How SharedEasy improved leasing and invoicing using MonkSpaces.Ai
Overview
SharedEasy is a managed coliving space specialising in fully furnished 'hotel-style' spaces for corporate clients and individuals. Being based in a bustling business environment like New York City, SharedEasy offers both short-term and long-term rentals, having catered to 5,000+ residents and receiving upto 1,000+ applications for their homestays every month.
Business Challenges to Our Solutions
Challenge 1
Improper Tracking of Leasing Data
SharedEasy had consolidated their business data on Excel sheets. While this was sufficient for them when their portfolio was small, it was a pain as they started scaling. They needed to automate simple processes which was not possible.
Solution
With our Core Module, SharedEasy was able to upload all types of contracts onto a centralised system where property managers could track and maintain tenancies. This allowed them to streamline contract generation efficiently, optimise bookings through a booking calendar and easily track vacancies, leading to better marketing of their vacant units.75%
Reduction in time taken to administer a lease by automating booking processChallenge 2
No centralized solution
SharedEasy also used other tools for different functions like HubSpot for customer relationship management and ZohoBooks for accounting. Operationally, they were all over the place and needed a unified solution.
Solution
We seamlessly integrated with ZohoBooks and Hubspot to push and pull data as necessary1 centralised platform
To run entire business0
Risk in creation of data siloChallenge 3
Rental invoicing and collections
Due to American pro-ration laws, SharedEasy couldn't find a software that could help with long-term invoice pricing. They needed the first invoice to be billed for a whole month, and the second invoice prorated to a 30 day system. Hence, the initial invoice was manually raised.
Solution
We provided an invoicing solution which was both automated and compliant with US law on rental invoicing. This was acceptable to SharedEasy's accounting team, and help streamline the business process80%
Time reduction in monthly invoicing process due to automationChallenge 4
Lack of available performance metrics
As the system wasn't centralised, SharedEasy could not obtain accurate metrics to review their performance. It was difficult to track revenue and operations linked to a particular unit or business function.
Solution
SharedEasy was able to grasp the following metrics upon having a centralised system: 1. Turnaround time, due to the system integration with Hubspot 2. Occupancy metrics like average length of stay, occupancy rate, booking window, etc. 3. Sales metrics like ad revenue and sales channel performance metrics1 platform
To track all key business metrics
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.
