This makes it easy for you to coordinate and handle work.
  • Since this software is hosted on cloud computing; the software makes it compatible for the user as well as the guests; making it easy for the prospective guests to book/reserve place easily.
  • Most of the property management software comes with the integrated feature of supporting multiple languages and even multiple currencies.

Disadvantages:

  • Power cut at the time of data input or while booking or reservations; will not save the data.
  • If the information related to the guests is wrongly fed in; the guest might get irritated
  • At the time of auditing at night; all users have to be logged off. Moreover, lapse of a single night audit can create havoc for your business the next day.
  • If there is a virus problem it might affect the saved data and the guest might be given wrong information
  • The staff must be trained to use the software with care.
  • The property software solutions renewal policy has to be taken into account with all the terms and conditions involved
  • Many cities or countries might not have face to face support from the software vendor except via online.

Essential features of a Property Management Software:

Support:

  • Manage a single or all group of properties
  • Categorize the rooms of the properties and amenities
  • Unlimited user accounts possible
  • Updated financial data available

Managing Charges/Rates:

  • Special pricing for holidays, weekends and short term vacations are automated
  • Revenue distribution and generation data
  • Automated surcharge costing add-on
  • Multiple rates sequenced into a single stay for guest’s convenience

Bookings/Reservations:

  • Updated status of rooms
  • Room availability can be checked by the guests themselves
  • Guest details are easily formatted in free format forms available
  • Reservation page gives all data in single view
  • Records can be archived
  • Guest details can be saved for future reference
  • Reservation page search and navigation is easy
  • Details like special guest requests and late arrival or check in are automatically updated
  • Sync of reservations from emails and mobile apps

Bookings / Checkin and Check out:

  • Guests can enter start/end days of their stay and also select their rooms
  • Guest can get Real time updates on availability of the rooms and their charges & confirmation updates on their reservations.
  • Synchronization of multiple usage rates and packages into the guest billing
  • Guest account creation and confirmation emails to guests are automated
  • Integration of booking systems and Coordination of data with links like expedia.com, yatra.com and similar websites
  • Automated room allocation (self service check in service)
  • Credit card processing that is secure in online and offline transactions
  • Void transactions and update check out data in night audits
  • Multiple currency payments
  • Group check outs with streamlined invoices and bills with Extension of stay updates 

Ancillary Services:

  • POS services data updates in café, store, laundry
  • Additional charges like phone calls, wifi, movies on demand etc automated into guests account
  • Payments processing of credit cards

Accounts and Finance:

  • Daily/weekly/monthly reports in summary
  • Detailed property status
  • Balances of payments that are not due, due or overdue
  • Cancellations or no-shows and communication of refund policies
  • Commission to websites like expedia.com or yatra.com
  • General or Corporate billing ledger

Maintenance and Administration:

  • Room status updates
  • Internal communication
  • Report of assignments
  • Daily task lists for housekeepers
  • Record of repairs and maintenance undertaken
  • Reports of scheduled arrival and departure of guests
  • Staff training

Related Content:

Showing 1 - 25 of 374 products

#1

Hotelogix PMS

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#2

Buildium

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#3

AppFolio

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Nikunj DudhatBy Nikunj Dudhat | Last Updated: October 27, 2020

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