How a customized coliving management software suited Cove’s evolving business needs
Overview
Cove was founded in 2018 by three young entrepreneurs -Luca, Guillaume, and Sophie in an attempt to make rental experiences smooth and seamless. The co-living and home rental platform that was founded five years ago has been quietly, but rapidly expanding. The company today has over 3,000 keys in its portfolio and as a growing operator, Cove had an evolving business model spread across multiple geographies and needed a PMS keeping up with its growing requirements.
Business Challenges to Our Solutions
Challenge 1
Diverse Business Model Evolution
When the company was founded in 2019, its entire portfolio was long-term rentals, managed by its in-house staff, and only operated in Singapore. As the company evolved, it had some changes, like launching a short-term rental management service, a franchise-based business model, where it had 3rd parties managing properties on its behalf, and starting business operations in multiple countries apart from Singapore
Solution
We provided Cove with a solution that could handle bookings of all stay durations - from 1 night to multi-year tenancy, a PMS which could handle franchise-managed inventory as well as self-managed properties, and also efficiently handle multi-country operations including taxes, languages and currencies.5000+
Rooms managed through our softwareChallenge 2
Need to Bridge the Integration Gaps
Like most modern Property Managers/Operators, COVE was using a variety of different tools in addition to the PMS to ensure seamless business operations. These included communication tools (Front), workflow systems (Inventory Hive) accounting softwares (Xero) and tenant experience app (Glynk). Their previous PMS did not have integration capabilities to most of these third party tools.
Solution
Our belief has always been to build an open system where multiple software can talk to our platform and vice versa. Even though we didn’t come pre-integrated to some of these solutions, we added them to our product roadmap and delivered them to our customers within 1-2 quarters.1 central system
Leasing, invoicing, operations and communication handled onChallenge 3
Custom Dashboards and Analytics
Cove needed a platform that could deliver a single source of truth thereby helping the key stakeholders get maximum visibility into the day-to-day operations and analytics. Like all growing companies, they had their data stored in multiple different silos, and found it difficult to build a unified story.
Solution
Our team worked closely with Cove’s management team to understand their business requirements and then worked closely with their engineering and product teams to unify their data silos into a common data warehouse. MonkSpaces.Ai has written special APIs to move data around and worked on building a unified business dashboard within its analytics module to help visualize business KPIs including those related to occupancies, finance, business operations, and much more across multiple countries.97%
Overall occupancy
MonkSpaces.AI provided a unified & customized platform to us to fulfil our customization needs, facilitate seamless integrations with other tools and get enhanced visibility into the business across different geographies.
