There are many different features to assess when evaluating a new hotel property management system. We know that hoteliers place similar importance on having their PMS streamline operations and increase revenue. A PMS with robust rate management features helps you do both.
Your property management system must have options to both automate rates and allow you to make manual updates on the fly. Here are the most important rate management features and how your PMS should handle them.
First and foremost, your PMS must have automated, dynamic pricing functionality. We recommend investing in a PMS that has occupancy-based rate tiering. Your rates should be informed by your overall occupancy on a given date.
For example, if a group block unexpectedly cancels, your PMS should be there to help. With occupancy-based rate tiering, your PMS sees that cancellation and responds to the unexpected occupancy decrease by lowering the available rates on that date to increase bookings.
It’s important that your property management system can create rate tiers based on specific parameters. But equally important is the question of how it distributes rates. Your PMS must have two-way interfaces with the booking channels that matter most to your property.
If you’re a franchised hotel, ask any potential PMS provider about their connectivity with your brand’s distribution system. For independent hotels, your PMS must have a two-way interface with your own booking engine, as well as key OTAs.
A two-way interface between your PMS and booking channels allows you to automate rates on third-party channels with high commission fees. Chorum PMS, for example, allows hoteliers to set thresholds on OTAs. Sell at your rack rate once you hit a specific occupancy threshold, or just turn off the distribution entirely.
Direct integration between your PMS and booking channels allows you to streamline operations by controlling rates from just a single interface.
Automating rates is important. But so is the ability to make quick, manual adjustments as needed. You’d be surprised by the number of property management systems that have too much automation. With those PMS providers, you set rates across a broad range of dates and automate from there, with no ability to make a quick, specific change.
On the other hand, with Chorum PMS you can jump in and make a manual update to specific dates as needed. If, for example, your upcoming weekend is picking up more than expected, you can go in and manually change the weekend rate without affecting your seasonal rates overall. Automation is important, but so is having more precise control when you need it.
Upgrade to a PMS with built-in revenue management tools
Your property management system can increase revenue. Jonas Chorum has built-in revenue management tools that allow you to do more with your PMS to streamline operations and increase revenue.
Chorum PMS’ rate manager allows you to create a number of rate tiers, and push that information where it needs to go. Change rates based on room type or rate code, and apply that with ease. Book a demo to learn more about Chorum PMS.