Co-living gets a psychology-based SaaS platform
Coly Technologies has launched a SaaS management platform for co-living operators, betting on a ‘community psychology’ approach to set itself apart.
The brainchild of Swedish co-living operator Colive, Coly features an app for tenants, application software for prospective tenants and a management dashboard for operators.
Pipeline, the application software, has ‘tenant-matching technology’ developed by the company’s in-house psychologist and data scientist.
Using a questionnaire based on personality traits within the application process, the company said Coly gives co-living operators “a better chance of creating a vibrant community” by matching specific personality types.
Factors it considers include: extraversion, agreeableness, conscientiousness, openness and neuroticism.
Outside of its psychological take on applications, Coly offers more conventional features as well. Brain, its ‘co-living back office’, allows operators to manage their properties, from incoming applications to maintenance and payment management.
Connect, the third piece of Coly’s tech offer, is a co-living tenant app – which operators can modify to match their branding – that allows users to pay rent, contact management and communicate with each other.
The company said it has aspirations to reach £10m in revenue in five years and become the European market leader for co-living tech.
Behrang Abbassi, CEO of Coly, said: “We want to make co-living operations profitable and hassle-free. In recent years, modern co-living properties have emerged as some of the most attractive forms of living in cities across Europe. Still, co-living is often considered complex from an operational point of view, due to a lack of purpose-built technology solutions.”
Some alternatives, such as Housemonk in Singapore, have tenant apps that cater to a range of sectors, including co-living. Others, like Proptiq or Kin, are taking Coly’s approach by developing software specifically for co-living from scratch. However, companies like these are still relatively young, and a clear frontrunner in co-living management has yet to emerge.
In order to compete with them, Coly’s growth strategy relies on its origin as a successful co-living operator’s in-house technology. The company’s thinking is that if it worked for Colive, then it should work for the wider market.
Abbassi said: “There has been tremendous interest in how Colive has quickly established its position as one of Europe’s most innovative co-living spaces using its own technology.
“As such, it made complete sense to offer this more broadly, which is what we are now doing through Coly.”
What is Colive?
Co-living operator Colive has three sites in Stockholm with a further five expected to open between now and 2024. The buildings each cater to a slightly different customer base. Colive Parkstråket, for example, is for 20-35 year olds, with five or six people sharing each of the 17 flats, while Colive U25 caters to 18-25 year olds, none of whom are allowed to live there for more than four years.
Tenants are matched based on their personalities and share a kitchen, living room, dining room, toilets and other communal areas such as balcones.
Although Colive is based in Sweden, Coly said that the UK is a key market for the expansion of its software because the country is “one of the most mature markets in Europe”.
Abbassi added: “A growing number of companies are now accommodating to millennials who spent their younger years in flatshares and are used to the community feel that comes with living with others, but now seek the comfort of more modern and serviced setups.
“But without a smooth tenant experience, any concierge, beautifully furnished common area or fancy kitchen won’t matter. With Coly, we want to ensure that both operators and tenants get the most out of co-living, so that this form of living can continue to flourish, right across the UK.”