Property Management systems have been widely used for many types of businesses over the years – real estate, manufacturing, government and the hospitality accommodation management industry. Traditionally it was a paper-based system however with the growth in business, this manual system soon became highly inefficient and cumbersome. Through the growth of rental apartment owners and property management rights, it became obvious to those in the Hospitality Industry that computer software programming was required to deal with high rise unit management. So what is a PMS and what are the functions of a property management system?
A property management system (PMS) is software that acts as a centralised computer system for organising, scheduling and managing the day to day functions of an accommodation business.
While they have been traditionally associated with hotels, today Property Management Systems are used by all types of properties including bed and breakfast businesses, strata management companies, holiday homes and vacation rentals, aged care facilities, caravan parks and marinas. They can coordinate and manage property rental and holiday accommodation letting, management and guest accounts, housekeeping, maintenance, legalities, banking, debtors and personnel.
Also known as a PMS, as well as providing reservation management tools, a good Property Management Software will enable you to manage guest bookings including tracking and recording guest stays and special occasions like birthdays and anniversaries.
It should also allow the property owner to communicate with guests and send professional automated emails to guests pre and post stay. Property maintenance and housekeeping management tools will enable you to schedule work with minimum disruption to guests.
Many systems also integrate point of sale, telephone charges, daily and end of month banking and often trust accounting amongst many other things. Property Management Software may also interface with central reservation systems, channel management software to control accommodation availability, revenue, online channels and yield management.
HiRUM Property Management Software was created out of the need from property managers to have increased control over the management of the apartments they controlled within their letting pool. Over the years the functions of a property management system have grown to encompass all aspects of business management including front and back office solutions, banking and reporting. It’s a far cry from a basic reservation tool to manage the letting of rooms on a day to day basis.
Having worked with businesses across the industry including real estate management, hotels, motels and strata managers, HiRUM have developed a complete end to end solution that can manage just about every aspect of your property business including trust accounting. To find out more about HiRUM’s complete property management solution, give us a call on +61 7 5574 4990 or email: email@example.com
This article was first published in April 2012 and has been updated in July 2019.