The Challenge
Diverse business model evolution. When the company was founded in 2019, its entire portfolio was long-term rentals, managed by its in-house staff, and only operated in Singapore. As the company evolved, it had some changes, like launching a short-term rental management service, a franchise-based business model, where it had 3rd parties managing properties on its behalf, and starting business operations in multiple countries apart from Singapore.
Need to bridge the integration gaps. Like most modern Property Managers/Operators, Cove was using a variety of different tools in addition to the PMS to ensure seamless business operations. These included communication tools (Front), workflow systems (Inventory Hive), accounting softwares (Xero) and a tenant experience app (Glynk). Their previous PMS did not have integration capabilities to most of these third party tools.
Custom dashboards and analytics. Cove needed a platform that could deliver a single source of truth thereby helping the key stakeholders get maximum visibility into the day-to-day operations and analytics. Like all growing companies, they had their data stored in multiple different silos, and found it difficult to build a unified story.
Our Approach
Comprehensive PMS for all rental types and business models. Brahmastra Labs provided Cove with a solution that could handle bookings of all stay durations - from 1 night to multi-year tenancy, a PMS which could handle franchise-managed inventory as well as self-managed properties, and also efficiently handle multi-country operations including taxes, languages and currencies.
Open system with custom integrations. The belief has always been to build an open system where multiple software can talk to the platform and vice versa. Even though the platform did not come pre-integrated to some of these solutions, those integrations were added to the product roadmap and delivered to customers within 1-2 quarters.
Unified data warehouse and custom analytics dashboard. The team worked closely with Cove's management team to understand their business requirements and then worked closely with their engineering and product teams to unify their data silos into a common data warehouse. Special APIs were written to move data around, alongside a unified business dashboard within the analytics module to help visualize business KPIs including those related to occupancies, finance, business operations, and much more across multiple countries.
The Results
Cove now manages 5,000+ rooms through the platform, with overall occupancy at 97%.
Leasing, invoicing, operations and communication run from 1 central system, and operations across multiple countries are unified on a single source of truth.
