In this series, Respage CEO Ellen Thompson discusses the latest trends in the multifamily industry and how apartment communities can generate greater results.
The 2024 edition of the 20for20 report is hot off the presses. I was excited to read it because I’m always eager to read what Dom Beveridge and the multifamily executives he interviews have to say about the state of our industry and technology.
As usual Dom delivered amazing insights, but one thing in this year’s report distressed me.
“Good enough” technology is making a comeback as operators trade off technology innovation and costs.
The report states that some companies are beginning to reevaluate their technology stacks, and are no longer reaching for ‘best-of-breed” technology, but low-cost platforms that are ‘good enough’.
While I understand where they are coming from, I think this is shortsighted thinking. Here’s why:
“Good enough” technology costs you more in the end
Most of us have experienced the disappointment of settling for off-brand goods, or ‘dupes’ off Amazon, Ebay, and recently Temu. You thought you got a great deal on an expensive tablet, only for it to arrive (a month later) and find it’s just a brick with an Apple sticker on it. You now have to pay more to return the brick, and you’re still without a tablet.
Settling for ‘good enough’ technology can cost you more in the end. (Like ordering a tablet off Temu) Stagnant revenue growth and occupancy challenges may make that free chatbot or website look like a good deal, but if they load slowly, your conversion rates will be impacted and you will be quickly costing yourself far more than the small investment to buy a better solution.
Read more about how much “good enough” technology could be costing you: Is your free chatbot actually costing you thousands?
“Good enough” technology suppliers may not prioritize innovation
Following trends is not just for kids on TikTok. It’s why we all come running when the latest edition of 20for20 drops. We want to know what our peers think, what we can learn from people finding success, and what new tools are helping contain costs or increase revenue.
Property managers who choose suppliers that pay close attention to their needs and evolve their platforms to meet them reap the benefits of higher productivity. And those who are stuck in a long-term contract with a ‘good enough’ technology vendor fall behind.
Learn more about how Investing in trending technology can help you make the most out of your proptech budget.
“Good enough” technology offers fewer features and insights
Choosing ‘good enough’ technology often means sacrificing features and reporting that can help maximize operational efficiency, resident satisfaction, and gaining a competitive edge in the market.
When settling for basic technology, companies often count the savings but fail to assess the potential risk to rent roll and NOI.
Read more about all the ways Respage is using technology and AI that you probably haven’t thought of.
Best in class solutions don’t have to break the bank
In a landscape where ‘good enough’ technology seems like a tempting compromise, it’s crucial to
remember that best in class solutions don’t have to come with a hefty price tag. There are plenty of suppliers with excellent products that let you have your cake and eat it, too.
At Respage we provide solutions that offer the best of both worlds: best in class products that continuously evolve with AI-infused feature sets, robust reporting, and a reasonable cost.
Think you need to settle for meh? Let us show you how to stretch your budget and get the best.
From the desk of Ellen Thompson, Co-founder and CEO of Respage >> Since its founding, Respage has helped over 10,000 communities attract, engage, and retain residents. Its platform assists properties in generating leads, automating leasing, and managing reputation and social media. Thompson is also the Founder of Results Repeat, a digital marketing agency that has helped hundreds of companies create a digital presence and use SEO and paid marketing to generate more business online.
