How Stay Sthlm Revolutionised Property Management and Cut Annual Costs by €20,000

Background: The Challenge at Stay Sthlm

Stay Sthlm, a leading provider of corporate apartments in Stockholm, has been a key player in Sweden’s real estate market, offering both furnished and unfurnished housing solutions for professionals on short and long-term assignments. With a portfolio of around 800 apartments, the company has successfully positioned itself as a cost-effective alternative to hotels, delivering substantial savings to businesses needing accommodations in the city.

However, as Stay Sthlm expanded, so did the complexity of managing its properties. The company faced significant operational challenges—multiple software systems for property management and accounting led to inefficiencies, data inconsistencies, and a labour-intensive invoicing process. This patchwork approach hindered their ability to analyse data effectively, manage margins, and allocate resources efficiently. It became evident that a more integrated and streamlined solution was essential to support their growing business.

“It was time consuming to work with the old system we had, and we also did not have all our data in one  system. This led to inefficiency and data consistency issues.” – Thomas Graffman, Stay Sthlm, Chief Financial Officer

The Turning Point: Implementing a Comprehensive Solution

Recognizing the need for transformation, Stay Sthlm sought a unified property management system that could consolidate their operations, improve data accuracy, and save valuable employee time. The company wanted a solution that would centralise all property-related information, simplify invoicing, and provide robust analytical tools to optimise the management of their apartments.

After a thorough search, Stay Sthlm decided to implement a property management solution provided by SOFT4RealEstate, a PropTech startup specialising in rental, leasing, and property management markets. The solution, integrated with Microsoft Dynamics Business Central through the local partner Orango AB, was rolled out in 2016. This strategic move marked a significant turning point for Stay Sthlm, setting the stage for enhanced efficiency and cost savings.

The Outcome: Significant Time and Cost Savings

The implementation of SOFT4RealEstate’s system brought immediate and measurable benefits to Stay Sthlm. The most significant improvement was in the invoicing process, which had previously consumed up to three days each billing cycle. With the new system, invoicing time was reduced by 150 hours annually—equivalent to saving 3.5 workweeks. This streamlined process not only freed up employee time but also translated into substantial financial savings, amounting to €20,000 per year.

Additionally, the integrated platform enabled Stay Sthlm to maintain all data within a single system, reducing errors and improving decision-making. The ease of access to real-time data allowed for more accurate margin analysis and better overall management of their property portfolio. This holistic approach ensured that all aspects of property management, from vendor relations to expense tracking, were handled more efficiently.

“As our business grows, I believe we  will need some more development  and support in future – and I feel confident that the SOFT4 team will be able to  meet all the requirements we might have.” – Thomas Graffman, Stay Sthlm, Chief Financial Officer

Conclusion: A Model for Efficiency in Property Management

Stay Sthlm’s journey demonstrates the profound impact that a well-chosen technology solution can have on a real estate company’s operations. By adopting SOFT4RealEstate’s comprehensive property management system, Stay Sthlm not only resolved its inefficiencies but also achieved significant time and cost savings, positioning itself for continued growth in a competitive market.

This case highlights the importance of embracing innovative technologies in the real estate sector. For other companies facing similar challenges, Stay Sthlm’s experience offers a compelling example of how strategic tech adoption can drive operational excellence and financial performance.

Written with Soft4 Real Estate