What is a property management system?

Are you a property manager, business owner, or hotelier? A property management software can make your life easier. A property manager software (PMS) is a software application built for hospitality accommodations, commercial residential rental properties, and other buyers who manage a type of property business (for example, self storage areas and parking garages).

What does it do?

We stand by our vision, which is to create a new way of working and empowering our clients to surpass their business expectations, increasing time efficiency, boosting revenues and improving customers’ experience.

PMS
  • Bookings
  • Reservations/ check-in and check out
  • Cloud Telephone systems and PBX integration
  • Point of sale (POS) integration
  • Inventory management
  • Maintenance and housekeeping scheduling
  • Event planning
  • Reporting
  • Accounting
  • Security processes
Why is a PMS important? It can:
  • Reduce your workload
  • Improve guest experiences
  • Make processes more efficient
  • Maintain the financial health of your business
  • Provide transparency on business operations like maintenance
What industries does it apply to?
Real estate
Manufacturing
Intellectual property
Government
Logistics
Hospitality accommodation management

What should you consider when you’re buying a PMS?

  • Does it perform the basic functions you need, like invoice processing?
  • Is the price appropriate for your budget?
  • Is the software cloud-operated so that you can access it anywhere?
  • Is it user-friendly?
  • Does the vendor offer a complete demonstration?
  • Does the vendor offer a free trial period you can use to test out the product?

When it comes to managing properties and accommodation spaces, you have to wear many hats, from communicating with guests to keeping track of payments. However, it doesn’t have to be a daunting task. The right platform can ease the burden of day-to-day operations so you can focus on what’s important: keeping your guests happy.

The history of Property Management Systems

A PMS is a centralized system to organize, schedule, and perform the day-to-day functions and transactions involved in rental and hospitality businesses. This means automating tasks like:

1970’s

The beginning of the Industrial Revolution, which facilitated the construction of hotels in mainland Europe, England, and America.While inns and family-style management were popular, modern innovations began cropping up. The Tremont hotel in Boston was the first with an ‘a-la-carte’ menu and indoor toilets, and The Holt House in New York City was the first to offer a lift for luggage.

1970’s

The beginning of construction of hotels for business people. Several factors sparked the movement, such as:

  • Airlines willing to extend their efforts into the hotel domains.
  • The prosperity in the Middle East, attracting business people all over the world. This initiated the development of hotels primarily for business people in Middle Eastern cities like Dubai, Abu Dhabi, Riyadh, and Jeddah. This kicked off the development of international hotels.
1980’s

The first administrative hotel management systems appeared on the market, offering greater independence from human resources. The hotel industry became more competitive and business travelers and retirees became important targets.

1990s-2001

The dotcom boom was in full effect. Over-the-Air programming meant that websites were more accessible and better quality. Operational Data Stores enabled the integration of data from multiple spaces.

2002-2018

Google and startup culture flourished, with plenty of new entrants to the property management software space like Cloudbeds and Mews. Web experiences became accessible on multiple devices and platforms. Metasearch enabled business discoverability, and travel sites like Orbitz surged in popularity.

2016

Booking Ninjas has arrived as an all-in-one solution built with an underlying Salesforce platform. To satisfy the consumers of today, the platform is cloud-hosted, mobile accessible, and equipped with Salesforce’s Einstein AI for real-time data, communication, and insights.

Future
outlook

The demand for mobile accessible, cloud and AI-driven technology will only increase. According to Forbes, “Property managers have been using software to assist with managing their properties for years….AI apps will just be a natural extension of this wave of adoption...They won’t replace current software solutions, they will complement them.” AI bots can do everything from communicating with tenants to turning data into emails. AI will surely be a fundamental component in PMS solutions in the near future.

Conclusion

The demand for mobile accessible, cloud and AI-driven technology will only increase. According to Forbes, “Property managers have been using software to assist with managing their properties for years….AI apps will just be a natural extension of this wave of adoption...They won’t replace current software solutions, they will complement them.” AI bots can do everything from communicating with tenants to turning data into emails. AI will surely be a fundamental component in PMS solutions in the near future.