LiveIn Recovers from the COVID-19 Crisis Stronger Than Expected

Moving forward more confidently than ever, LiveIn recognizes new possibilities after COVID-19 shook the apartment and rental condo business, prompting property owners to seek additional income streams. This led to a significant increase in users of LiveIn in the third quarter of 2020, resulting in a 60% increase in company revenue.

 

The COVID-19 Wave Hits the Younger Generation Hard

This pandemic has been like a massive tsunami crashing into the hotel and rental business. Universities halted classes, people lost jobs, working hours were reduced, and young individuals struggled to find work. They had to fight to earn money to pay rent during a time when finances were scarce. Everyone tightened their belts and completely changed their lifestyles. LiveIn understands this struggle well.

LiveIn Addresses Needs During the Crisis

COVID-19 exacerbated existing problems, leading to a surge in demand for affordable rental rooms and houses amidst a severe economic downturn. LiveIn tackled these challenges by creating data-driven solutions that resonate with the younger generation.

"There are millions of young people, both students and workers, who study and work in the city. This group needs to rent rooms. If you step into their rooms, you’ll see their living conditions and be shocked at how much they pay for rent. Previously, those with more money would pay around 8,000 to 15,000 baht for a whole condo or share with friends, but now everyone is worried about spending. LiveIn has transformed vacant spaces into affordable rental homes, which are in high demand among the younger generation," said Keek Wen Khai, co-founder and CEO of LiveIn.

We Must Help Property Owners "Survive the Crisis" and Tenants "Weather the Storm"

Our solutions make rental prices accessible, ensuring that property owners still have tenants. As a result, property owners are registering with us, hoping to attract young renters. LiveIn helps property owners profit from tenants from the first month and addresses various issues for them. We focus on using data and aim to create change while leveraging our organizational values to enhance our expertise. Our data team has dedicated itself to analyzing location data, allowing us to drive strategies for tracking purchase decisions (conversion) and speeding up the identification of market averages. This enables us to find tenants quickly and predict market trends more effectively, resulting in more tenants for the company and over 60% of tenants choosing to renew their leases.

 

Surviving the New Wave of the Crisis

This crisis is like a whirlpool in the ocean of the rental business, presenting challenges for the frontline workers of LiveIn. The management team has implemented new building regulations to prevent the spread of the virus, making it harder for tenants to find rental rooms. This situation has caused distress for us, just as it has for tenants, but LiveIn knows how to overcome these problems, allowing us to create a positive rental experience for our customers.

"We thank all property owners for trusting us and supporting each other during this unprecedented crisis. The most important thing is that over 60% of customers decided to continue using our services. We have helped property owners maintain their customer base. We use data-driven strategies that amaze property owners with our tracking of purchase decisions, being the first to identify market averages, and attracting many tenants in the shortest time. We monitor the impact of product changes that help property owners gain more tenants. We compare purchase decision data (conversion) with return on investment (ROI) and are creating product changes that help property owners reduce unnecessary investment costs.

I believe this is a significant achievement for our team, as we managed to navigate through the volatile year of 2020. We were tested in both operations and corporate culture, having to decide on various business policies to keep our team and customers safe, such as contactless room viewings, maintaining social distancing, and other measures. Many times we had to change our protocols, which may have frustrated our customers, but we will not stop caring and improving our services. I am grateful for the dedication of everyone on the team and our unity in facing this uncertainty. It has been amazing to see our team handle various situations well during the pandemic, and I am confident we can elevate our service for our customers," added Khai.

Every crisis carries hidden opportunities, just as the data team at LiveIn discovered new opportunities and adapted services to meet the new market demands, leading to increased customer satisfaction and operational efficiency. Whether there is a pandemic or not, LiveIn will continue to be one of the most innovative real estate companies making a significant impact in the market.