One of the primary advantages of a robust property management software system is that it does not require too much human intervention in determining the day’s rate. This rate is often referred to as the best available rate of the day is usually the rate that one gets to see while booking rooms of a property online. If it is a standalone property with ten to twenty rooms, you might not need a PMS system to help you with rate calculation for optimal earning. But, if you have multiple properties with a huge inventory to manage, manual rate calculations by the revenue manager can often lead to unutilized opportunities or over-aggressive pricing.
When technology is ruling the roost, one aspect of your revenue management department should be automated. There are hospitality management system software programs where in-built technology or rate managers help dynamically price the available inventory throughout the day. As the first step, you will be required to set the rate at the beginning of the day or midnight after the night audit. From there on, it is the in-built technology that takes over. When the occupancy starts to look good, the system automatically increases the rate to help the property earn the best revenues during a high occupancy period.
Similarly, when the inventory is open and on low occupancy days, the hotel management software system uses algorithms to decrease the rate. The rates calculated are based on algorithms that take data from predetermined occupancies. Not just this, the feature also gives projections helping revenue managers create better and more effective rate plans.
Not just a built-in rate manager, a top property management software system also has features like a channel manager that helps manage various channel bookings. It is also end-to-end integrated and seamless and does not require any kind of manual handling. Saves your staff time to focus on other critical functionalities.
