Finding Better Property Management Software Solutions in the Vacation Rental Industry with LMPM
Ohen I started working in the vacation rental industry in the mid-1980s, the landscape was fundamentally different. There was no internet or software to help us carry out our daily activities. As an industry, we have come a long way from magnetic signs, direct mail, paper brochures and the telephone as the primary tools for managing reservations, marketing and unit information. I remember how huge it was to make the decision to go with First Resort Software (FRS, the precursor to V12) in the early 90s. Now we have multiple options for software, and the process of making decision making is more complicated. Once you’ve made the decision, implementing new software is probably the hardest thing you’ll ever have to do in your business. It’s safe to say that if you’re not afraid of this process, you should be.
Now OTAs have entered the business. At first, they basically replaced travel agents, who were a very small part of our business. However, they now come between us and our new and even existing customers. Nevertheless, great software can give vacation rental companies a critical advantage, an advantage I wish I had back in the 80s. Not only do these innovative technologies increase efficiency and maximize revenue, but they also protect your business. against change.
LMPM is the most modern PMS on the market today and is by far the best vacation rental software choice I have ever seen. In fact, I’ve tried most property management systems at some point and have years of experience in the vacation rental software industry. Based on that, let me give you some of the reasons why I joined LMPM as a board member and use it to run my business in a 350 unit rental company on the Florida Gulf Coast. By the way, we operate without a main office and most of our staff work from home.
It is essential to use technology to manage your business processes
The most important part of our business is our employees. Your software should make their job as easy as possible. It’s a complicated business, and anyone who tells you otherwise is a fool. Add to that the difficulty we all have in hiring and retaining good employees. Additionally, we are in a business that is in most cases seasonal, resulting in higher turnover and greater use of temporary employees than in other industries.
Making your business process-oriented is essential for efficiency and employee retention, and making complex tasks process-oriented and easily repeatable makes work more fun. You can automate sending booking confirmations and check-in emails, creating jobs, work orders for cleaners and maintenance staff, and much more.
With LMPM, you can even automate key components of your accounting so that it happens in real time.
You are looking for a software company that is constantly looking for ways to improve operational efficiency through technology
Let’s go back to the beginnings of the software. At the time, we were just looking for a way to manage reservations. Soon after, we wanted software that also deals with accounting, which is probably the most complicated issue for vacation rental software to deal with. Next is housekeeping, then maintenance integration, then API connectivity to our own and third-party websites.
No software will ever be perfect because change is inherent in business. Wouldn’t we all wish we had thought of HomeAway, Vrbo or Airbnb first? Who knows what will be the next game-changer? I won’t try to explain the details of LMPM’s software here, but I will tell you that it’s the latest and greatest and can do all the things I mentioned above. If you want software that can easily adapt to change, this is it.
Future-proof your business with a modern platform
Legacy software is a lot like an old house – it’s expensive to maintain and things often break down, but tearing it down and starting from scratch can be extremely expensive.
Your technology partners can be either key allies who adapt to change on your behalf, or problematic associates who hold you back. The question is, is your PMS company actively adding cool new features, or does it mostly release bug fixes? Recent patch notes will tell the story here.
You want a supplier who consistently delivers substantial updates to their product. This way, your existing system continues to improve and adapt to change, allowing your vacation rental company to take advantage of new features. This is a much better way to adapt to change than the other way around, where your technology partners fall behind, years pass and you suddenly realize that other vendors have developed a host of desirable new features, forcing you to make a huge change to a new platform. It is far better to be ahead of the curve.
Given the choice between decades-old software and a modern platform with a very robust feature set, the modern platform is the way to go.
Change is the only constant, but adapting to it doesn’t have to be a struggle. If you want to talk technology and see a modern property management solution, head over to lmpm.com.