How SharedEasy improved leasing and invoicing using MonkSpaces.Ai
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.
Company
SharedEasy
Location
New York, USA
Portfolio
Coliving
Scale
300+ units
Residents served
5,000+
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.
Core Module for centralized contract management
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.
Reduction in time taken to administer a lease by automating booking process
75%
Challenge 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.
Seamless integrations with ZohoBooks and HubSpot
We seamlessly integrated with ZohoBooks and Hubspot to push and pull data as necessary
Centralised platform
1 platform to run entire business
Challenge 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.
US law-compliant automated invoicing
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 process
Time reduction in monthly invoicing process due to automation
80%
Challenge 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.
Unified analytics and performance metrics
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 metrics
Platform to track all key business metrics
1 platform
Impact at a glance
75%
Reduction in lease administration time
80%
Reduction in invoicing time
5,000+
Residents served
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