Turning bricks and mortar into happy, loyal communities

Creating a real sense of interconnectivity across a building encouraging tenants to form a community within their building.

Kaktus Towers co-living development | BTR News
Kaktus Towers co-living development.

Did you know that tenants are 62% more likely to renew their tenancies if they have seven or more friends in their building? This means that landlords can dramatically reduce tenant turnover and increase profits, simply by encouraging tenants to form a community within their buildings.

By William Shaw, CEO, Hococo

At Hococo we know the value of community. That’s why we’re introducing a new community feature to our platform, which enables tenants to communicate based on shared interests and activities. This feature is the next step in our mission to transform buildings from mere bricks and mortar into happy, loyal communities that also generate increased revenues for owners and operators.

Why do we do it?

Clients, prospects and partners often ask us questions like ‘why is community building important?’ and ‘what is the real benefit of having a good community?’ The answer goes far beyond seeing community as an optional extra.

According to the Campaign to End Loneliness, 45% of adults in the UK feel occasionally, sometimes or often lonely. That percentage equates to over 25 million people – a shocking statistic. Experts are also clear that loneliness and social isolation puts individuals at greater risk of cognitive decline and dementia.

At Hococo we believe that if wellbeing is so strongly linked to happiness and life satisfaction, then rediscovering community in the 21st century could be the answer to a happier life. We’re firm believers that a sense of belonging is critical to combating the loneliness epidemic and promoting happiness.

We also know that technology like ours can help facilitate community and a sense of belonging. Connection to other people in the building creates community. Community combats loneliness.

Lastly, community drives engagement – and engagement opens up opportunities. Vibrant communities most often bring increased adoption and higher frequency resident interactions. This opens up for fresh service offerings, tapping into a whole new set of revenue streams.

How do we do it?

Our latest feature gives tenants mobile access to their own shared digital space – a secure and local chat environment for groups, events and messages across a building. Here, they can communicate shared interests; whether it’s organising a running club, a book club, or hosting Friday night dinner parties for the 5th floor.

Fundamentally, the feature helps create a real sense of interconnectivity across a building that may otherwise be missing.

Hococo community channels | BTR News
Hococo community channels .

More than this, having a home to call home means the ‘cost of moving’ for tenants will be a whole lot higher. When making the decision on whether to stay or leave, tenants are not only choosing whether to leave a physical structure – the ‘bricks and mortar’ per se, but also the relational and community element too – the great neighbours and friends. The added value of community should not be overlooked.

Added benefits?

Whilst the benefits of our new feature for tenants are clear, there are added benefits for operators too.

The feature helps property managers to seamlessly manage and encourage interactions between tenants. Gone are the days of email ping-pong and sporadic communications across social media platforms. Streamlining conversations and handing the microphone to tenants helps property managers provide them with the tools for community and relationship building.

All the while, for property owners, the feature provides transparency into the mindset of tenants. Owners and operators can better understand what their interests and needs are, and therefore how to better cater to them. This creates better tenant retention. Better tenant retention ultimately results in better net operating income.

The proof is in the pudding

The reality is that technology is only useful if it’s actually used. Whilst we believe in the value of our new community feature, the real proof is the fantastic adoption that we’re already seeing from occupiers. 

Since using Hococo’s new community channels feature in Copenhagen’s iconic ‘Kaktus Towers’ co-living space, Catella, a leading specialist in property investment and fund management, has reported an 88% adoption rate.

“Since using Hococo’s new community channels feature in Copenhagen’s Kaktus Towers, we’ve noticed huge growth in the sense of belonging among our tenants. With over 76 channels created and more than 6,000 messages exchanged, we’re seeing the real-life benefits of a successful co-living concept: community and belonging.”

Martin Stenbjerg Jensen, Senior Associate, Catella

For us, feedback like this is such a clear demonstration of the value our latest feature offers to owners, operators, and at the heart of it all, tenants themselves.