Colive, India’s biggest technology-enabled rental lodging provider, has partnered with Nilkamal, India’s largest furnishing company, to convert its co-living homes into hybrid-living accommodations. Colive hopes to improve its clients’ living experiences by offering plug-and-play houses with a hybrid working environment as part of this change.
At Colive, we have also introduced a novel concept called ‘Bid4Bed,’ in which prospective tenants choose a property based on its location and sharing preferences, then place a bid/offer that suits his budget, obviating the need for lengthy negotiation conversations that make the process complicated and unorganized.
This enables tenants to provide an accurate estimate of how much they will pay for a listed hybrid living space. If the bid is accepted, the customer must pay the remaining balance and move in. They will receive a counteroffer if their bid is rejected. They can also choose to opt-out of the bidding process and receive a refund of the initial payment.
The consumer can bid on the properties or locations based on pricing trends in a micro-market that will be visible, enabling him or her to make an informed selection. All property managers will be notified of the bids, which will be accepted on a first-come, first-served basis. This lowers the risk of human error and ensures complete transparency in the sales process.
Priceline is one of the most astonishing success stories in recent years. It is most known for its name-your-own-price model, which allows the customers to bid for services but not for service providers, which leads to its success. Priceline draws price-conscious customers since it is an opaque marketing strategy. In the United States, this disrupted and revolutionized the way consumers bid on and book flights, hotels, and rental cars. Many other profitable businesses use this method worldwide. The roles of buyer and seller are reversed, and the seller, who can offer the service at the price specified by the customer, wins the auction.
Spaces that strike the balance between personal and professional life have become crucial in a post-pandemic era where work from home is a popular form of employment and many organizations, including start-ups, are adopting the home-office model.
Workstations and meeting spaces, similar to those found in a corporate workplace, enable professional networking and effective working. It improves job efficiency and assists professionals in maintaining their workflow while reducing office rent/purchase costs. Tenants feel powerless because of a lack of control and standardization norms for landlords.
Remote working is made even more difficult for young professionals who are struggling to find high-speed secured Wi-Fi and 24×7 power backup in their hometown, with no guarantee that it won’t break down in the middle of an important zoom meeting, as well as the hassle of maintenance efforts and lost time. As a result, Hybrid Living provides facilities that are both cost-effective and boost work efficiency to assist individuals to cope with the redefined work culture in a post-pandemic environment. These include a proper working environment, dependable round-the-clock power backup, a powerful Wi-Fi network, and specialized meeting rooms. Users must get smarter as technology improves. Customer wants to dominate the present market; supply is plentiful and accessible with a single click. It’s simple to weigh your options and discover the best offer. We’ve received over 2,000 bids for hybrid living homes under Bid4bed so far, and we’ve seen a 60% increase in reservations at Colive since bidding got implemented.
With locations in Hyderabad, Bengaluru, Chennai, and Pune, we now have a stock of 30,000 beds distributed over six million square meters. Professionals make up about 75% of the workforce, while students make up 25%. With Bid4Bed at Colive, the customer can make an informed selection by bidding per property or per location based on price trends in a micro-market that will be visible to him or her. Colive has received thousands of proposals for hybrid residential homes through Bid4Bed and has witnessed a rise in bookings as bids have been applied. To develop this service, we’ve already formed a collaboration with over 300 residences in Hyderabad.
All the co-living places are mostly focused on the city’s most vibrant areas. This gives you simple access to adjacent coaching centers, libraries, and other amenities. Single rooms are also available in co-living areas for students who prefer to study alone. They also have communal living areas where you and your friends can live together and learn together. With all of their basic needs met, such as meals, room cleaning, and laundry, students may devote most of their time to studies and preparations. Let’s face it: you can’t devote all of your time to studying. Your brain, too, requires a vacation from calculating math and reading paragraph after paragraph. Co-living spaces are ideal for you in this situation. Most co-living places feature a recreational area where you may relax and unwind. Whether it’s a game of foosball or watching a movie with your friends in the common area, it all serves to refresh your mind and help you focus better on your studies.
Living in a co-living place improves your social skills, which are crucial for your future success. Interactions like these help you gain confidence and learn how to work as a team, whether it’s a game of Table Tennis or simply a casual conversation with other residents. Many co-living spaces organise monthly events and activities on their premises, which encourages resident contact and aid in the development of a healthy social life. With a group of individuals who share similar interests, co-living places provide a highly positive & productive atmosphere. They support, encourage, and nourish each other’s personal and professional development.
In the property industry, new technology is being used to improve the quality of life for families and communities, such as better video monitoring. In the co-living movement, cloud-based video monitoring is supporting operators in upgrading shared spaces for residents in ways that on-premises surveillance never could.
Here are some ways the technological revolution is benefiting co-living, from increased security to improved social areas:
Co-living is not a new notion; for thousands of years, humans have lived in shared places, co-operating and socializing for the common good. The wide range of fast-growing technologies being used to improve renters’ living conditions characterizes today’s co-living trend. Co-living spaces are undeniably a more affordable and high-quality way of life.
What does it mean in a co-living place to “introduce technology”? — What can technology do to make co-living better? It is divided into five key categories:
- Using the voice command,
- Sustainability,
- Large touch panels,
- Integration of an intelligent locking system.
Humans have been living in shared places for thousands of years. The internet, vast processing power, cloud platforms, and artificial intelligence (AI) have all combined to develop technologies that are revolutionizing the property sector. Whether it’s making buildings more energy-efficient or environmentally friendly, technology can help. For the people who live in co-living conditions, technology makes them safer and more intelligent.
Colive’s goal is to create a transparent protocol that works across PGs, co-living spaces, hostels, and housing, giving the end-user the most options while maintaining the most control. Bidding is a simpler procedure because it eliminates manual negotiations, which saves time for both sales staff and customers. Bidding also allows a user (home seeker) to keep on budget while looking for bargains.
To know more about the locations, properties, facilities & Bid4Bed, visit https://www.colive.com/bidding/
