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Education

5 Steps to Upgrading Property Management Software

5 Steps to Upgrading Property Management Software
mm
VRM Intel Staff
December 17, 2012

If you are a Vacation Rental Manager and are considering upgrading your property management system, DO NOT BE HASTY! Think of the process in these 5 steps. The tendency is to underplay steps 1 and 4, to the great detriment of the end result.  This is not an easy process, but you can stack the odds significantly in your favor.

1. Evaluate the current situation

  • Precisely what is wrong with your current system? Just being old is not a good enough reason to change
  • Define your specific business needs, especially how you interact with owners and how you rent units, and don’t forget local legal and taxation requirements

2. Compare available software solutions

  • Each system has strengths and weaknesses and certain systems just can’t support certain business practices – Never Assume!
  • Just because a system is newer, doesn’t mean that it does what you need
  • Make SURE all critical business processes can be accomplished, including integration with your web site, web distribution partners and any other 3rd party systems that matter to your business

3. Choose a system and negotiate the details

  • Work out an implementation timeline that fits your reservation patterns
  • Include sufficient training, and determine whether it is on-site or remote
  • Carefully define any customization that may be required
  • Carefully define any customization that may be required

4. Plan for the implementation

  • Pick a project manager/champion from your staff who has the authority to hold others accountable and the energy to cheerlead
  • Select 2 ‘go live’ dates, one for reservations and the other for owners’ statements
  • Try to electronically migrate as much valuable data as possible
  • Define the period during which you will maintain dual entry into both systems, and prepare your staff for the impact of this – try to minimize the length of time without losing control of availability and financial accuracy

5. Implement the new system

  • Training sessions are required of your staff as scheduled – No Exceptions
  • ‘To do’ items for the implementation are at least as important as any other tasks
  • Get rental availability perfect first, and the money right on its heels
  • Include an introduction letter to your owners with the first monthly statement from the new system
  • Keep the old system around for reference, but TURN IT OFF as soon as possible for daily entry
  • And you’re off to new horizons!

About Tom Leddy

Tom Leddy is one of the software pioneers of the vacation rental industry.  Leddy, together with Evan Gull and Pat Curry, founded First Resort Software in 1985.  FRS became a leader in providing technology solutions to the vacation rental industry.

In 1998, Leddy participated in a consolidation IPO that created ResortQuest International, the first public company in the vacation rental industry.  From December, 2004 until the end of 2007, Leddy was an Executive Vice President at Instant Software, Inc.  Today he is president of Leddy Associates, Inc. a full service consulting practice specializing in the vacation rental industry.  Leddy Associates provides companies within the vacation home rental business consulting services aimed at improving profitability, achieving greater financial and market awareness, and taking advantages of industry best practices.  He can be reached directly at tleddy@leddyassociates.com

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Education
December 17, 2012
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VRM Intel Staff

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