If you are going away for a few days on a business trip, you will probably book a hotel room offering business-friendly facilities, but if you make many, longer work trips, hotels may not be the best option. Firstly, it is costly for the company, secondly and most importantly – the hotels never feel like home. So, there is another option – corporate housing. What is it?
If looking for a specific term, corporate housing is usually a furnished apartment, condo, or house for rent on a temporary basis to individuals, military personnel, or corporations as an alternative to a traditional hotel for an extended stay.
“A home away from home.”
This is the type of property that is being managed by a company who recently started using Soft4RealEstate and is about to save 20,000 EUR annually. Stay Stockholm offers tailored housing solutions for those working for a limited time in Stockholm. As they say, with StaySthlm businessmen have “A home away from home.” The apartments range from small studio apartments to larger family apartments in Stockholm’s top locations. The furnished apartments are decorated in a functional modern Scandinavian décor with all the amenities needed for comfortable living. They also offer non-furnished apartments. StaySthlm is the fastest growing player in the corporate apartment sector in Stockholm, Sweden. Today they have about 500 apartments for rent.
Several systems for property management
StaySthlm used to manage their properties using several different systems, including MS Excel. The management process was manual, and StaySthlm had been using several software solutions for property management and accounting, leading to data inconsistency and missing information.
Probably every company that uses MS Excel or several different systems has problems with the invoicing process. This was true for StaySthlm, since data was in different places, and they had to do billing manually it was very time-consuming process.
Data analysis is a very important process for a business. If you can’t analyse your current data correctly – you can’t make the right decisions for the business. Collecting the data correctly takes a great deal of work, especially if you have to do it manually and you can’t see all the data in one place, or if some data is completely missing. Before Soft4RealEstate, StaySthlm had the same problem.
There is different equipment in every furnished apartment. One way or another, property managers need to keep track of the inventory they have: purchasing date, warranty, location. Nothing lasts forever: some items break, need to be changed or are simply not necessary for one person, but needed for another, therefore having to be moved to another apartment. There was no such a data in one place, so StaySthlm had problems tracking where each piece of equipment could be found.
The company needed a tool that would allow all property management information to be kept in one place, make data analysis easier and use employee time more efficiently.
Soft4RealEstate solution was implemented for StaySthlm in 2016, together with the local Microsoft Dynamics NAV partner, Orango AB.
Today, using Soft4RealEstate software solution for managing their corporate apartments, StaySthlm enjoys savings of 150 hours/year on invoicing, which in total gains them 3,5 weeks per year for doing other important tasks. Moreover, now they are able to cut 20,000 EUR per year on costs and enjoy one single, unified, automated property management solution, where all their data is in one place and easy to use.
How did they achieve that?
The answer to all StaySthlm’s issues was found by joining the forces of StaySthlm and Soft4RealEstate teams. They told us what they needed to make their daily processes better, and we listened. Now they have all the property data (starting from the list of apartments, contracts, historical billing and tenant-information related documents, equipment etc.) in one place, they are no longer wasting time on duplicated data entries, information searches on several systems, and data collection for analysis. With Soft4RealEstate, the company has the necessary reports for data analysis and can avoid making bad decisions. The invoicing process is automated, and invoices can be sent directly to the tenant’s e-mail, whether monthly, quarterly or annually. What is more, they have a tool that allows them to track their equipment, starting from the purchasing date, to the documents, warranty, location and historical information, where and when it has been used. There is also a report allowing them to see all the equipment that is in one or another apartment, and easily check whether it is still there, damaged or not, or needs replacing. The processes are now automated, allowing them to put to better use the time they were spending on manual work.
For a 500+ corporate housing-unit business, managing the current properties and acquiring new ones, growing the business, and increasing profitability is a much easier process with the Soft4RealEstate property management software solution at hand.
Would you like to make your business more efficient, too? Contact us to discuss the individual opportunities for your business!