In-house or out of house, or maybe a little of both? That's the question posed to many Build-to-Rent operators like yourself as you construct beautifully-designed homes exclusively for renters.
On the one hand, having a tech-led solution in-house means an ecosystem where everything is easily accessible. On the other, it's expensive and can see you fall behind competitors as new tech becomes available but isn't easy to implement.
So which route do you take? In this article, we're looking at the pros and cons of using your own tech versus outsourcing it to a third party, allowing you to make an informed decision about how technology drives your Build-to-Rent communities.
Living in the Build-to-Rent ecosystem
As a Build-to-Rent operator, you need to cover several bases - from looking at ways to reduce your cost per lease while filling up your buildings to running a smooth operation throughout each renters' lifecycle at your community.
That in itself takes balance, and having one tech solution (for renter acquirement to renter care) doesn't come cheap. First, you need to design the tech by employing capable developers and creators. Then you need to keep up with the ever-changing landscape of technology.
The bespoke solution may be the desired one, but it's also the expensive one. And if you don't hire in-house developers, tech can quickly become outdated as systems struggle to keep up with changes that allow competitors to gain the advantage.
Friends, everybody needs them
If the bespoke option proves to be archaic, does the solution lie in working with partners? Once upon a time, using third-party tech wasn't seen as the trendy option. But improvements in technology have changed the mindset significantly.
Integration is the name of the game in modern-day technology, and brands from a multitude of sectors turn to partners to solve their tech needs. Not only does working with a partner offer more affordable alternatives to bespoke options; it helps you keep up with technology changes.
Partners are quicker to update their own technology, which is typically cloud-based. This means that all you need to do is download a quick update, rather than needing to get a team member to build new functions for your bespoke option.
Different ways partners can help
We see third-party integrations in virtually every sector of business, from sales solutions to marketing automation and everything in between. It's no different from a Build-to-Rent perspective, where aspects like marketing, management and repairs all require their own tech iterations.
The property management section of a Build-to-Rent community is time-consuming - especially if a unit comprises 250-plus apartments and social spaces. Developing a system that allows renters to report maintenance issues via an app while ensuring a quick turnaround is tricky. Working with partners who develop the tech is one way of mitigating the cost and size of the project.
Advertising and marketing
Of course, without renters, there are no maintenance issues to report, which leaves nothing but empty units. Marketing your property to the right audience is vital, and working with partners can expedite the process when it comes to leasing. Movebubble One provides bespoke marketing solutions, including video walkthroughs and renter verification tech. Instead of needing to curate an entire marketing strategy, Movebubble gets your properties in front of thousands of high-calibre renters.
Working with partners enables more resources for humans
Working with partners doesn't only allow you to save on costs while having access to the latest technology. You can reinvest the money saved into the human side of the business, hiring the people who become the face of your buildings.
Even though tech and automation have an increasing role to play in this latest generation of renting, the need for the human touch remains just as vital. They create the life and soul of these buildings, and help them stand out from the crowd.
The Robin to your Batman
Bespoke solutions can be effective if you have empty pockets and access to the best minds in tech. But Build-to-Rent is about fostering a community for modern-day renters, yet other aspects need your attention. Working with partners can help you refocus your energy on creating a great living experience while having access to the latest tech that is the icing on the cake for your Build-to-Rent community.