Revolutionising Real Estate Rental Market- Colive Launches Bid-4-Bed for Hybrid Living Accommodations

299

Colive, India’s leading technology-enabled rental accommodation provider, joins hands with Nilkamal, one of India’s largest furnishing companies, for transforming its co-living properties into hybrid-living accommodations. Through this transformation, Colive aims to enhance its customers’ living experience with plug-and-play homes that provide a hybrid working environment. Colive also launched a unique concept ‘Bid4Bed,’ wherein prospective tenants will select a property based on their location and sharing preference and simply place a bid/offer that suits his pocket conveniently reducing the traditional long negotiation conversations making the whole process complicated & unorganised. This allows tenants to quote a fair estimate of what they’re willing to pay for a listed hybrid living accommodation. If the bid is approved, the customer is required to pay the remainder and move in. If the bid is rejected, they receive a counteroffer. Alternatively, they can opt out of the bidding process and receive a refund on the initial amount. The customer can bid either by property or by location basis the price trends in a micro market which will be visible for him/her to take an informed decision. The bids will be notified to all the properties managers & accepted on first cum basis. This reduces the scope of human error and brings in full proof transparency now the sales executive just need to ask customer to make a bid & no need to
proof the price point.

“Priceline is considered to be one of the most remarkable success stories in recent years, Priceline is best known for its name-your-own-price that led to its height of success, in which consumers bid for services but not for service providers. Because Priceline serves as an opaque selling mechanism, it attracts price-conscious consumers. This disrupted & revolutionised the way consumer bids & books Airlines, Hotels & Rental cars in the US. Many other organisations use this mechanism & are profitable. Roles of a buyer and
seller are exchanged, i.e. sellers which can provide the service at the price mentioned by the buyer wins the auction”.

In a post-pandemic world where work from home is a prominent mode of work and numerous companies, as well as start-ups, are adopting the home-office model, spaces that strike the perfect balance between personal and professional life have become essential. With standardised facilities like that of a corporate office, having workstations and meeting rooms will allow for professional networking and efficient working. It would increase work efficiency and help professionals to maintain their workflow while being able to save on office rent/buying costs. Lack of oversight/standardisation protocols for landlords leads to tenants feeling powerless. At Colive, bidding solves this problem decisively for tenants.

Suresh Rangarajan, Founder and CEO of Colive, says, “Remote working is made even harder for the young professionals who are struggling to get high speed secured wifi & 24×7 power back up at their home town in say Saharanpur, UP with no guarantee that it won’t break down in middle of your important zoom meeting & the hassle of maintenance efforts and loss of important time. Hence, to help people cope with the redefined work culture in a post-pandemic world, Hybrid Living equips you with facilities that are both cost-effective and increase work efficiency. These include a a proper formal working atmosphere, reliable round-the clock-power backup, strong Wi-Fi network and dedicated conference rooms to conduct meetings.”

“As technology gets smarter, so must users. The current market is dominated by the demands of buyers, the supply is abundant and available at a single click. It is easy to compare options and find the right deal. We have received more than 2,000 bids until now under Bid4bed for hybrid living properties and have observed an uptick of 60 per cent in reservations at Colive since bidding has been implemented,” he added.

Colive aims to implement a transparent protocol that extends across PGs, co-living spaces, hostels, and housing in general -where the end-user retains maximum choice with maximum control. Bidding is a simpler process because it saves time for both sales reps and customers by eliminating manual negotiations. Bidding also lets a user (home seeker) stay within their budget while hunting for deals. For further information; https://www.colive.com/bidding/