Our CEO, Tom, recently wrote on LinkedIn about the idea that platform beats product. It is a concept that is becoming more and more popular throughout the entire property industry, but it is probably more relevant to the property management industry than any other.
First, let’s draw some firm definitions:
A product is single source solution, a walled garden with one gate in and one gate out. When using a product, a property manager is limited to the abilities and powers of just that one solution.
A platform, on the other hand, is exactly that; it’s a platform upon which tailored solution packages can be built upon. Re-Leased, for example, is a platform upon which users can build their own tailored solution by handpicking, from a series of third party apps, the ideal solution for their current needs. Why does platform beat product?
A product is single sourced, inflexible and homogenous. Every user is tied to exactly the same experience, regardless of size, budget and requirements.
A platform, however, is built upon the concept of collaboration. It gives PMs the ability to build a completely individual solution that fits perfectly into their team, is within budget and fulfils only those duties that the PM actually wants it to.
A product is built and managed by one single company, which means that property managers must rely on one group of people to innovate and regularly update the product.
A platform, liked Re-Leased, gives the PM access to all of the most innovative companies and services in the world; each company specialises in one niche area of property management. Where a product tries to do it all, much of what they offer is second rate. With a platform that opens you up to specialist innovators like Xero, Google Maps and FixFlo, you can be sure you’re using the best tools that the world currently has to offer.
A product is all or nothing - take it or leave it.
A platform is malleable to you and your needs. As such, as you scale and grow, your platform can too. As your budget grows, more and more can be added. If you need to cut costs for a couple of months, you simply cut back on third party apps. A property management solution should never cause unwanted stress or pressure. It should fit into the working day seamlessly and effortlessly.
Before cloud based technology, a product was easily the best software option. But in today’s world, with today’s innovations, products simply can’t keep up with the speed of business. It is platforms that are the future.
Here at Re-Leased, we’re incredibly proud of our platform, especially the collaborative relationships that it has allowed us to build with our third party partners. If you would like to chat any further about our platform, or even just the wider argument of product vs platform, get in touch and we can grab a coffee.