WHAT DO PROPERTY MANAGERS, OR REAL ESTATE MANAGERS, DO?

What is a property management system?

A property management system (PMS) can sometimes refer to an online program or software designed for residential or commercial property management. However, more often it refers to software used in the hospitality industry to manage the day to day requirements of running a hotel or resort. Some property management software can integrate with hospitality applications already running such as revenue and yield management programs, front/back office systems and point of sale systems, while other property management systems offer complete solutions by including all of these functions in their package.

Property management systems are utilized by hotels of all sizes, resorts, casinos, and even conference centers and multi-property organizations. They can be based online with an application service provider (ASP), or hosted internally on the current computer systems of the business. Property management systems can be used to manage single or multiple properties, and basic functions might include features like these: guest check-in and check-out, guest profiles, tracking services, report generation, auditing, front and back office services, and security systems. Additional features are generally highly customized and can include amenities like restaurant or spa scheduling, housekeeping schedules, and gift card management.

Integrated to help lower costs, increase revenues, and provide better services to the customer, property management systems are a popular resource for hospitality companies. Often chosen by the number of units managed, number of locations, and number of employees forecasted to use it,1 property management systems can cost anywhere from a few hundred to several thousand dollars for internally hosted systems, or between a $50-$300 monthly charge for systems hosted online.2

The hospitality industry benefits from a wide array of property management systems today; with the range of features and integrations to choose from, there is a program that can be tailored to the specific needs of every company.

1"What To Look For In Property Management Software." Accessed April 17th, 2009.:
http://www.buyerzone.com/software/property_management/buyers_guide7.html
2"What To Look For In Property Management Software." Accessed April 17th, 2009.:
http://www.buyerzone.com/software/property_management/buyers_guide7.html
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