CASE STUDY

How Coliwoo leveraged Hybrid Rentals for revenue maximization

Company
Coliwoo

Parent Company
LHN Group

Location
Singapore

Portfolio Type
Coliving

No. of Units
1673

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 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.

Our Solution

TheHouseMonk 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.

Business Challenge #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.

Our Solution

We developed a tailored accounting structure that enabled the team to generate customized contracts and invoices according to their specific business requirements and contract types.

Our hybrid pricing feature featured diverse pricing slabs, establish distinct rates for different room categories, and incorporate weekend pricing allowing premium rates for specific days of the week and for various room types.

With this implementation of automation, tasks such as invoicing can now be completed for all properties in just 5 minutes.

Business Challenge #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.

Our Solution

TheHouseMonk'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.

Business Challenge #4 Integration to their existing ERP system

Coliwoo needed a PMS that could integrate

Our Solution

We developed a tailored accounting structure that enabled the team to generate customized contracts and invoices according to their specific business requirements and contract types.

Our hybrid pricing feature featured diverse pricing slabs, establish distinct rates for different room categories, and incorporate weekend pricing allowing premium rates for specific days of the week and for various room types.

With this implementation of automation, tasks such as invoicing can now be completed for all properties in just 5 minutes.

The Outcome

The implementation of TheHouseMonks tailored solutions for Coliwoos diverse portfolio streamlined management using a single PMS.

Reduction in average time for creating custom lease agreements 80%
Increase in confirmed bookings received from OTAs 420%

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