With a wide variety of property management systems available on the market, what should you look for in a PMS? On the surface, implementing a PMS is a great way to streamline your operations and help you gain stability in your STR business.
Almost all PMS will have the ability to:
- Synchronize bookings across channels to ensure you don’t get double-booked
- Manage price distribution to all channels so that you can adequately control the rates and fees that should show up on each channel
- Manage content so you have a central place to provide your property contents, descriptions, amenities, and pictures and distribute that to each booking channel so you don’t have to update things manually.
These are core modules that handle rates, availability, and content.
Here are the common things to look for when shopping for a PMS:
- Channel Connections
While Airbnb is the predominant booking channel for many, other options exist, such as MTR-specific channels like (xx) and premier stays like (xx). While you don’t want to follow more-is-better, you want to make sure you can list the channels on which your guest avatar is shopping. If you’re not in the United States, this is even more important as you’ll want to ensure the local OTAs (online travel agencies) are supported. - Messaging
- Auto Messaging – Most PMS providers can send messages on your behalf throughout the entire booking journey. Some PMS providers will have predefined triggers (when messages should be sent) and templates (copy for each message).
- Responses – If you’re managing multiple properties across multiple channels, you may want a centralized place to manage all guest messages. This is especially important if hiring a team to handle guest communications. This ensures that your team has one place to message guests regardless of where they booked. Some PMS even have AI that will generate responses to messages should someone reach out. You may care more about unified messaging in a mobile app if you’re a smaller host. Not all PMSs have this, so look for it when shopping for a PMS.
- Damage Protection, Deposits, Identity Verification, and Rental Agreements
- Damage Protection and Deposits are typically add-on services provided by the PMS that are billed per booking to help protect your property if anything happens. Identity Verification adds an additional layer of protection to ensure responsible guests enter your home – this is even more important as you scale your direct bookings. Rental agreements also establish clear guidelines on how the property can and can not be used, protect you if something happens to your guests during a stay, and outline penalties for violating house rules.
Each PMS provider will have support for some or all of these. While you don’t necessarily need all these protections, you want to ensure you take the necessary precautions to safeguard your business.
- Damage Protection and Deposits are typically add-on services provided by the PMS that are billed per booking to help protect your property if anything happens. Identity Verification adds an additional layer of protection to ensure responsible guests enter your home – this is even more important as you scale your direct bookings. Rental agreements also establish clear guidelines on how the property can and can not be used, protect you if something happens to your guests during a stay, and outline penalties for violating house rules.
- Reporting
- Most PMS providers will provide some level of reporting for your bookings; however, there are many PMS providers that have packed many reports that can a) simplify external reporting and b) uncover opportunities in your operations. For instance, PMS providers will have explicit tax reporting to help you understand how much revenue you have taken in for the month so you can do your monthly tax reporting to your county. You can also package up tight reports for your cohosting clients so that they know how well their property is performing. Second, some reports can reveal year-over-year trends to understand if your properties are performing as expected compared to the previous years. This can aid in more robust revenue management and projections.
- Most PMS providers will provide some level of reporting for your bookings; however, there are many PMS providers that have packed many reports that can a) simplify external reporting and b) uncover opportunities in your operations. For instance, PMS providers will have explicit tax reporting to help you understand how much revenue you have taken in for the month so you can do your monthly tax reporting to your county. You can also package up tight reports for your cohosting clients so that they know how well their property is performing. Second, some reports can reveal year-over-year trends to understand if your properties are performing as expected compared to the previous years. This can aid in more robust revenue management and projections.
- Usability and Learning Curve
- Flexibility and complexity often go hand-in-hand. With many PMS providers, you can customize automated message properties, have specific rate markup rules, or use different rental agreements based on pet stays. While this can be very powerful to ensure you’re delivering the right experience for each guest, it can cause the learning curve to be steep as you transition to a new PMS. Matching your technical abilities with a suitable PMS is essential to exploit its capabilities thoroughly. Luckily, the more sophisticated PMS will have onboarding specialists to help in the transition.
- Flexibility and complexity often go hand-in-hand. With many PMS providers, you can customize automated message properties, have specific rate markup rules, or use different rental agreements based on pet stays. While this can be very powerful to ensure you’re delivering the right experience for each guest, it can cause the learning curve to be steep as you transition to a new PMS. Matching your technical abilities with a suitable PMS is essential to exploit its capabilities thoroughly. Luckily, the more sophisticated PMS will have onboarding specialists to help in the transition.
- Owner’s Portal
- If you’re cohosting or property managing for another homeowner, they’ll likely want to be able to see how well their property is performing. The owner’s portal establishes you as a professional host and streamlines any communication and reporting with your hosts
- If you’re cohosting or property managing for another homeowner, they’ll likely want to be able to see how well their property is performing. The owner’s portal establishes you as a professional host and streamlines any communication and reporting with your hosts
- Support Google Vacation Rentals
- Regarding channel connections, Google Vacation Rentals (GVR) is a quickly growing channel. Pay close attention to this, as each PMS will implement GVR differently. For instance, some PMS providers will send traffic from GVR directly to your direct booking website, while others will send them a landing page. If you’re a host just starting off, a landing page may be desired since you may not have a direct booking site yet. However, for more established hosts that have built a brand, the landing pages are made to be simple but cannot showcase your brand and property to help convert potential guests.
- Regarding channel connections, Google Vacation Rentals (GVR) is a quickly growing channel. Pay close attention to this, as each PMS will implement GVR differently. For instance, some PMS providers will send traffic from GVR directly to your direct booking website, while others will send them a landing page. If you’re a host just starting off, a landing page may be desired since you may not have a direct booking site yet. However, for more established hosts that have built a brand, the landing pages are made to be simple but cannot showcase your brand and property to help convert potential guests.
- Direct Bookings Capabilities
- Almost all PMSs will allow you to take direct bookings. Most even allow you to build your own website using their platform. Some PMS systems are better than others in terms of capabilities for their website builder. Look for the ability to customize the website – can you include your own branding? Can you add sections and additional pages? can you include analytics tracking? Luckily, for most major PMS, you can connect it to CraftedStays and a well-performing website regardless of the PMS you may choose for other reasons.
- Almost all PMSs will allow you to take direct bookings. Most even allow you to build your own website using their platform. Some PMS systems are better than others in terms of capabilities for their website builder. Look for the ability to customize the website – can you include your own branding? Can you add sections and additional pages? can you include analytics tracking? Luckily, for most major PMS, you can connect it to CraftedStays and a well-performing website regardless of the PMS you may choose for other reasons.
Don’t be fooled when a PMS provider shows they have AI built in. It’s much more important how AI is used – the good PMS providers will highlight how AI is integrated into their product and its benefits.