4 Steps to Streamline Your Rates With Property Management System (PMS) Software
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4 Steps to Streamline Your Rates With Property Management System (PMS) Software

The hospitality industry immediately comes with a lot to manage: guests, calendars, property upkeep, customer service, special events, and so much more. Time is an important factor for making sure everything runs smoothly; the more time you can save, the better your property and guest experience can be.

By using the RMS Rate Control Panel, you can configure year-round rates, seasonal and holiday pricing, and eliminate the complicated, time-consuming process of creating new Rate Tables and Rate Periods year after year. 

Here are a few ways the RMS Control Panel can help streamline your hotel’s operational processes:

 

1. Adjust Year-Round Rates

With just a few clicks, you can create a standard, long-term rate within your property management system software that allows your guests to book a stay with a price that guarantees you profitability. 

If that standard price is going to be beneficial for you in the long term, you can use the “All Year Round” selection to set this same price indefinitely. 

BONUS: You can go into your RMS Control Panel to set up “Stop Sells” to prevent reservations beyond a certain date. For example, if you know this price works through the end of 2022, you can set a Stop Sell to prevent bookings beyond December 31, 2022.

 

2. Set Seasonal Pricing

Highs and lows affect the hospitality industry season-over-season, but it can be time-consuming to create a new rate plan in your property management system each year. Now, you won’t have to! You have a couple of options for creating specialized pricing for your business’s seasons. 

First, with the Rate Override feature, you can select your busy season and allow a new price to override your standard pricing. For example, if your standard pricing is $100 a night and you want it to be $150 from July 1 through August 31, you can set that entire season with just one click.

4 Steps to Streamline Your Rates With Property Management System (PMS) Software

Second, with the Rate Adjustment option, you can choose an amount or percentage during your peak season and increase your price by that specific number. For example, if you’d like a $50 per night increase across the board for your rooms, this would be the best option for you. 

Whichever way works best for you, this process within your property management system allows you to configure multiple rooms and dates at the same time to make the most out of your high and low seasons. 

Looking for ways to improve your operational efficiency and guest appeal with adjustable pricing? Read more about how to make a good pricing strategy for your hotel.

 

3. Maximize Holiday and Special Event Pricing

Holidays and special events are great ways to bring guests to your property, allow you to improve your position in the market, and increase your revenue each year. 

If you’d like to increase your holiday rate or create a minimum number of nights stayed during a certain time period, you can create each of those with Rate Adjustment options in the RMS PMS. For example, if you’d like to set

the minimum number of days in a stay to three for the entire month of December, you can select the dates and create that rule with just a few clicks in your property management software. 

 

4. Customize Additional Rate Restrictions

You can configure your rates based on a number of factors— including sales, arrival and departure dates, the minimum number of nights, and more— to make your property management software work for you. 

These special rate restrictions help you increase your revenue, save time for you and your staff, and create a seamless experience for your guests!

 

Watch Our Rate Optimization Webinar! 

These configurations help make your property management software work best for your specific needs. The Rate Manager and all of its tools allow you to simplify your rate, as well as save time.

By building your schedule out ahead of time, you can continue to improve your business, keep an eye out for new opportunities in your calendar, and create an excellent operating system for all your properties. 

Ready to streamline your process, save yourself time, and see rate optimization in action? Our free webinar Streamline Your Rates with the RMS Control Panel takes you through a deep dive with our property management system experts.

Watch on-demand as RMS team members, Larry Galang and Janelle Gleeson discuss ways to use the RMS Control to streamline your rates. You will learn how to use rate setup and management, eliminate the need to create new Rate Tables and Rate Periods every year, and apply additional rate restrictions— all through the RMS Control Panel. Tune in, today!

RMS Webinar: Streamline Your Rates with the RMS Control Panel