3 Ways to Maximize ROI with Your Property Management Software

Maximize ROI with Your Property Management Software

While property management software is essential to running the day-to-day operations of a hotel, there are specific value-added functionalities that can have a direct impact on the bottom line. With upfront, as well as ongoing costs to maintain the software, hotels today want the peace of mind that their property management software solution will provide value on a continual basis. During the research phase, most hotels are looking for software that can streamline operations, automate processes, and enhance efficiencies – all while increasing revenue at the same time. Although this may seem like a lot to ask of a software system, technology has continued to evolve, and solutions are more intuitive and robust, helping to meet the needs of the hospitality industry today. With that being said, let’s take a look at three important features of property management software that can help improve the overall return on investment for any hotel.

Upsell Opportunities Through the Property Management Software
With the added functionality of a property management software comes the ability to upsell guests right from the front desk upon check in. Whether it is a room upgrade, activities, special requests, or all of the above, a complete property management software should allow your front desk staff to easily and quickly offer upsell opportunities. Not only does this provided added value for the guest, who may not have been aware of the additional services or amenities, but it also helps to increase the overall dollar spent per guest – which has a positive impact on your bottom line. In addition, as an added bonus, guests are likely more satisfied that your front desk staff was helpful and potentially improved their stay, which helps increase the chances of a positive review online and the likelihood of even more guests staying at your hotel in the future.

Automatic Yielding of Rates with Property Management Software
One of the benefits of implementing a complete property management software at your property is the ability to reduce manual processes through the ability to automate certain tasks. One particular function that helps save time while increasing revenue is the ability to setup automatic rate-tiering based on occupancy levels. While this may seem like a basic functionality, by adjusting rates to either increase or decrease based on the level of occupancy can have a huge impact on profitability. For example, if the hotel is only at 40% of capacity, you may set the average price per room to a lower rate to help drive business to your property. On the other hand, if the hotel is at 70% of capacity, then it may be in the best interest of the hotel to increase the average daily rate as rooms are limited. The key here is that all of this can be automated in the property management software through a rate manager tool that takes away the stress and reduces the time spent needed to maximize value at your hotel.

Leverage Mobile Functionality within the Property Management Software
Whether it’s mobile payments, apps, or communication via chat, guests today are expecting to be able to do more with their mobile devices before, during, and after their stay at a hotel. While many properties have yet to fully embrace mobility, this will soon no longer be an option, especially with the rise of younger, more sophisticated guests staying at hotels. With that being said, there is a case to be made for the return on investment when it comes to implementing mobility. For example, the ability to send push notifications to a guest can help enhance their stay, as they may feel a more personal connection with the hotel, while also helping to increase the possibility of additional value-added requests such as late checkout or other services offered. Additionally, staff-facing mobility helps free up front desk staff from behind the counter, helping to reduce lineups while speeding up both the check in and check out process. Although these may seem like minor benefits, the ability to increase reach when it comes to your guests not only stands to improve their satisfaction, but also helps to increase the overall value per guest, thus helping to increase your bottom line.

Interested in learning more about how the Jonas Chorum suite of property management software solutions can help your hotel maximize ROI? Request a demo today and see our software in action!

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