How res:harmonics solved short, medium and long stay challenges in one technology platform enabling Noli Studios to create a brand new co-living concept.
Who – are Noli Studios?
Established in late 2019, Noli Studios is an innovative co-living concept that offers over 460 studios across two central Helsinki locations. Created by NREP, a Nordic real estate developer and investor, Noli stands for Nordic Living and provides the comfort of a home with the services of a hotel. Its two locations blend cool design aesthetic, historic buildings, stylish studios and hotel-style amenities - such as gyms, saunas and co-working spaces - with a warm sense of community and flexible stay lengths where the longer you stay, the less you pay.
Why – did they hire res:harmonics?
With the market offering a narrow choice between one-year rental leases and expensive serviced apartments, NREP wanted to create a new living solution offering flexibility and affordability. A new way of living where guests didn’t need to plan ahead and pricing was reflected in length of stay. The essence of Noli Studios.
However, to achieve this Noli knew that high-level operational efficiency was needed and that they would need to partner with a responsive and resilient property management system. A system that could be customised to Noli’s bespoke needs and create a platform for something that had never been done before. Enter, res:harmonics.
What – did res:harmonics do?
Following a tender process, res:harmonics worked with Noli to design a platform that accommodated their specific requirements, especially around sales channels, availability and pricing.
As a multiple stay length concept with a wide variety of customers, installing multi-channel connectivity was key to running the business so res:harmonics integrated Noli’s API with a host of OTAs, older channel connections and their own webshop too.
Res:harmonics also installed a bespoke availability grid giving Noli oversight of all their units and enabling Noli to switch units from short stay to long stay. As such, every unit could be a hotel for seven-day holidays and a home for seven-month work placements.
What’s more, res:harmonics built a pricing scale that matched guests’ varying stay lengths. With each unit booked for three years, guests are asked every month whether they want to stay for the next month and the system calculates the final invoice accordingly with the price decreasing the longer the stay.
How – did res:harmonics make a difference?
Res:harmonics agile system enabled Noli Studios to fulfill its vision of building and operating something that had never been done in the living and co-living segment anywhere in the world. By working closely with the Noli team, res:harmonics was able to adapt to Noli’s unique needs quickly and efficiently so that Noli not only launched on schedule, but hit the ground running from the off.
As a result, despite opening its studios a few months before the coronavirus pandemic, Noli has managed to reach its first year targets during Covid-19, including very high occupancy throughout lockdown.
“With res:harmonics, we have done something extraordinary and created a new way of living. During the tendering process, we looked at many property management systems, but most weren’t willing to adapt their systems for a small player like us as they didn’t see the value.” - Ilkka Kaakinen, Commercial Manager at Noli Studios