Contributors profile
Coliving and tech are a ‘match made in heaven’, according to Giles Horwitch-Smith, the founder and CEO of leading short-stay and long-stay residential software platform, res:harmonics. With 25 years’ experience in the property and tech worlds, Giles tells Coliving Insights how innovative technology can streamline coliving’s operations, enhance resident experience, boost operators’ profits and help them scale.
Technology consulting, residential management, building operator and innovative living software. Short-stay, long-stay, serviced apartments and coliving. You’ve covered a lot of bases in your career, what attracts you most to the coliving sector?
Potential. With current and future technology, there’s so much potential for the coliving industry to grow efficiently and effectively; not only creating a better environment for both operators and residents, but also building strong, vibrant and interconnected communities.
Working in the property and built-to-rent world with a tech background, I kept on seeing areas where bespoke software could solve the challenges operators faced: streamlining operations with real- time checklists and remote management of cleaning rotas and housekeeping staff; direct communications channels between operators and residents; booking channels, automated billing, keyless access, channel management - the list was endless.
Combined with the changes in living trends - from the traditional student digs to rental apartments to mortgages to newer ‘innovative living’ models - I saw the need for a property management system that catered specifically to the needs of serviced apartments, build-to-rent residential and coliving.
A system that was fully customisable, included all the things I wished I had access to as an operator, and helped these business models maximise sales, reduce costs, enhance guest experience and scale.
In the last edition of Coliving Insights, we looked at the various stages of coliving from investment and development to operations and scaling. Which stage do you think tech enhances the most?
Is it cheating to say all of the above? From a holistic perspective, tech affects investment by making coliving operators more profitable and also providing detailed data on all parts of a coliving business.
For development, we could talk about using technology to transform under-utilised building spaces into revenue-generating assets, such as gym classes on the roof, cafés in the lobby and office space in the basement. However, within the framework of your question, I think tech really shows its true value when it comes to operations and scaling.
Take our operations app, for example. Coliving operators need effective operations not just for making efficiency savings, but also for providing a great resident experience, which ultimately helps you scale through increased occupancy and revenue (customisable apps also make the physical act of scaling - adding units, sites and various pricing strategies to the system, for example - a doddle).
With a customised digital app, operators can oversee all operations remotely and in real-time. From scheduling maintenance tasks and prioritising urgent duties, to sending updated protocols to staff across multiple sites and tracking performance with up-to-the- minute dashboard reporting, tech revolutionises how operators run their units and buildings. For operators, it’s about prompt solutions and no admin costs.
For residents, it’s about enhanced responsiveness and increased control. Using the guest app, residents can set personalised cleaning rotas, log maintenance issues, upload photos of faults, speak directly to staff via the comms channel and monitor an issue’s resolution - all from a device they carry in their pocket on a day-to-day basis.
Great resident experience is crucial for coliving operators to stand out from the crowd. Can you elaborate some more on how operators can use technology to deliver exceptional experience?
Residents are not the key to a successful coliving business - happy residents are. The residents that sing a brand’s praises online, extend their stays for months on end and buy year-long coliving memberships are the ones that have a great experience before, during and after their stay.
That’s personalised pre-arrival information with a digital handbook and tips on nearby attractions. That’s a communication hub between operators and guests with automatic translations so guests can use their first language. That’s using an app to sign contracts, pay rent, receive parcel notifications from the on-site team and check the evening film in the cinema room. That’s keyless entry and access to account information on your phone. That’s allowing happy residents to extend their stay at the touch of a button and benefit from longer stay discounts. I could go on...but delivering exceptional experience is all about making it effortless: empowering hosts to really facilitate the community and freeing up residents to do the same.
Very true. To go back to what you said about extending stays, what do you mean by that and how can technology facilitate it?
Even before COVID-19 struck, living trends were changing. A lack of affordable housing, increased work flexibility and different attitudes towards renting were laying the foundations for innovative living models. For example, the UK Office for National Statistics showed that a third of 33-45 year olds were renting in 2017 (up from fewer than 10% in 1997), proving that renting is no longer a young person’s game; the demand is there.
COVID-19 has put rocket boosters on those trends. Now with the ability to work from anywhere and an increasing demand for fluid work-life arrangements, offering flexible leases is a great way for coliving operators to stand out. Length of Stay (LOS) diversity has been notoriously hard to implement due to the variety of channels, unit types, traveller types and pricing (to name just a few), but with innovative tech it’s now not only possible, but profitable.
For instance, we helped flexible housing operator Noli Studios establish a multiple stay length concept with a wide array of resident types and multi-channel connectivity. We installed a bespoke availability grid - which provided oversight of all units at all sites and enabled them to switch units from a two-month stay to a two-year tenancy with ease - and built a sliding rating scale that matched guests’ varying stay lengths (rewarding loyalty).
Flexibility will certainly be a useful tool when COVID-19 restrictions are finally lifted. Thinking of the future, where do you see coliving heading and what advice would you give to operators?
When COVID-19 came around, there was very premature talk of coliving’s imminent demise. Communal areas, central city locations and a revolving door of guests were not seen as compatible with the new era of social distancing. However, this view is short-sighted. If anything, months of lockdown has strengthened the appeal of community living. Being holed up in small apartments has increased the desire to work and travel, especially among young people (25% of 18-35 year-olds are considering a gap year or sabbatical, according to Contiki). Those renting a flat on a city’s outskirts will look in with envy at those in shared central accommodation with access to gyms, spas and cinemas for the same price.
What I would say to coliving operators is therefore three-fold. Firstly, shout about your benefits and perks. Secondly, offer flexible leases and long-term discounts to boost occupancies. Thirdly, find the right technology partner that suits your management style, unit types and scaling plan. Not all tech systems are the same and coliving operators should look for software that is fully customisable to their needs. If done right, technology and coliving is a match made in heaven.
Coliving and tech are a ‘match made in heaven’, according to Giles Horwitch-Smith, the founder and CEO of leading short-stay and long-stay residential software platform, res:harmonics. With 25 years’ experience in the property and tech worlds, Giles tells Coliving Insights how innovative technology can streamline coliving’s operations, enhance resident experience, boost operators’ profits and help them scale.
Technology consulting, residential management, building operator and innovative living software. Short-stay, long-stay, serviced apartments and coliving. You’ve covered a lot of bases in your career, what attracts you most to the coliving sector?
Potential. With current and future technology, there’s so much potential for the coliving industry to grow efficiently and effectively; not only creating a better environment for both operators and residents, but also building strong, vibrant and interconnected communities.
Working in the property and built-to-rent world with a tech background, I kept on seeing areas where bespoke software could solve the challenges operators faced: streamlining operations with real- time checklists and remote management of cleaning rotas and housekeeping staff; direct communications channels between operators and residents; booking channels, automated billing, keyless access, channel management - the list was endless.
Combined with the changes in living trends - from the traditional student digs to rental apartments to mortgages to newer ‘innovative living’ models - I saw the need for a property management system that catered specifically to the needs of serviced apartments, build-to-rent residential and coliving.
A system that was fully customisable, included all the things I wished I had access to as an operator, and helped these business models maximise sales, reduce costs, enhance guest experience and scale.
In the last edition of Coliving Insights, we looked at the various stages of coliving from investment and development to operations and scaling. Which stage do you think tech enhances the most?
Is it cheating to say all of the above? From a holistic perspective, tech affects investment by making coliving operators more profitable and also providing detailed data on all parts of a coliving business.
For development, we could talk about using technology to transform under-utilised building spaces into revenue-generating assets, such as gym classes on the roof, cafés in the lobby and office space in the basement. However, within the framework of your question, I think tech really shows its true value when it comes to operations and scaling.
Take our operations app, for example. Coliving operators need effective operations not just for making efficiency savings, but also for providing a great resident experience, which ultimately helps you scale through increased occupancy and revenue (customisable apps also make the physical act of scaling - adding units, sites and various pricing strategies to the system, for example - a doddle).
With a customised digital app, operators can oversee all operations remotely and in real-time. From scheduling maintenance tasks and prioritising urgent duties, to sending updated protocols to staff across multiple sites and tracking performance with up-to-the- minute dashboard reporting, tech revolutionises how operators run their units and buildings. For operators, it’s about prompt solutions and no admin costs.
For residents, it’s about enhanced responsiveness and increased control. Using the guest app, residents can set personalised cleaning rotas, log maintenance issues, upload photos of faults, speak directly to staff via the comms channel and monitor an issue’s resolution - all from a device they carry in their pocket on a day-to-day basis.
Great resident experience is crucial for coliving operators to stand out from the crowd. Can you elaborate some more on how operators can use technology to deliver exceptional experience?
Residents are not the key to a successful coliving business - happy residents are. The residents that sing a brand’s praises online, extend their stays for months on end and buy year-long coliving memberships are the ones that have a great experience before, during and after their stay.
That’s personalised pre-arrival information with a digital handbook and tips on nearby attractions. That’s a communication hub between operators and guests with automatic translations so guests can use their first language. That’s using an app to sign contracts, pay rent, receive parcel notifications from the on-site team and check the evening film in the cinema room. That’s keyless entry and access to account information on your phone. That’s allowing happy residents to extend their stay at the touch of a button and benefit from longer stay discounts. I could go on...but delivering exceptional experience is all about making it effortless: empowering hosts to really facilitate the community and freeing up residents to do the same.
Very true. To go back to what you said about extending stays, what do you mean by that and how can technology facilitate it?
Even before COVID-19 struck, living trends were changing. A lack of affordable housing, increased work flexibility and different attitudes towards renting were laying the foundations for innovative living models. For example, the UK Office for National Statistics showed that a third of 33-45 year olds were renting in 2017 (up from fewer than 10% in 1997), proving that renting is no longer a young person’s game; the demand is there.
COVID-19 has put rocket boosters on those trends. Now with the ability to work from anywhere and an increasing demand for fluid work-life arrangements, offering flexible leases is a great way for coliving operators to stand out. Length of Stay (LOS) diversity has been notoriously hard to implement due to the variety of channels, unit types, traveller types and pricing (to name just a few), but with innovative tech it’s now not only possible, but profitable.
For instance, we helped flexible housing operator Noli Studios establish a multiple stay length concept with a wide array of resident types and multi-channel connectivity. We installed a bespoke availability grid - which provided oversight of all units at all sites and enabled them to switch units from a two-month stay to a two-year tenancy with ease - and built a sliding rating scale that matched guests’ varying stay lengths (rewarding loyalty).
Flexibility will certainly be a useful tool when COVID-19 restrictions are finally lifted. Thinking of the future, where do you see coliving heading and what advice would you give to operators?
When COVID-19 came around, there was very premature talk of coliving’s imminent demise. Communal areas, central city locations and a revolving door of guests were not seen as compatible with the new era of social distancing. However, this view is short-sighted. If anything, months of lockdown has strengthened the appeal of community living. Being holed up in small apartments has increased the desire to work and travel, especially among young people (25% of 18-35 year-olds are considering a gap year or sabbatical, according to Contiki). Those renting a flat on a city’s outskirts will look in with envy at those in shared central accommodation with access to gyms, spas and cinemas for the same price.
What I would say to coliving operators is therefore three-fold. Firstly, shout about your benefits and perks. Secondly, offer flexible leases and long-term discounts to boost occupancies. Thirdly, find the right technology partner that suits your management style, unit types and scaling plan. Not all tech systems are the same and coliving operators should look for software that is fully customisable to their needs. If done right, technology and coliving is a match made in heaven.
