Coliving is “poised for huge growth”. According to a recent Savills report, there are currently 24,000 coliving units in the UK pipeline, with an even split between London and the rest of the country. Savills also estimates that coliving’s core target market will require around 725,000 units in the UK.
To stand out amongst the competition and take advantage of the large coliving market, operators need to build a thriving coliving community, which not only has well-being and experience benefits for coliving’s target market, but also leads to longer leases and higher occupancy for operators. A coliving property management system is just the ticket.
Community-boosting features of a coliving PMS
Specifically-designed to cater for the unique challenges of coliving, a coliving property management system (PMS) streamlines operations, digitises admin tasks and maximimises management efficiency. Its wide-ranging features enable operators to cultivate their desired community, from attracting the right blend of residents to creating the conditions for flourishing friendships.
Channel Manager - Savills found that four out of five coliving residents in the UK are aged between 18 and 35, but not all young people are the same. For example, your coliving community might focus on recent graduates moving to a big city for the first time or thirty-something remote workers in a beautiful rural setting. You might even be looking to hone a coliving concept that focuses on older residents or families.
A channel manager attracts the right blend of residents to your community. Not only can you highlight specific features and rates to attract your ideal guest, but you can also advertise on specialist sites used by like-minded individuals. A channel manager allows you to extend your reach across the world and find people for your desired length of stay.
Guest Portal - Coliving operators are looking to create a community of friends, not neighbours. The lure of social interaction is not only one of coliving’s biggest USPs, but it also helps retain current residents. A study conducted by Apartment Life found that residents with more than seven friends had a 47% chance of renewing their contract, compared to 29% for those without friends.
The research also found that resident satisfaction improved if they took part in community-organised events. Operators can use an interactive guest portal to host social activities, such as dance classes and cookery clubs, while guests use the portal to take control of their own downtime, by organising a film night in the cinema room or pilates course in the gym. It also facilitates resident communication with each other and management, as well as enabling residents to check what’s on and sign-up to events.
What’s more, the possibilities of the guest portals extend beyond the doors of your property; it connects residents to local establishments - i.e. 2-for-1 deals at a local restaurant or nearby attractions - and outdoor excursions, such as walking trips.
Data dashboard - Analysing data might seem less community-boosting than a tango class on the roof, but the benefits to your community shouldn’t be underestimated. A coliving property management system draws data from all parts of your business and packages them in an easy-to-understand dashboard for operators to enhance your community in various ways.
For example, you can gauge the popularity of each social activity to create engaging, interactive experiences. Analyse the type of guest that comes from each channel to focus attention on particular sites. Understand stay lengths to help encourage contract renewals with long-stay discounts. In short, a coliving PMS gives operators the data to back up their community-creating programmes.
All-in-one coliving software
res:harmonics coliving property management system (PMS) is all-in-one coliving software for operators to run their business without the usual limitations. From seamless smart locks systems to a customisable guest portal, res:harmonics carefully curates a suite of features and integrations that builds thriving communities. Get in touch to find out more.
Download the Ultimate Guide to Coliving Management Software 2023 to learn how property management software supports coliving operators.
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