Abhishek Kumar, Co-founder at COVIE, is an engineer turned successful real estate entrepreneur who began his journey 7 years back in the real estate market. His interest in human behaviour and living along with his passion for strategic planning and engineering has helped him to successfully run a fruitful business in this interior design and build fit-out sector.
Hybrid working and living are the new normal now. In today’s world, young professionals must work harder to establish a refined work culture. As an outcome, adopting home-office models allows one to balance their professional and personal lives. Since the pandemic has impacted our lives by forcing us to cocoon ourselves with minimal social contact, the use of technology for being connected has been extensive. Apart from communication, technology has also helped us improve our lifestyle. Health and hygiene have also gained importance in recent times, and technology has certainly helped here too.
The virus created fear which later transformed into awareness and precaution. Hygiene has now become a priority for everyone. People are increasingly opting for technology-driven spaces that reduce physical contact, in addition to affordable and convenient living options. Because of the use of resources and improved technology in the construction and transformation of the living space, co-living spaces are regarded as the most convenient.
Co-living providers who have recently emerged are creating spaces that are affordable, spacious, and convenient. Technology plays an important role in the process of creating anything. Data derived from various sources is used to determine the best locations for property establishments. Once the location has been determined, we employ high-tech-designed tools and strategies to ensure that their respective space meets the needs of our consumers, thereby providing comfort and convenience.
Thanks to the rapid technological advancements that are taking place, people are now concerned about sustainability and being energy efficient. The Internet of things and cloud-based smart appliances are now helping us to conserve resources and increase their efficiency, which encourages the use of recycled and smart construction materials. Additionally, utilization of such operations and resources helps co-living players save on operation costs and many other expenses.
Convenience is the key to success in the service industry. Creating apps by leveraging technology acts as a one-stop solution that helps to provide convenience for the tenants. For example, people who live in co-living can manage their bills, terms of housekeeping, and booking of dedicated spaces within the property by using a single app. Apart from that, residents can also raise tickets for issues and also check the status of its progress in real-time. This also shortens the turnaround time, ensuring smoother operations. We also conduct timely review sessions to acquire feedback about the services and operations. The collected data is then thoroughly studied and changes are made in strategy and operations to deliver the best possible experience to the tenants. Hence, technology has immensely helped in automating many processes, understanding the requirements of the target audience, and creating experiences that help co-living players to stand out from each other in the particular domain.
With technological advancements making their way into our daily lives, and the rate at which new generations adopt technology, the integration of smart devices in our surroundings will only accelerate. Industry participants are noticing this, and a growing number of use cases are emerging, including careful space design & furniture selection, more precise planning, and the installation of smart devices for a contactless support system. Residents can use digital check-ins to quickly and easily gain access to their rooms, making their stay more convenient. Co-living firms are also merging numerous elements through technology to not only attend to the daily requirements of tenants but also to organize events such as Yoga sessions, music, and dance sessions to foster a sense of community and connection.
With the increased use of technology, one can not only provide a better living experience for tenants but also use that data to their advantage by carefully understanding their customers’ needs. Firms can use data analytics to forecast trends, behaviors, and preferences of their residents, resulting in a similar or even better living experience. Customers’ feedback and suggestions can be used to improve operational efficiency in the future or to improve the overall experience of residents.
To summarize, co-living players are rapidly growing and developing in order to meet the needs of occupants for a better experience and way of life. As a result, surface competitors are always open to new opportunities that arise in the specific space, making co-living the most convenient and preferable living option.