How to do hotel property management and maximize profits

How to do hotel property management and maximize profits – Management is the key to a business’s growth. It is one of the basic ways how you can get a high amount of profit, lesser burden, and a well-aligned business process; it’s doing the tasks in the right way with appropriate prioritization, keeping them time-bounded.

Though it appears easy, it’s not straightforward at all. It gets complex as the nature of tasks gets more and more diverse and increments in their scale.

For a hotel property, management gets tougher with the number of services and scale of accommodation. Besides these two factors, it also depends on your employees’ skills and the tools you use for management.

To move your hotel property business forward, it is essential to expand the accommodation and add more services whenever possible. You can’t limit that. However, you can adopt some best hotel property management practices and use efficient tools to have efficient management.

Ways to Implement Efficient Hotel Property Management

Keep Track of Staff Tasks and Performances

Managing staff members is one of the toughest as well as important tasks. While doing so, you need to take care that no employee gets overburdened with work, and no one should be idle.

The proper distribution of work is essential. Further, the work must get done in a finite period suitable for completing the task. It will help you keep the resources equally engaged with work.

Tracking their work will help you to provide insight into their working capabilities and performance. It will let you know the resources, which assets to hotel property, and which ones are liabilities.

Investing in Customer Relationship Management

Customer relationship management is one such aspect that hotels can’t disregard because it’s the relationship that makes them your recurring customers and even promoters.

Therefore, efficient hotel property management always includes proper management toward fulfilling customer needs. Moreover, the management team should also act upon the feedback and improve their services accordingly.

The hotel property management and the employees should be provided with exclusive training on treating the guests.

Eventually, it will help your business grow as your customers will always prefer your hotel above others. They will be your promotors and would recommend your hotel property to others as well.

Online Reputation Management

Another way customers might help you is the “reviews.” Reviews on different booking sites provide a potential customer with insight about your hotel. According to that, many prospects decide whether they should make a booking or not.

Therefore, management must take care of keeping their reputation high on online platforms. If you provide exclusive attention to online platforms, you must reply to each review- positive or negative. Let hotel customers know that you care what they think about your hotel.

When there is negative feedback, you will know what’s not working for you. You can resolve the issues and reply with a positive implementation based on the review. The customer will be invested in your hotel in some way. Even if the feedback is negative, you will receive a positive impact if you act accordingly.

Implement Hotel Management System Software

You can imagine how challenging it would be to manage all the aspects of a hotel property. Therefore, to make hotel property management easier and efficient, you need to adopt innovative technology.

Implementing hotel property management system software is one way to cover all the attributes in one go. A hotel property management system can handle all your bookings, restaurants, add-on services, customer information, staff, and whatnot.

Applications such as LS Central for Hotels support a lot in making hotel property management easy, accurate, and continuous.

Using a hotel property management system, you can organize, assign, and schedule daily tasks and convey them to your employees. Moreover, it makes the payment collection centralized. Therefore, the customer only needs to make payment once for all the services, making the customer experience better.

There are many such features which we are going to discuss in detail. It will help you to decide which hotel property management system is suitable for your business.

Features of the Perfect Hotel Management System

A full-fledged PMS software should cover all hotel property business attributes in a single application. Even if it is required to integrate it with different software programs, the integration should be seamless.

An ideal hotel property management software or resorts management software should have a user-friendly interface and gentle learning curve. The design must properly segment all the menu options under different tabs, making them easily accessible.

Finance and Revenue Management

As booking is done through various channels, there are multiple inlets for payment. A competent hotel property management system should track all these payments, manage them, and store them on a centralized platform, which would help the concerned person easily access the data.

Many PMS Hotel software programs have inbuilt features to drive revenue. They use artificial intelligence, where they help you to set room prices by learning about the competitors’ prices, weather, and historical data, and occupancy. Such a system will give the exact amount favorable for the customer, yet it gives the maximum profit.

Front Desk Operations

A hotel property management software handles the front desk operations such as check-outs and Check-ins. It also manages the room access cards and to whom you are allocating each room. It works to issue receipts, entering guest details and information about current and upcoming guests.

Though it may appear that there are limited front desk operations, duplication and mismatch can cause huge trouble to the hotels. It can directly affect the customer experience and ruin the hotel property’s reputation.

Therefore, while selecting a hotel property management software, it is necessary to ensure that you select the flexible front desk operations. It should easily conduct check-ins and check-out. The process should not be much demanding to avoid wastage of customer’s time.

The PMS system should be free from bugs. Adding and aligning information such as “which customer is staying in which room for how many days and he has taken which add-on services” is important.

Reservation and Booking Management

For booking and reservation, a guest uses multiple platforms to find out the best deal. A business must have its presence on each platform.

The hotel property management system should transfer the data of bookings made through different platforms to a single database. It allows management to know about each upcoming booking and how to be prepared for them.

The user interface must display the room availability according to the bookings, provide notification whenever a new booking is made, any change in bookings, cancellations, and guests arriving today and the next day.

The system should also have an option for offline booking for walk-in guests. It is suggested to go for the PMS system, which has an offline booking process efficient. The front desk manager needs to select the dates, check availability, book the room, and issue access cards. The customer can make payment at the time of booking or after the stay, as per the hotel property’s policy.

CRM and Customer information Management

The hotel PMS system must bring all the information gathered from different platforms under one umbrella. It should be efficient to collect information related to each service the client received. For instance, if the client ordered a massage service, that information should be available to the management.

The information will help to build and manage the customer relationship. Before the customer arrives, you can send them directions to your hotel to show your attention towards them. During their visit, the customer should be able to easily communicate with the management for every need, and even after the visit, you must be able to retarget them.

Based on the information, the hotel property management system should be able to send automated targeted offers and discounts. It will definitely encourage the customer to visit your hotel property again and become a recurring customer.

Housekeeping and Maintenance Management

The housekeeping and maintenance include tasks associated with the housekeepers. The primary aim of the hotel PMS software is to automate the tasks and keep track of them. It lets the management know what the tasks’ progress is and what are the upcoming tasks

Based on the guest’s stay, the application must track the rooms that require cleaning. It can automatically assign the task to the less occupied housekeeper and let him know about it. Similarly, tasks related to gardening, cleaning rooftops, etc., can also be automated.

After completing the task, the housekeeper can notify the system about the completion, and a message would be delivered to the management.

Thorough Reports and Analytics

Reporting and analytics are always necessary for business. They provide the details of how your business is performing and what must be done to improve it.

When we talk about hotel property management software, the reports and analytics should cover the aspect such as booking pattern, feedback analysis, employee performance analytics, and each aspect of the hotel business.

Moreover, you should be able to add custom reports to get the insight you require. Reporting is an ongoing activity. Therefore, the application should prepare the reports and display the insight in real-time.

Back-office Management

Hotel management uses back-office to handle a lot of tasks. When they rely on hotel PMS software, they expect that they won’t need to go through any other application to fulfill their requirement. Therefore, hotel property management software must own a back office that gives an end-to-end solution for each business attribute.

From the back-office, the manager should handle reviews, events, add-on services, assets, inventory, overhead costs, and everything related to the hotel business. However, it’s not just the handling that’s necessary. The application should be smart enough to automate the processes to lower down the management burden.

Based on the data, it should help the business make correct decisions to move forward.

How A Hotel Property Management System Will You Make Profit?

Increment in Employee Productivity

As you will be able to keep track of each of your employees’ activities, you can provide them tasks in a continuous manner, taking maximum out of their working hours. This would reduce costs on resources, which ultimately leads to profit.

Room Pricing Automation

The hotel property management system decides the pricing of rooms according to various factors to appear favorable to customers. It maximizes the booking and thus, provides an excellent payment inflow.

Avoiding Errors in Financial Data

When you use multiple applications to track your finances, there is a high possibility of errors and fraud due to the applications’ gaps. By avoiding these errors, you can save a high amount of earnings.

Reduced Software Costs

When you use a hotel property management software, you don’t need multiple applications- you will just need one. Therefore, the overall cost you spend on buying applications and managing IT infrastructure decreases.

Great Customer Relationship and Retargeting

If the customer visits your hotel once, it is one time earning. However, if he becomes a regular customer, you will have a life-long relationship. You can retarget them with offers using hotel PMS software and win their trust. Such a relationship will be fruitful for both parties.

Make Data-Driven Decisions

When your decisions are based on history, you will know which direction to take- what’s best for your business and what you should eliminate. The hotel property management system must provide you with insightful data. Data-driven decisions always help move your business towards high profit.

Conclusion

You can see that a hotel property management system is all you need for your hotel management. Just one implementation, and your business will experience stability, ease, and growth.

LS Central for Hotels is one such hotel property management application with which Web Masters Deals.

LS Central efficiently manages to teach attributes keeping your data well-organized and safe on cloud or on-premises.

We recommend it to each of our clients as it owns reliability, built by expert software developers. We render implementation, deployment, configuration, migration, and end-to-end services for LS Central for hotels.

Web Masters is one of the prominent Microsoft ERP Gold Partners and offered its services to several clients worldwide. Do you have some specific requirements? Reach us out. You have our assurance that we will definitely help your hotel business grow.