Coworking spaces have become a mandatory aspect of today’s work environment as there is a discernible surge in myriads of start-ups and freelancers and they are avidly searching for a flexible work environment that supports seamless collaboration.
Efficient management tools are mandatory in every coworking space as they need spaces and employees to be properly managed. Coworking spaces cannot be practically implemented effectively without efficient software. Hence it is adequately significant to know about certain vital tools for coworking spaces and shared offices to run smoothly.
Essential Tools and Software Required for Coworking Space
To manage coworking spaces, Cobot is the tool that comes first on the list. Cobot is a management software for co-working spaces, office hubs, and flexible workplaces around the globe. It is the optimum tool to efficiently control the operations of coworking space and it is a supreme requirement that can replace maintaining incessant spreadsheets and complexities of documents. With Cobot, anyone can remarkably manage daily authoritative tasks or automate access management. Another highly incredible advantage is that Cobot facilitates automatic business reports.
Everything under one, this is what Nexudus means. With Neexudus the coworking space owners will get a comprehensive coworking space management system. In addition to that, it also supports the administration of membership and payments. Subsequently, it caters to when events want to be easily booked.
Optix is a highly recommended tool as it captivates managers as well as members of coworking spaces. The interfaces are lucid, impressive, and beautiful. To create flexible workflows, Optix also promotes engagement with diverse apps. With coworking space, owners can effortlessly connect with different apps on a single platform.
Cowokify is a full coworking management software that concentrates more on simplicity. It includes all the tools from the core such as booking, billing, membership, sales, and marketing without allowing the users to pressurize with so many additional features.
The other software that you should compulsorily know about is OfficeRnD. It enables the shared workspaces to evolve by efficiently automating operations and enhancing staff experience. You can effortlessly manage complete services from one-off products to seamless memberships.
With FreshBooks, you only need to spend less time on paperwork and can captivate customers with the remarkable professionalism of your invoices. With certain clicks, you can automate tasks such as billing, organizing expenses, and tracking customers. As FreshBooks is a cloud-based software it is not perilous to access anywhere from your desktop, phone, or tablet.
With Tapkey, the time taking and pestering key management in the coworking space will come to an end. Tapkey is a phenomenal facilitator for access solutions coming with an app effortlessly organizing all access rights and has full control over all accesses.
Essensys is a workspace management software that gives a resilient experience for all the shareholders. In a seamless environment, it makes them extremely efficient, promising, and collaborative. They exhibit top-notch services and give an overall business insight into developing online communities. They visualize the large-scale digital transformation. Over 1000 workplaces across 27 countries are powered by Essensys technology.
CoWork.io is a web-based application that allows you to manage, animate, and sell flexible workspaces. They provide space managers with a user-centric and open solution that automates 100 percent of administrative operations. Clients may concentrate on providing value to their customers with their white-label tool. Selling more services, working on their occupation, and running their firm with data are all things they do.
Benefits of Using Coworking Software
Marketing and Branding Across All Platforms
To be a successful coworking space, it should use an effective marketing strategy. For alluring customers, they should be well aware of the space and what it provides. Co-working software allows customers to know about essential information like real-time availability, amenities, and pricing information. The software also offers a white-label portal that allows for automated tours and sales, making it simple for both you and prospects to curb the level of interaction with the coworking space.
Allowing customers to easily reserve workspaces within your coworking space is necessary to ensure customer retention. Coworking software streamlines the service by allowing users to reserve all the amenities, features, and resources to satisfy their needs and confirm their return.
Automated billing makes it easier for your users to pay for the services they’ve requested. Co-working software facilitates online transactions in a white-label marketplace, provides real-time invoices, and rigorously processes payments. You may also send reminders and updates about bills, contracts, and amendments to guarantee that payments are made on time and that members’ balances are up to date.
Here is the list of the most advanced and useful tools that are essential for the effective management of coworking space and it enables the owners of working spaces to focus more on other imperative things like developing a community or promoting your business to potential customers.
Twenty-seven million working-age Americans, according to the Global Entrepreneurship Monitor (GEM), are starting or running their own enterprises. When those millions decide to build a name for themselves, one of the first things they invest in is a professional workspace to call their headquarters. This explains why, by the end of the year, approximately 1.2 million people will have worked in a coworking space throughout the world. An efficient co-working space management software can increase your profitability.
If you’re unfamiliar with coworking spaces, they’re membership-based workplaces where professionals may collaborate in a shared, community-like setting. People who work in coworking spaces flourish more than those who work in traditional offices, according to Harvard Business Review. Why? They have greater control over their occupations and still feel a sense of community because they regard their work as more significant.
Do you want to use co-working space management software but aren’t sure if a workplace app is worth the money? If you’ve been in the coworking space rental business for a while, you’re definitely aware of the numerous obstacles it faces. RentCubo brings you an exclusive blog that lets you in on the reasons you need co-working space management software.
One of the most important advantages of adopting co-working space management software is that it relieves community administrators of the time-consuming chore of taking reservations and checking schedules to avoid overbookings. This frees up more time for them to deal with walk-in clients and plan coworking community promotional events.
Automate Membership Plans:
Community managers can say goodbye to spreadsheets and other manual data entry methods that have historically been utilized to manage membership plans with coworking software. Everything from tracking conference room and office space usage to providing free hours to repeat customers can be automated.
Co-working space management software can also assist managers in gaining a better understanding of how members use different areas of the workspace center. This gives you a better idea of how to eliminate operational bottlenecks, discover underutilized features, and replace them with something the coworking community wants or needs.
Automate Billing and Payments:
Another big advantage of adopting co-working space management software is that it makes billing and payment collecting much easier. Community managers are no longer burdened with the time-consuming chore of chasing down invoices, which may be stressful for both management and members.
Members may log into their smartphone app, make a reservation, and pay for it all in real-time. As you can expect, this helps coworking spaces expedite operations while also reducing wait times and repetitive dialogues about invoicing clients.
Boost Efficiency by Managing IoT:
A good co-working space management software integrates IoT devices such as sensors, lights, displays, and smart locks to make life easier for both coworking space administrators and members.
Managers of co-working spaces, for example, may monitor all relevant information about the facility, such as temperature, equipment usage, and the number of office occupants, from a single dashboard, which is always convenient. This allows managers to keep an eye on the coworking space’s equipment and common amenities.
Workplace management software may also be used to offer rewards for new and returning members, such as discounts and promo codes. Co-working space managers document these benefits manually with a spreadsheet in a typical setup, which might be forgotten or lost over time.
As you might expect, few things irritate clients more than being denied benefits to which they were previously entitled. Co-working software can help avoid such issues while also saving management the time and effort of keeping track of membership advantages and rewards.
So, here it is – a few compelling reasons to begin using coworking software. You don’t need just any workspace management app. you need one that solves your specific problems, improves member satisfaction, and reinforces your brand, and that’s exactly what RentCowork is – a genuinely proficient coworking space management software.
Adaptability is said to be of the best attributes of human beings. It is because of our ability to adapt that the human species has not only survived through the centuries but has also thrived with confidence and excellence. However, 2020 tested this ability of ours to the limits when the global lockdown was imposed owing to COVID-19. Work-life probably took the worst hit and several alternative measures such as work-from-home (long term as well as permanent) and freelance policies were taken.
Now, a year later, a lot of things have changed including the onset of work-from-home fatigue. The global market of coworking spaces was expected to decline by 12.9% i.e., from 9.27 billion USD in 2019 to 8.24 billion USD in 2020. Based on research it was revealed that the operators in coworking spaces, like Airbnb coworking, witnessed revenue decline by 50% in March 2020. So, what do these changes mean for the future of coworking spaces?
Meet New Demands
In the wake of COVID-19 and the ensuing lockdown, coworking rental solutions (that was called the “new normal”) had to adapt to stay relevant to the changing scenario. Matthew Ciccone, CEO of Pittsburgh’s Beauty Shoppe, expressed that flexibility was the key to coworking spaces’ survival.
Some of the ways coworking rental solutions can stay relevant are by offering flexible contracts without long-term commitments, lowering overheads for small business and startups, delivering grade-A amenities, etc. This could probably usher in the redistribution of office spaces.
The small size and flexible business model of coworking spaces allow for community and reactivity. Oru, a New South London coworking hub, just like Airbnb coworking, provides its clients with an environmentally responsible workspace, thereby creating a community. Oru aimed at helping self-employed workers and those who lost their jobs due to COVID-19 to relaunch their careers by offering free membership, built-in business networks, and in-house mentorship. The purpose of a community to bring people together to exchange knowledge and learn from one another.
Communal coworking rental solutions are like a refuge for those looking for inspiration, stimulation, a few days break from their homes, or even for those who do not like to travel. It can also be a safe haven, for those living in close proximity, with necessary precautions implemented to mitigate the spread of COVID-19.
This can also be called an agile methodology for coworking rental solutions. Transforming a coworking space into a refuge will result in less fluff and more substance. In order to implement this business model, coworking rental solutions must opt for uncluttered and flexible design.
COVID-19 has made people realize the importance of health and precaution and the post-pandemic era has become highly health-conscious. It does not matter how coworking rental solutions functioned before, but now the highest safety measures have to be implemented with all possible precautionary actions. This might even become the new normal since everybody has already gotten into the practice of maintaining high health standards almost instinctively.
Although the current trend of coworking rental solutions might look unfavorable, experts opine that remote working will not go too far. The reason being there is a change in people’s attitudes, which is showing some positive signs that will eventually make coworking a preferred option for businesses in the future. You can even adopt the Airbnb coworking model to be innovative, sustain, and reinvent the coworking rental solutions.
RentCubo can help you reinvent your coworking rental solutions with state-of-the-art coworking space management software. We can help you revamp your business with innovative and intuitive coworking management software and help boost your business’s scalability and profitability.
In the early 50s, working professionals worked from huge corner offices and utilitarian spaces. In the 80s, they worked from their personal cubicles and lavish cabinets. Today, open offices and shared working spaces (also known as co-working spaces) are highly preferred. Coworking space is nothing but a shared office for rent. Co-working Space is changing the Modern World. Workspace has continuously evolved over the years and reached what is believed to be the ideal workspace i.e., shared workspace or coworking space.
It was in the mid-2000s that the coworking space began to grow and eventually disrupt the office space market. Now, a lot of corporate companies have switched to coworking space, similar to Airbnb coworking space, and many more are looking to shift since coworking space is continuing to change the working principle of the modern world. What is the reason behind the growing popularity of coworking space and how Co-Working Space is changing the modern world?
- Decentralization of Office Space – Huge corporates and multi-national conglomerates host thousands of employees in a multi-storied office building. However, with such work-space setup safety of the employees is an alarming concern as it is difficult to manage such a large congregation in one place. Therefore, such huge corporates and conglomerates are looking to decentralize the office space and coworking space offers them the best available option to successfully decentralize their office space.
Coworking space also enables the companies to implement the hub-and-spoke working model, wherein the company can have a ‘central office’ and operate a set of ‘satellite offices’ across a city or even multiple cities.
Decentralization of office space requires coworking management software with appropriate coworking space management tools. A coworking space management software not only helps manage the decentralization process but ensures the best employer-employee practices that will optimize the overall work experience.
- Customization of Office Space – coworking office spaces are themed as semi-closed offices and open space offices that can be customized to the specific needs of the company. There are several customization options such as offices with nap-pods, gaming and entertainment zones, unconventional and intuitive workstations, a leisure corner with a mini café setup, etc. Airbnb coworking space is one of the best examples of such customized workspaces that are setting the trend for bespoke coworking spaces.
- Tech-Enabled Office Space – coworking spaces are tech-enabled and feature-rich and knits all workspaces such as individual offices, coworking spaces, work-from-home, and freelancers together. Coworking management software allows for tech-enabled office spaces that include automation, artificial intelligence (AI), mobility, internet of things (IoT) to ensure seamless connectivity, networking, remote management, etc. This next-gen office technology provides collaborative tools to deliver a personalized and seamless office experience for the professional to improve their efficiency.
- Flexible Office Space – coworking spaces are occupant-centric, thereby allowing for utmost flexibility for the occupants (companies). Coworking spaces are flexible in terms of space, timing, and duration and the occupants have the leverage to demand a safe and tech-enabled workspace and pay only the working hours. With a user-friendly coworking management software both the occupants and the coworking office space can enjoy a mutually benefiting collaboration for however long they wish to.
No wonder the coworking space is changing the modern world and fashionably growing its presence. With such relaxed and stretchable plans and features, coworking space is fast becoming the new normal.
It has been a little over a decade since coworking spaces gained prominence, and since then it has grown to become exceedingly popular among working professionals. Moreover, due to rapid urbanization and technological advancement, with the integration of coworking software, across several industries an increasing number of people are opting for these flexible coworking spaces than the conventional offices. However, this massive shift to coworking spaces has disrupted the commercial properties and the real estate market to a large extent.
The real estate market had thrived all along and realtors made the most out of the high demand for space. While most industries were subject to market trends and risks, the real estate industry was untouched by these factors and witnessed a constant growth curve, right until the rise of coworking space. It has greatly impacted the real estate industry largely because of the varied benefits it has to offer including coworking management software. So, here are a few tenets of how the coworking space is affecting commercial properties and thereby the real estate industry.
- Pocket Friendly – the most important aspect of renting out a coworking space is that it is extremely pocket-friendly. The flexible leasing terms, low-security deposit requirement, and pay-for-usage policies result in lower rental costs. This helps the companies in revenue generation and good cash in-flow. Companies are required to pay only for the office space but have access to the cafeteria, restrooms, corridors, balconies, pantry, and other common areas for free. Meeting rooms, board rooms, AV rooms, etc., can be rented on-demand on an hourly basis, which works out much cheaper than conventional office spaces.
- Space Utilization – conventional offices were known for having large areas of unused or less-used spaces. This working model was neither productive nor cost-effective because of the prevalence of unproductive workspace. However, coworking space results in optimal space utilization, which means extracting more productivity out of less space. This new-gen working model is more profitable than the conventional model.
- Plug–and-Play Services – coworking space offers plug-and-play services for companies and business organizations to begin their operations immediately. The plug-and-play services are highly preferred by most businesses because it is extremely convenient since the corking space readily offers all business operation requirements such as office furniture, hi-speed internet connection, quickly on-boardable servers, air conditioners, cabinets, etc., specific to the business organization. With plug-and-play services, businesses can immediately and completely focus on business operations without being interrupted by administration and maintenance work. Coworking software also plays an important role in the plug-and-play services as service requests can be raised within the coworking management software
- Customizable Office Spaces – based on the nature of the business, employees, work ethics, etc., companies can customize their office spaces. From as leisure and creative as possible to as structured as possible, the coworking space can be customized based on the specific needs of the business organization. This cannot be achieved in a conventional office space mainly because of the rigidity in the office structure and the expense involved. In addition, coworking space software provides an array of customizable options.
- Coworking Space Software – one of the most important technological advancements in coworking space is the invention and integration of coworking space software. The coworking software has a host of features that aid in the ease of end-to-end business operations. From the onboarding process to payments, everything can be executed on the coworking management software. All your business operations are just a click away.
The features and benefits of coworking space are more than one could imagine. These benefits not only ease the business operations but also make it more desirable for companies to quickly shift to coworking space. It is no wonder it is not only impacting the real estate industry but also disrupting it. The real estate industry is restricted in many ways and cannot offer the benefits a coworking space can. The real estate industry must reevaluate its game plan and shift its focus to the thriving this industry or something similar.
Do you want to transform your real estate business into the high-in-demand coworking space? RentCubo can help you in the transition process. RentCubo is one of the leading software and mobile application companies that can build robust and state-of-the-art coworking space software to help ease the transition process.
As the economy has made its shift from ownership towards renting, coworking business makes it easier to get a professional workspace at a fraction of the cost compared to owning office space. The number of coworking spaces across the world is projected to cross 20,000 and reach 25,968 by 2020. While running a coworking space business is lucrative, managing and operating it can be a hassle. So how to manage the key operations effectively? It is time to leverage the benefits of coworking software to streamline your coworking space’s business operations. The coworking software makes it easier for users to find the shared office spaces at the location of their choice and gives businesses the flexibility to scale up or down as per business requirements.
Why coworking management software?
Coworking tasks like keeping track of membership packages, payments, needs both time and money. The automation of coworking management responsibilities is critical in saving time and money. As coworking spaces are becoming more popular, businesses have started building software to help coworking spaces thrive and craft the best experience for their members and visitors. Before you get any coworking software to manage your business, you need to understand the specific needs of your business to identify the most effective software given your budget. Office space software features a simple user interface which makes it easy for anyone to use it effortlessly. You need not possess any technical expertise to learn the process of the system. Coworking space management software allows members to enjoy a whole new experience. It allows them to sign up for membership packages and schedule bookings with just a button click.
Benefits of using shared office space software
Coworking software is the foundation to operate a coworking space business effortlessly and efficiently. Coworking software controls and brings together the unknown variables to operate your business in a profitable way. Here are some of the benefits of coworking space software and how it creates a framework to channelize coworking space management in the right direction.
Save valuable time and effort
Instead of blindly adopting the strategies of your competitors, identify the real reasons why your business needs office space software. Start assessing how much time your team dedicates on managing your coworking space business. If you have multiple coworking space properties, managing all tasks without confusion can be a daunting task. Managing membership plans, bookings, and other services can take your staff’s valuable time if the processes are carried out manually. Coworking software helps to manage everything instantly to organize your business and manage your time and efforts in a better way. Additionally, if you are away from the office, you still can have control over your coworking space remotely using the software.
Manage coworking space bookings
Are you running your business operations manually? Or if you are currently using any system, are they designed for coworking management? If not, you probably might be missing out on a lot of cutting edge features.
It’s time to finally ditch the complicated third party management tools to manage your coworking space business. Use coworking space software specifically designed for managing shared office spaces. It features office space and meeting room booking management tools that help in managing all bookings from the single dashboard. It also helps members to make bookings with a few simple taps and even pre-book rooms in advance.
Consistency of processes
Using coworking space software as the beginning point for coworking space business processes breeds consistency. From member check-in to mailing booking confirmations, processes through a centralized platform are standardized. This brings in perfection to the coworking space management. Consistent processes also make the training for your workforce easier.
A comprehensive view of reservations
A comprehensive calendar view of reservations not only gives you a clear understanding of the reservations, but it also helps to avoid double bookings. If you have multiple coworking spaces to rent out, creating a calendar view that displays the availability of spaces will help to improve efficiency.
Benefits of coworking software include the availability of centralized resources which helps with the consolidated task management. No matter what your resource needs and coworking space requirement, they would be easily addressed with the right coworking space management software. Dealing with booking requests, reservations, planning resources, etc. is central to the management software. The right software will offer the necessary tools to manage a coworking space business efficiently.
Easy payment collection
Generally, in a coworking space business, both bookings and payment processing is done manually. Imagine the stress it would create if you have a growing number of users. Even with the best management tools, there are chances of errors. However, with a coworking space software, bookings and payment collection is directly integrated with the system which makes managing the activities easier. Invoices are directly integrated which makes the whole process easy and simple.
One of the major obstacles in managing the coworking space business is handling demands in real-time. While most coworking businesses sell subscriptions, your business must be able to accommodate on spot requests as well which adds to the logistical challenges. Shared space software helps to get a real-time picture of what coworking spaces are open and where. It can also give insights on how long office spaces are booked and what reservations are on the upcoming schedule.
System of records
Even if coworking space members input their information to book shared office space, there is a certain level of anonymity in it. You are not actually familiar with the people and won’t be able to know them better. However, if they book through your shared space software, it creates a system of record of users that might be helpful in understanding your customers.
Through a system of record, you can see members who book your coworking space often. These insights are powerful when it comes to optimizing the business and understanding customer behavior.
Launch your own mobile application
As the first impression matters, one of the most exciting features of the coworking space management software is your very own branded mobile application. Your members will be able to download your app directly app store, this improves efficiency for both businesses and members alike. Members will be able to book meeting rooms, upload payment methods, enjoy the in-app chat, and much more.
By understanding your coworking spaces, you can strategize your price the best way. Knowing how often your spaces are used, who is using and why, allow you to set price plans that are beneficial for business growth. More than maximizing what you charge for workspaces, good management data can also throw light on where you are over-allocated. Receiving data about pricing informs operational strategy which helps in managing your business finance the best way.
Coworking space software not only helps in maximizing revenue but also in driving forward to expand your user base and your business. Generating leads is as important as ensuring your members can easily find and secure coworking space bookings directly from your website. Coworking space management software brings order to a business model that is often prone to chaos and adds certainty to the unpredictability of a conventional workforce.