There are many strategies to increase revenue for your property rental business. It’s just like an on-going game where the strategy differs from its size and type of the property you’re owning. The major drawback is many of them fix or follow the strategy in the starting period and they will forget to update it.
For example – In the starting period of the launch, they would have fixed a price for their rental business, and the offers will not be changed in the upcoming periods. This will majorly drop on their revenue.
The offers have to be changed according to the seasons and time being. The key factor of maximizing your revenue is to sell the right room to the exact customer. This is known as revenue management through customer perspective, the proper revenue management can gradually increase your profits. The revenue management can be done with the proper PMS and RMS. Here this blog will provide you the exact info about the PMS and RMS, and how they both optimal your profits. This blog will be perfect fits for the entrepreneurs and the rental managers.
PMS: Is it a Driving Factor for an Online Rental Business?
PMS – Property management software is one of the essential parts of the revenue management process. Property management is essential for the one who is growing in their rental business, it helps to manage the reservations and communicate with the guest in one application. It also aids you to visible all your bookings in one calendar and keeps tracking your incomes.
For example – You can chat with the guest who has placed their booking in A and the other guest who has booked your property B.
It helps the hoster to save time and hassle-free updates across various OTAs and etc. Though PMS is the fundamental tool for revenue management. It will not fit all the rental bookings. The main issues faced in today’s PMS are improper management of the application in simple words not well designed or optimized application. This leads to more difficulties to the manager or the admin who handles it.
By now you might have a clear understanding of PMS and how it drives your rental business and this also optimizes your workflow easier than before. Now let me tell you about the RMS and its impact on the rental business.
RMS: How does RMS impact the rental business? Is it Automated RMS
RMS – Revenue management software that always keeps your rate and room inventory up to date. It will recommend the optimal price at which you can sell your rooms. This allows you to maximize your rental efficiency.
RMS makes the complex calculation easy and quick and this also keeps you updated with the market in real-time tracking. The importance of revenue management software is listed below.
- Rate recommendations – It allows for quick calculation and allows us to manage the room rate in the main dashboard easily and quickly.
- Competitors analysis – This feature helps you to know about your competitor’s room rate in your region. So when you know about your competitors it will be easy to adapt to the new strategies.
- Revenue estimates – it allows you to set the room rate according to past history. This will also allow you to gain revenue and profit you like to gain at the current room rate.
As I mentioned before it will allow you to sell the right room for the right customer at the right time. Many of them doubt that then a senior revenue manager and an automated RMS can replace that place? The software can not replace a manager because they might be doing beyond pricing and planning. But still, it’s better to use an automated RMS which reduces the maximum workload.
By now you might know that both the RMS and PMS are more important for the rental business industry. Keep reading to know how our software optimizes your revenue.
How SpotnStay fit the PMS and RMS to optimize your revenue
SpotnStay is the software solution for all the issues that are faced by the manager or the host of the rental booking business. As I mentioned above, the benefits of the PMS and RMS. Once They both work together will provide more revenue in your business. Here let me tell how they both work together. The PMS will allow the reservation, modification and cancelation info to push automatically to the RMS. The RMS will analyze the rental data and will provide real-time pricing recommendations. The recommended rate by RMS will be automatically sent to the PMS.
Why go for software rather than the manual process? The manual process is not only a time-consuming process and it won’t be accurate due to the incomplete data and errors due to manual calculations.
The benefit of our software is it will integrate the hotel/rental PMS seamlessly with the revenue management process for greater efficiency and accuracy. Together they both PMS and RMS tools will provide you a maximum revenue in your rental business.
Save your time now and maximize your booking today with us. We know that every rental business is different from one to another, that’s why we recommend you talk with our business lead about your needs today. I’m sure that we will give you the right solution for you. Just a few more steps to reach us, fill the following details below and we’ll reach you soon.