Whether you have one property that you manage or several, you need effective property management solutions. In the past (we’re talking about the late 90s and early 2000s), the best property management software was a DOS-based program that, while not fancy by any stretch of the imagination, was so reliable that property managers everywhere swore by it to complete tasks from accounting to reporting. It was only when technology had advanced so much that it was impossible to keep supporting the program that finally the PMs were forced to find other solutions.
This brief slice of history regarding property management software solutions is important to know because sometimes it isn’t about bells and whistles, it’s about reliable software that you can count on to help you run your business effectively.
But the difference is that these days, you can’t afford to skimp on tech. Regardless of whether you own a campground, RV park, or hotel, your property management software is the central core of your business that houses what is called master data, which is data about your customers, your business’s operations and revenue, and more that allows you to glean insights and information from your daily operations. In addition, master data influences the information in all the other pieces of software that your business uses on a daily basis, making sure that these programs draw from a single source of truth.
In other words, property management software programs are like the central point in a spider web, where every other thread relies on the stability it provides. And you? Well, you’re the spider (property manager) making the connections (integrations with other software in your tech stack), ensuring that every thread is tied to the center perfectly. No pressure!
In this article, we delve deeper into property management software, including what it is, how it works, the value it provides to accommodation providers, and what you should know before selecting property management solutions for your business.
What Is Basic Property Management Software?
Basic property management software for accommodation providers is either an online application (that you log into using a typical internet browser like Chrome, Firefox, Edge, etc.) or an installed piece of software that you use to manage the back-end processes essential to your business’s functioning, including administrative, financial, and guest management.
As we mentioned earlier, property management software programs act as the central point of your business, meaning that the data that’s in it feeds into all of the other software in your business’s tech stack (hence the spiderweb analogy). Because of the fact that property management software has such a core role in your business’s operations, it can also significantly influence efficiency and productivity.
Using Newbook as an example, the main features of property management software for accommodation providers include:
- Reservation management: A centralized reservation management system allows you to manage and track reservations coming in from direct bookings and OTAs in one location rather than having to deal with two separate sources. This makes it significantly easier to manage bookings, especially if you list with lots of different OTAs.
- Online booking software: Allows guests to book directly with you online, giving them the ability to be in complete control of their experience with interactive maps that allow them to choose their preferred campsite or room view, as well as determine which additional services and add-ons they want to include in their stay.
- Digital check-in/check-out: Streamlines the check-in and check-out processes, reducing paperwork and enhancing efficiency by allowing guests to complete these actions online rather than having to deal directly with a staff member. This means that guests can arrive and leave after hours if necessary.
- Digital key retrieval: Newbook offers a digital key retrieval system called a key café where guests can enter a unique code to retrieve keys from a specialized lockbox, meaning that they don’t have to worry about needing to meet a staff member onsite to be able to enter their suite.
- Channel management: A built-in channel manager allows synchronization of bookings across multiple online travel agencies (OTAs) and booking platforms.
- Guest information management: Property management solutions store and manage guest information, preferences, and history for personalized services and marketing.
- Billing and invoicing: With built-in revenue management software, Newbook is able to generate invoices and bills automatically based on reservations and additional services. By integrating the software with one of our many payment gateways, such as Newbook Payments, the software can also accept online payments.
- Reporting and analytics: Provides insights into key performance indicators (KPIs) such as occupancy rates, revenue, and guest satisfaction. Also allows property managers and owners to generate customized reports to analyze specific aspects of their business.
- Security and compliance: Ensures the security of guest information and compliance with data protection regulations.
- Mobile accessibility: Ensures that the desktop experience translates seamlessly to mobile so that property management can be done effectively on the go.
The Value of a Property Management System for Landlords and Property Managers
The biggest reasons why investing in property management solutions is important for landlords and property managers are:
- Efficiency and productivity gains
- Happier and more satisfied guests and tenants
- Better overall management of operations
What these reasons all have in common with each other is that they ultimately work together to generate more revenue for the business, while at the same time improving the way the business runs. This is a dream combination for accommodation providers, and really any business owner, and much of it is thanks to the software.
Let’s take a look at some examples of hospitality businesses that have improved their business by implementing Newbook:
- Situated in the picturesque Airlie Beach, Queensland, Australia, BIG4 Adventure Whitsunday Resort is a captivating property that caters to diverse traveler preferences with a variety of accommodation choices, ranging from glamping and caravaning to condos, cabins, and villas. The McKinnon family remains dedicated to fostering continual innovation, ensuring that their resort remains appealing and alluring to guests over the long term. Leveraging Newbook’s channel management software in tandem with their property management system empowers the McKinnon family to amplify their online presence and optimize connections with OTAs. By seamlessly updating marketing materials and pricing across multiple OTAs when introducing new amenities or special offerings, the McKinnons maintain a dynamic online presence. This proactive approach has not only propelled BIG4 Adventure to surpass previous company growth records but has also consistently delighted guests with exciting new attractions.
- Just a short 90-minute drive from Melbourne, BIG4 Ingenia Holidays Queenscliff Beacon is a holiday park located in the National Marine Park in Queenscliff Victoria. Family owned since the 1970s, this destination offers a wide range of facilities that cater to all age groups, and attract tons of domestic and international travelers every year. In an effort to stay current and continue to deliver amazing holiday experiences, they implemented Newbook, including the property management system, booking engine, built-in channel manager, dynamic pricing, and automation tools. After only one year, they noticed an impressive increase in revenue and a dramatic reduction in merchant fees.
- Tathra beachside was looking for a user-friendly property management system that would allow them to maintain their guest-first approach, but allow their operations to become more efficient. After implementing Newbook, they observed that their operations across all departments across the business became more efficient, allowing them to spend more time delighting and delivering exceptional experiences for their guests.
Benefits of Leading Property Management Solutions
Leading property management solutions offer a range of benefits for property owners, landlords, and property managers. Here are some of the key advantages:
1. Streamlined Operations
Automation of routine tasks, such as rent collection, maintenance requests, and lease renewals, helps streamline day-to-day operations. In addition, centralized data management reduces manual paperwork and minimizes the risk of errors.
Here are some examples of Newbook automations that will help streamline your operations:
- The system’s automatic size selection feature simplifies the booking process for returning guests seeking a campsite. Their RV dimensions and preferred site size, stored from previous visits, eliminate the hassle by presenting them with suitable site options from the outset.
- Eliminating the need for manual billing for extended stays, the automated invoicing functionality ensures timely and hassle-free billing. Set a specific date, and the system will automatically generate and send out invoices. Newbook not only handles payments seamlessly but also provides guests with a receipt for their transactions.
- With automated task management, the system generates notifications and tasks based on specific events, ensuring proper execution. For instance, after a guest completes a booking, the system schedules tasks for room cleaning post-departure and a pre-arrival check. Special guest requests are seamlessly incorporated into the pre-arrival check, enabling staff to address them before the guest’s arrival.
2. Efficient and Easy Payments
Online rent payment features make it easier for guests or tenants to pay fares or rent promptly through various methods (credit, debit, etc.) reducing delays and improving cash flow. Automation of late fees and reminders encourages timely payments. Newbook’s software integrates with a wide range of payment gateways to make accepting payments easier, and the software also supports payment schedules, so you can charge guests for long-term stays just as easily as short-term ones.
3. Maintenance Management
Maintenance tracking tools enable property managers to efficiently address repair requests and schedule preventive maintenance, enhancing property value and ensuring that guests have a positive experience. Leading property management software with mobile access allows property managers to respond promptly to issues without having to visit the office for updates.
4. Better Financial Management
Property management solutions with built-in revenue management features like dynamic pricing, which helps set the right pricing for different rooms and units at the right time, allow accommodation providers to maximize their revenue. Plus, comprehensive financial reporting features provide insights into property performance, expenses, and income.
5. Analytics and Reporting
Advanced reporting and analytics tools provide valuable insights into property performance, allowing for data-driven decision-making. Predictive analytics may help identify trends and anticipate potential issues, as well as help with future goal forecasting.
6. Improves the Guest Experience
Ensuring a smooth experience for your guests, regardless of the property they choose, holds significant importance. Robust enterprise property management software seamlessly consolidates and simplifies various critical business functions, allowing comprehensive management from a centralized location. Whether it’s automating communications or empowering guests to effortlessly modify and enhance their experience through a user-friendly portal, Newbook provides all the tools necessary to attract and retain both new and returning clientele.
7. Better Channel Management
The leading property management solutions, such as Newbook, provide more effective and efficient channel management through an integrated channel manager. Having a centralized location where you can manage every platform you list with is important for consistency and accuracy. With Newbook’s channel manager, you can integrate Airbnb, VRBO, Expedia, and more, and any pricing, image, and description updates are automatically applied without you having to visit the native platforms individually. Plus, the channel manager gives you valuable insights into which channels perform the best for your business, so you can prioritize the channels that net you the most bookings.
Newbook’s channel manager also doesn’t charge you extra to list multiple properties with multiple channels, while other stand-alone channel managers may charge you for this functionality or not offer it at all.
Key Factors in Choosing Property Management Software Companies
Choosing property management software is a crucial decision for accommodation providers, and several key factors should be considered to ensure the software aligns with the unique needs of the business. Here are key factors to consider:
| Factor | Why it’s Important |
|---|---|
| Ease of use | The software should have an intuitive design that is easy for staff to navigate, reducing the learning curve. Check if the software offers cloud-based, online access, allowing users to manage tasks from anywhere and on any device. |
| Scalability | Accommodation providers should choose software that can grow with their business. Ensure the software can handle an increasing number of properties, rooms, and guests. |
| Integration capabilities | The software should integrate seamlessly with other tools and systems, such as accounting software, payment gateways, and digital key retrieval. |
| Customer support | Evaluate the level of customer support provided by the software company, including response times and availability. heck if the software provider offers training resources and assistance during the onboarding process. |
| Cost and value | Understand the software’s pricing model, whether it’s subscription-based, per property, or includes additional fees. Consider the value the software brings to the business in terms of efficiency, time savings, and increased bookings. |
| Security and compliance | Ensure adherence to local regulations and tax obligations. Seek software that offers guidance and support in managing legal and regulatory facets associated with short-term rentals. Furthermore, prioritize software with robust data security measures for the storage and transit of data. Keep an eye out for advanced online security protocols such as SSL and TLS. |
| Multi-channel management | Built-in channel management allows you to efficiently oversee all your listings, including those on Airbnb, from a centralized platform across various channels. This optimizes your property’s visibility, minimizes workload, and maintains consistency across all your listings. |
| Real-time updates | Consistent real-time updates are essential for availability and pricing updates for your property across all your online platforms. |
Aside from the above, another important thing to do is to make a list of features that you want the software to have. These features should be specific to your business’s goals. For example, if you want to be able to reduce time spent on mundane, repetitive tasks, you might want to look for property management solutions that have robust automation features. Once you have a list of features that are essential, you can focus on software that offers those features. Websites like Software Advice, Capterra, G2, and more can help you narrow down your choices into comparative tables, allowing you to see the differences in prices and features between different property management software companies easily.
Why Newbook is a Popular Property Management Software Solution
Newbook integrates a wide range of essential functions for accommodation providers, from property management to revenue management. Whether for hotels, RV parks, or campgrounds, Newbook is an effective solution for businesses of all sizes.
By consolidating crucial software components—property management, channel management, online booking, payment systems, and a robust reservations system—into a unified platform, Newbook provides a foundational backend for vacation rental businesses. This serves as a starting point for effortless incorporation of additional features through the integrations store, customizing Newbook into a specialized solution aligned with specific business needs.
In other words, Newbook consolidates property management and revenue management operations, offering accommodation providers a centralized platform to oversee services and staff across multiple properties. Instead of toggling between different software, all information for each property is accessible in a customizable, centralized view. This streamlined approach eliminates the need for constant software switching.
Key aspects highlighted by Newbook include:
- Emphasizing collaboration: Viewing customer relationships as collaborative partnerships, prioritizing exceptional support from onboarding onward.
- Persistent customer support: Beyond the purchase, offering ongoing support, tailored improvement suggestions, and prompt responses to inquiries.
- Security and accountability: Hosting the software on Amazon Web Services, partnering with leaders in encryption, threat anomaly detection, and penetration testing to maintain strict security protocols. Plus, all of our data stays on U.S. soil.
While many property management solutions draw attention to their 99% reliability rating, Newbook offers a reliability rating of 99.99%. That extra .99 might seem negligible like it doesn’t really matter, but in reality, it translates to a significant difference in reliability:
| Reliability Rate Breakdown | What it Means |
|---|---|
| 99% | 99% uptime translates to a potential outage of 3 days, 15 hours, and 39 minutes annually. |
| 99.99% | 99.99% uptime means only 52 minutes and 35 seconds of potential outage annually. |
Conclusion
effective property management solutions play a pivotal role in enhancing the efficiency, productivity, and overall success of accommodation providers. As highlighted through a brief historical perspective, the reliability of software is crucial, and modern technology has brought forth advanced tools that go beyond mere functionality. Property management software, exemplified by Newbook, serves as the central hub influencing various aspects of business operations, from reservation management and online bookings to maintenance, financial management, and analytics.
The success stories of businesses like BIG4 Adventure Whitsunday Resort, BIG4 Ingenia Holidays Queenscliff Beacon, and Tathra Beachside showcase how implementing Newbook has led to increased revenue, reduced costs, and improved operational efficiency. Leading property management solutions offer streamlined operations, efficient payment processes, effective maintenance management, and robust analytics and reporting. These benefits contribute not only to the bottom line but also to the overall guest experience, resulting in happier customers and improved management overall.
When choosing property management software, factors such as ease of use, scalability, integration capabilities, customer support, cost, security, and compliance should be carefully considered. Newbook stands out as a popular choice due to its comprehensive integration of essential functions, emphasis on collaboration, persistent customer support, and robust security measures.
In a technology-driven era, the value of a reliable and feature-rich property management system cannot be overstated. Accommodation providers must carefully evaluate their unique needs, prioritize essential features, and choose a solution that not only meets their current requirements but also scales with their business growth. With Newbook and similar leading solutions, property managers can position themselves as efficient spiders at the center of a well-connected web, ensuring smooth operations and delightful experiences for guests.
Discover how Newbook can help your accommodation business become more efficient, productive, and generate more revenue by reaching out to us today.
