Property management companies (PMC’s) are charged with serving guests and satisfying owners, often with minimal staff and strict budgetary constraints. At the end of the day, these efforts still must result in profits. To do this, PMC’s have to be poised to increase revenue in all possible ways. Some may ask, “But we’re on the major channels, isn’t that enough?” Putting the bat to the ball may get your team to first base, but it doesn’t guarantee a home run. A distribution game plan must be fine-tuned for optimal revenue. Fortunately, there are tools built to do this. Tools designed specifically to help PMC’s make more money.
When used in conjunction with a solid distribution strategy, the six tools covered in the following chapters increase operating revenue. Some create operational efficiencies, which, in turn, create more time for more lucrative activities; others offer the opportunity for better industry knowledge and, therefore, improved strategies.
#1 Making the Most Out of Mobile
Like the societal and business effects of electricity and the internet, the smartphone continues to impact daily activities and how people perform them. The trend in mobile device usage (‘vertical screens’) compared to all screen use shows that we’re well past the tipping point. Figures from Statistica suggest that by 2017 more than 90% of internet users will access online content through their phones.
By offering the easy-to-use functionality of MarketSpan, LeisureLink’s powerful mobile app allows PMC’s to do just about everything at their fingertips.
- Blackouts? Check.
- Rate changes? Check.
- Confirmations needed? Check.
- Arrivals and checkouts? Check.
Mobility is indispensable in the digital age, and our mobile devices are portals through which we connect with everything and everyone. Access to all the fundamentals anywhere and anytime gives managers the opportunity step away from the desk and pursue more lucrative work while still keeping tabs on the operation: photographing properties, surveying for issues, and elevating guest service.
With this level of mobile access, managers can be more proactive with their time and strategies. Tricia Day, Reservations Manager of Wyndham Vacation Rentals, notes that her mobile access allows her to check in any time she likes, which for her means the middle of the night. “I like to be able to plan my morning by checking in overnight. After ten years, LeisureLink is still my favorite tool and the addition of mobile has boosted my ability to plan my valuable time,” Day says.
Perhaps the most important opportunity afforded by a tool such as mobile access is the flexibility to grow rental programs by meeting with prospective owners. By developing solid owner relationships, PMC’s bring on more of the right inventory for a robust, long-term portfolio.
As author Tom Peters says, “The simple act of paying positive attention to people has a great deal to do with productivity.” Dig deeper, and there are likely more layers to the productivity gained when time in front of the screen is traded for time in front of people.