We cannot continue to bury our heads in the sand and just wait until we have no choice but to comply. We might already be extinct by then if we do — #proptech by Richard W J Brown.
When it comes to innovation in the coliving industry, implementing PropTech into your processes is crucial to achieve growth, improve workflows, time management, return on investment, and customer satisfaction. Yet, there are so many technologies out there that the real challenge comes from choosing the most suitable software for your company. I’ve worked alongside leading global coliving operators who’ve implemented the most efficient technologies; I’ve rounded up 5 must-have technologies for coliving operators that are being implemented and integrated the most in 2021…
1. Access control
Every co-living organisation strives to achieve maximum security at its premises. An essential solution is having access control technology with digital capabilities to reinforce zone restrictions and improve on-site security. Valued by numerous industries including Government, Pharmaceutical, Aviation, Education, and more, access control solutions are deployed to increase security and threat mitigation, protecting the people, property, and assets at each premises.
Access control is also an essential solution for property management. As an example, SALTO Systems offer world-class access control systems that are cost-effective, simple to use, and accessible — which increases the potential global scalability of access control solutions. Their wireless systems are integrated into existing software, providing on-site transparency whilst enhancing customer satisfaction.
An important fact to note here is collaboration between applications. For access control, this means going beyond classical security and management questions. Caring about it, means taking the advantage of access data to enrich other applications with the help of IoT.
2. Camera surveillance
In addition to access control solutions, implementing camera surveillance and CCTV systems at your premises will significantly improve customer security. This will reduce the number of incidents that occur at your premises, including theft and assault, enabling customers to feel safer. Advanced surveillance technologies collect evidence, which can be used to diffuse conflicts.
As an example, Eagle Eye Networks offer video surveillance as a service, which can be linked up to an unlimited number of locations, cameras, and users which increases its scalability. It uses cloud storage which can be integrated into other platforms. Not only does their technology perform as traditional surveillance, it also produces insights into how customers are using spaces. If you’re testing out different functions for your shared spaces, then this is a useful tool to understand how your customers inhabit those spaces.
It opens a completely new world by thinking connected.
When we look at the past we can see that the technology that had the biggest impact on how Real Estate assets are designed, operated and valued usually come from other industries. When we look at the present we can see that Real Estate is now being destabilised in all sorts of ways mostly through technology that are not really Real Estate specific — Rethinking Real Estate by Dror Poleg.
3. Booking systems
Did you know that you can save a lot of money and time by using a booking system? This allows your company to stay open for business 24/7, leading to increasing your bookings and the opportunity to accept bookings from global customers. Avoid double bookings when the process is integrated into your software. Online booking systems save administration time spent collecting customer information, checking or updating availability and sending automatic email updates to customers, which allows more time to spend scheduling staff in accordance with your number of bookings, planning resources (which prevents time delays through staff shortages) and achieving 100% customer satisfaction.
Online booking forms can also be used to upsell products or services such as add-ons; customers are more likely to upgrade their booking and buy add-ons if they can do so online, with efficient customer touchpoints.
4. Property management systems
A great booking system goes hand-in-hand with a property management system (PMS). Its automation reduces time spent on manual processes and improves your workflow. Your PMS is accessible from anywhere, which gives you the ability to set up multiple coliving properties. It also provides insights and reports so you’ll be able to identify if part of your process needs improvement. Be careful that your choice of PMS aligns with your offerings to avoid overwhelm and inefficiencies, and ensure it’s simple to use so your staff don’t require constant support.
Building a property management system for coliving operators enables you to maximise sales, cut costs, deliver hotel-style hospitality and scale-up. This streamlines operations and enhances profitability. As you may not be able to create your own platforms, outsourcing to PropTech companies allows you to focus purely on offering exceptional customer experiences. Make sure you consider a PMS that also integrates with other technologies for a seamless flow.
5. Community app
Community is at the core of coliving and this can be enhanced by technology. If you manage a large coliving space or multiple coliving properties, providing an online social network platform for your internal community will help customers meet each other and create bonds faster. You can also present a positive welcome experience to new customers and share upcoming events or encourage customers to organise their own meetups. This improves community well-being, your customers are on board to meet a like-minded community. All will also result in long-term or repeat custom, leading to better growth and the opportunity to scale up quickly.
Additionally, you can use your community app to upsell extra services and to support your external communities. Create initiatives to collaborate with local businesses or charities, and get your customers involved in these activities. Being part of a wider network creates a shared and stronger sense of community.
At Co-Liv, we just launched our own Tech Community to bring together the leading technology providers to unlock the potential of technology within the coliving industry. Find out more here. Listen to the podcast here.