Industry Blogs
Top Features of a Co-living Property Management System (PMS)
Jan 29' 253 min read

Written byAjay Kumar

Lead, Lease, and Booking Management
Click, Book, Occupy
- Booking Portal Integration: Tenants can book rooms from a customized booking portal or popular OTAs like Airbnb and Booking.com.
- Digitized Check-in/Check-out: Streamlines the check-in/out process and allows for easy contract renewals.
- Contract Management: Manages multiple contracts seamlessly with detailed information on renewals, invoicing, and services.

Finance & Accounting
Comprehensive Financial Management
- End-to-End Property Accounting: Handles both receivables and payables, ensuring that accounting processes are company-compliant.
- Automated Rent Collection: Automatically generates invoices for tenants, collects payments through integrated gateways, and reconciles with the bank.
- Bulk Notifications: The Bulk Create function notifies everyone in the organization with payment reminders.
Common Amenities Management
Efficient Use of Shared Resources
- Facility Booking: Ensures tenants book facility slots in advance, avoiding confusion.
- Additional Services: Allows tenants to purchase extra services like Wi-Fi, generating additional revenue.
- Resource Management: Pre-configures resource details, including approval and payment workflows.
Community Engagement
Fostering Tenant Interaction
- Event Management: Facilitates planning, promotion, and registration for events to enhance tenant participation.
- Marketplace: Provides a platform for tenants to showcase and sell their products, fostering a sense of community.
- Exclusive Offers and Polls: Shares tenant-only offers and conducts polls to make community decisions.

Facilities Management
Maintaining Optimal Living Conditions
- Preventive and Reactive Maintenance: Regular and on-request maintenance to ensure a well-maintained living space.
- Complaint Redressal: A mechanism for quick resolution of tenant complaints.
- Asset Management: Tracks all assets in units to ensure transparency and accountability.
Additional Features
Business Intelligence
- 1. Access to various reports that show the state of your business.
- 2. Assistance with tax and legal compliance.
Custom Branded App Creation
- 1. Develops a personalized app for your property.
Hybrid Rentals
- 1. Channel manager facilities.
- 2. Focus on guest experience management.
- 3. Dynamic pricing algorithm for nightly rates.
Energy and Utility Management
- 1. Smart Locks: Enhances security and convenience.
- 2. Smart Lighting (STRATIS IoT): Automatically adjusts lighting based on occupancy or ambient light.
- 3. HVAC Optimization: Improves heating and cooling efficiency.
- 4. Energy Plan Selection: Assists in choosing energy-efficient plans from providers.
- 5. Leak Detection & Alerts: Quickly identifies leaks to minimize water waste.
- 6. Utility Billing Move Out Estimator: Promotes responsible resource usage.
- 7. Meter Readings: Accurately tracks utility consumption.
- 8. Ratio Utility Billing System: Allocates utility costs based on usage.
- 9. Documented Energy Cost Savings: Tracks and reports energy savings from smart technology.
Check out our product to get a comprehensive PMS that covers all the features that you will need to operate: MonkSpaces.Ai- Coliving