How to Setup Service Contract on Softinn PMS

Hello Softinn PMS user! Are you a property management company (Property Operator) who helps manage multiple properties for the owner?

If yes, we believe you would have a different service contract agreement with each of the individual property owners. 

At the moment, there are 3 types of Service Contracts on Softinn PMS:

  1. Service Charge
  2. Sublet
  3. Guaranteed Return

Under each type of service contract, you can customise the Revenue and Expense sharing ratio between you and the property owner. 

Check out the video & guidelines below to find out how to setup a service contract on Softinn PMS. 


Follow the guidelines below:

Overview of Service Contract Page on Softinn PMS

Step 1 : Login to Softinn PMS: pms.mysoftinn.com

Step 2 : Click on your property name to select the property group name.

Step 3 : Click “Property Group”.  

Step 4 : Click “Service Contracts”.

Step 5 : Click “Add Service Contract”, and you can name the contract & select which properties this contract is applied to.

Step 6 : On the General Revenue Share tab, you will see 3 types of service contract: Service Charge ; Sublet; and Guaranteed Return. You can choose either ONE as per your negotiation with your property owner and the percentage of sharing.

Step 7 : On Revenue Config. tab, you can further customise the type of sharing for each revenue.

Step 8 : On Expense Config. tab, you also can further customise the type of sharing for each expenses

Step 9 : On Payout Config. tab, define your financial period start date – for payout calculation and reporting purposes.

 

Let me demonstrate with Example for you now.

Imagine you are a Property Operator who manages 3 properties in Vortex Condominium.
The name of each property is : Vortex (ABB), Alif Vortex Homestay, and Vortex Sky Suite.
You group these properties under the Group Name: Vortex Group

 

Setup Service Contract Type 1: Service Charge 

Example 1 : The Owner of Vortex (ABB) agreed with You (Operator) to share Revenue & Expenses at 70:30, with 1% Admin Fee.

Step 1 : From the Service Contract page, click “Add Service Contract”.

Step 2 : Name your Service Contract.  Example, 70-30 Service Charge Plan.

Step 3 : Select the property (in this case: Vortex (ABB)).

Step 4 : Click on “General Revenue Share” tab. Choose “Service Charge”.  

Step 5 :  Set the Revenue Sharing percentage ratio (70% vs 30%) and insert 1% Admin Fee charge. 

Check out the Contract Sample for the demo calculation on your right of your screen.

Step 6 : Click on “Revenue Configuration” tab. As you and the property owner agreed to share all revenue, so choose “Shared” for all.

Check out the Contract Sample for the demo calculation on your right of your screen.

Step 7 : Click on “Expense Configuration” tab. As you and the property owner agreed to share all expenses, so choose “Shared” for all.

Check out the Contract Sample for the demo calculation on your right of your screen.

Step 8 : Click on “Payout Configuration” tab. Insert your financial period Start Date: e.g. 1st day of the month.

Step 9 : Click “Add New Contract”. Your Service Charge Contract Plan is now created. 

 

Setup Service Contract Type 2: Sublet

Example 2 : You (Operator) agreed with the Owner of Alif Vortex Homestay to pay Alif a monthly fixed revenue of MYR 800, with 1% Admin Fee charges. 

All other revenue shall belong to You, EXCEPT Extra Guest revenue. All other expenses will also be borne by You, EXCEPT Internet expense. 

Step 1 : From the Service Contract page, click “Add Service Contract”.

Step 2 : Name your Service Contract.  Example. Sublet RM800 Plan

Step 3 : Select the property (in this case: Alif Vortex Homestay).

Step 4 : Click on “General Revenue Share” tab. Choose “Sublet”.  

Step 5 :  Insert the RM800 fixed amount & Admin Fee charge (Eg. 1%)

Check out the Contract Sample for the demo calculation on your right of your screen.

Step 6 : Customise your Revenue and Expenses Configuration according to what have been agreed between you and property Owner

Step 7 : Define your financial period Start Date: e.g. 1st day of the month.

Step 8 : Click “Add New Contract”. Your Sublet RM800 Plan for your hotel is now created.

 

Setup Service Contract Type 3: Guaranteed Return

Example 3 :  You agreed with the Owner of Vortex Sky Suite to pay Sky a monthly fixed revenue of MYR 600, with 1% Admin Fee charges.
On top of that, if monthly reservation revenue exceeds MYR 800, you will share 50:50 with the Owner.

Reservation, Early Check-in/Late Check-out Revenues are shared. Extra Guest Revenue goes to Sky, while the rest go to You. 

Expenses are shared except for Internet (Owner) and Laundry & Toiletry (You).

Step 1 : From Service Contract Page, click  “Add Service Contract”.

Step 2 : Name your Service Contract.  Example, Guaranteed Return RM 600 Plan.

Step 3 : Select the property (in this case: Vortex Sky Suite).

Step 4 : Click on “General Revenue Share” tab. Choose “Guaranteed”.  

Step 5 :  Insert the RM 600 fixed amount and RM 800 Total Revenue Threshold.

Check out the Contract Sample for the demo calculation on your right of your screen.

Step 6 : Set the revenue sharing % after Threshold Revenue. In this case it is 50%:50%.

Check out the Contract Sample for the demo calculation on your right of your screen.

Step 7 : Insert Admin Fee charge (Eg. 1%).

Step 8 : Customise your Revenue and Expenses Configuration according to what have been agreed between you and your Operator. 

Check out the Contract Sample for the demo calculation on your right of your screen.

Step 9 :  Define your financial period Start Date: e.g. 1st day of the month.

Step 10 : Click “Add New Contract”. Your Service Contract is now created.

 

Let’s set up your service contract with the property owner using Softinn PMS.

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