Coliving is on the rise. According to a talk given at the 2022 Co-Liv Summit, Google searches for ‘coliving’ have increased 830% in two years and there are now around 850 coliving brands worldwide. As coliving becomes more popular, operators increasingly need coliving software that can address the unique challenges of shared living management. Be it cultivating a like-minded community of residents, reducing high guest turnover or balancing access control with security needs, these are the top five coliving software that every operator needs in 2022.
Coliving property management system
A coliving property management system (PMS) is the most critical piece of coliving software, helping operators cultivate community, ensure sustainability and provide great guest experience, while also increasing revenue generation. A coliving PMS not only streamlines all of your properties across multiple sites using one central system accessible by all team members - which enhances management and operational efficiency - but also simplifies the relationship between residents and management. Whether it’s taking a monthly rental payment, signing contracts, updating T&Cs or sending important announcements, a coliving PMS digitises administrative tasks and removes the need for lots of onsite staff, saving you time and resources.
What’s more, a coliving property management system provides useful insights - such as data on seasonal occupancy levels and the most popular times for specific amenities - which can be used to create more engaging experiences or pricing models that encourage residents to stay longer. Finnish coliving concept, Noli Studios, uses res:harmonics PMS to produce scalable pricing that matches stay lengths with an availability grid so every unit can be used for seven-day holidays or seven-month residencies.
Keyless access control (SALTO)
Keyless access control is now a must-have innovative living feature as it provides greater efficiency (i.e. no front of house or lost key costs) and a better guest experience (i.e. seamless check-in), but simple ‘tap and enter’ functionality does not cover the unique safety and operational needs of coliving.
However, SALTO Systems specialist KS solution has been designed to address access complexities at coliving spaces. Having chosen a lock, door type and software that suits their properties and preferences, coliving operators can control resident access to both private spaces (i.e. their own room) and public spaces, such as swimming pools. As such, residents can seamlessly and securely move around a coliving property, and use the amenities, communal spaces and individual rooms with the same token.
In addition, coliving operators can remotely update settings for specific times or amenities. Hosting an outside event in the lobby? Temporarily open room access with the touch of a button. Want to close the swimming pool at night? Remove access between 9pm and 6am. With keyless access control, operators are back in control.
All operators need to attract residents, but given the importance of community to the concept of coliving, not just any guest will do; managers want to attract like-minded people if they’re going to cultivate a group of friends, not a group of neighbours.
With a dynamic channel manager, coliving operators can boost occupancy, minimise gaps between bookings and attract their ideal guest profile by selecting a range of photos, rates and descriptions according to various sites. For example, highlight your wellbeing-related services at your city site and focus on the adventure aspect at your rural coliving property. Moreover, with a dynamic channel manager, all bookings are synced with your internal property management system, so you can easily update all your channel listings in a few clicks.
What’s the most important channel of all? Your own. Given the distinctive appeal of coliving - i.e. the need for residents to find the right blend of location, amenities, services and fellow guests - potential long-term residents are much more likely to browse your website before booking than someone booking for a week. This is where they’re going to stay for a potentially extensive period, so they want to make sure it ticks all their boxes.
They also want to be able to book directly and easily. That’s why coliving operators should have a direct booking portal on their site, which delivers bespoke quotes in seconds, a carousel of key photos, easy-to-understand floor plans and a direct communication channel. Clear payment terms, secure deposits and a simple reservation process will also encourage more people to book from a global audience (and save you 15-30% on OTA commission).
Community is what coliving is all about. Yes, the location is important. Yes, the amenities are a great draw. Yes, the rooms must be affordable. But all those pale in significance to the sense of community, especially when it comes to retaining residents.
A study by Apartment Life noted that ‘neighbours are amenities’, finding that residents with 7+ friends in a building have a 47% chance of renewing their contract compared to 29% for those with no friends. With coliving software, you can cultivate community friendship (and therefore boost occupancy) by, for example, including a community app where residents post messages, organise events and ask for advice; a hub to sign-up to evening dance classes or set-up their own film nights. An interactive app lets residents take control of their lives together and reduces management burdens for operators. That’s what a community channel is all about.
Wouldn’t it be great if you could get all of that coliving software in one easy-to-use platform? At res:harmonics, our unified platform is designed with coliving in mind and developed specifically to solve the challenges that coliving operators face. With a vast array of features and industry-leading integrations at your fingertips, you can make the most of your coliving business.