Today's travelers are seeking unique experiences that combine comfort with modern amenities. This shift in guest expectations has fueled a surge in hotel renovations and the integration of innovative technologies.
The hotel industry is expected to grow to $128.4 billion by 2028. But with all this exciting change, hoteliers might wonder: how can we leverage this growth and ensure our hotels are perfectly equipped to cater to the evolving needs of modern guests? While there are several ways to set your property up for ongoing growth and success, picking a property management technology partner that can scale with you should be at the top of the list.
Here are six things to consider when picking the right technology vendor for your hotel.
The first core functionality your property management system should have is the ability to streamline your operations from one centralized location. Whether operating one location or many, look for a technology partner with customizable features that help you focus on providing the best guest experience possible. Since every property is different, list the non-negotiable features you need in your software. If you’re starting from ground zero, think about what you need from a software security standpoint, your core OTAs, necessary integrations, and the types of data and reports you need to run and grow your business.
The next element to look for in your property management system provider is the ability to capture direct bookings for your hotel. This is key to providing an enhanced booking experience for your guests. Look for technology allowing guests to see rooms and sites from a calendar or interactive map, view room and site photos, purchase add-ons, access flexible rates and promotions, and complete secure payments online.
Guest marketing is a vital puzzle piece in driving sustainable business growth. In order to stay engaged with guests throughout their stay, you need a technology partner with robust marketing tools like a mobile-friendly guest portal, targeted email capabilities, and loyalty programs. Not only can these tools drive repeat visits and encourage loyalty to your hotel, but they also ensure your team is communicating with guests clearly and seamlessly.
Next, look for a technology partner that offers dynamic rate management in response to supply and demand. With fixed pricing, your rates are locked in and do not reflect important variables like current occupancy, seasonality, or holidays. Integrated into your property management system, dynamic pricing enables smart rate changes, simplifying the price adjustment process during busy times and maximizing occupancy during quiet times. For example, with dynamic pricing, you can make the most of the off-season because your prices will automatically reduce to predetermined lower rates to attract more guests.
Your technology partner should have reporting tools to help you easily nurture your best-performing channels and assess where your business could benefit from specific optimizations. By having the reporting functionality integrated in your property management system, you gain access to all your business data in one place. From there, you can create customized reports to examine all that data – from channel performance, YoY revenue numbers, occupation reports, and more. This level of data transparency is essential to growing your business.
An intuitive property management system is the key to a great guest experience and ongoing property growth, but 24/7, reliable customer service is equally important. Before making the final call on your technology partner, ensure they can provide the support you need to easily onboard your business, train your staff, and answer any questions that will inevitably come up down the road.
The key to successful hotel growth is having the right team of supportive partners surrounding you, propelling you forward. Ultimately, your technology partner should act as an extension of your internal team, supplementing with the tools and support you need to reach growth and revenue goals. There are many vendors in the space that can help your property, but just remember to evaluate based on your specific vision, priorities, and needs.
If you’re ready to see how all-in-one property management software can help you scale your business, request a personalized demo of the Solonis platform to get started.