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Why Multifamily Innovation Starts with One

November 23, 2016 Elizabeth Francisco
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Innovation in any industry starts with one—that is, one person, one product, one solution. And one willing customer to take a chance.

 

The merits of that innovation are tested against the marketplace. If real value is discovered, one becomes two. Two becomes 2 million. Everyone benefits, as one innovation builds upon the next.

In the multifamily industry, we’re not yet living in a free and open marketplace—a place where market forces operate for the good of the buyers and sellers. In a blog post a few months ago from Mike Whaling, the state of our industry was so accurately exposed:

I had an interesting chat with an incredibly innovative new startup in the real estate industry this week. They’re laser-focused on solving one specific problem, so they’re doing their best to integrate their tool with all the major property management software (PMS) systems their customers use to run their business.

Here’s the rub: In order to integrate, one particular PMS wants to charge them an annual fee of $25,000 *plus* $180 per building. Yep, that’s every year.

This new service costs less than $150 per month to the property owner. That means the PMS is eating over 10% of the startup’s annual revenue for their mutual customers before the company has provided a single day of service. And that’s just one of many, many software vendors who could potentially build on top of this PMS’s platform.

ResMan is a company founded by property managers, and this scenario is one we’ve never been able to understand. Back when we managed assets, we were always looking for a competitive advantage and ways to improve results, which were often available through the best-in-class vendors. We never understood why the industry has been willing to let our property management software dictate what we use to run our businesses. Don’t we owe it to our owners, our investors, our residents, and ourselves to seek the best, most-profitable solutions?

 

Building Our Own Marketplace

At ResMan, we’ve decided to build a new marketplace from scratch. Founded on our open API, the ResMan Plus Innovation Network is an open community for vendors who work with multifamily owners and operators. Our API allows third-party providers to integrate seamlessly with the ResMan platform.

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Customers are able to craft a property management solution that’s based on their needs and budget without sacrificing a seamless platform experience. In this open environment, the best platforms prevail, innovation is rewarded, and the customer experience returns to the center of the multifamily universe.

The best part? Our Innovation Network is already 100 vendors strong with another 80 new vendors on the way.

We’re here to continue the conversation that Mike Whaling reopened, which many have started before him. We’re one company offering one solution to an industry that’s ripe for change. It starts with one.

 

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