How Coliwoo leveraged Hybrid Rentals for revenue maximization
Overview
Founded in 2020 in Lion City, Coliwoo is the coliving entity of LHN, a real estate management services group operating in South Asian countries such as Singapore, Bhutan and Myanmar. With over 1,673 units nationwide, Coliwoo provides premium yet affordable coliving experiences. The company has adopted a hybrid rental strategy to optimize revenue and accommodate diverse demographics. It offers a variety of rental options that are tailored to meet the unique needs of different clients.
Business Challenges to Our Solutions
Challenge 1
Diverse business needs
Managing Coliwoo's diverse business models consisting of studio apartments, coliving and hotel stays they needed a single Property Management Software that would help manage these diverse needs with stay durations ranging from 1 night to multiple months.
Solution
We provided Coliwoo a comprehensive PMS that successfully streamlined the management of contracts, leasing and accounting needs for short-term, long-term, hybrid and hotel stays all at one platform.100%
Percentage of portfolio managed on one PMSChallenge 2
Invoicing was not consolidated
The lack of automation compelled the Coliwoo team to manually generate, send, and track invoices suitable for specific portfolios as well as further customisations for corporate stays. Previously, it would take a Coliwoo employee approximately 2 hours to complete a task as simple, such as creating an invoice.
Solution
We developed a tailored accounting structure that enabled the team to generate customized contracts and invoices - our hybrid pricing feature featured diverse pricing slabs, establish distinct rates for different room categories, and incorporate weekend pricing. With this implementation of automation, tasks such as invoicing can now be completed for all properties in just 5 minutes.100%
Percentage of invoicing automatedChallenge 3
Potential revenue loss due to manual listings on OTAs
Due to the manual property listing process, the Coliwoo team relied solely on just one Online Travel Agency (OTA) - Agoda. By not diversifying their presence across different OTAs, Coliwoo missed out on the opportunity to tap into alternative booking channels and maximize their booking potential.
Solution
MonkSpaces.Ai's Hybrid Rental Feature enabled Coliwoo to successfully automate inventory management and effortlessly list their properties on multiple OTAs such as Booking.com, Trip.com, EaseMyTrip, and Agoda via our Channel Manager. Notably, the bookings received from these OTAs have reached an impressive count of 118 confirmed bookings and continue to grow, generating a revenue of $34,420 in 3 months solely through short-term rentals.17%
Revenue growth
We have adopted a hybrid rental strategy at Coliwoo. We are driving higher revenue per room through short term bookings from OTAs, whilst ensuring high occupancy through long term rental bookings we get directly on our website. It's all being managed through the same platform of MonkSpaces.Ai. We love it!
