The dilemma that many multifamily apartment managers and owners face today is choosing between a one stop shop or a best of breed unit make-ready software solution. In this article we’ll discuss the pros and cons of each, and how to choose the right solution for your business.
Defining Best of Breed and One Stop Shop Software
The phrases “best of breed” apartment make ready software and “one stop shop software” get tossed around so often that it’s easy to lose track of what they really mean, and which is the best choice for your apartment management team.
One stop shop software solutions, sometimes known as “monolithic” solutions, are created by large accounting and property management software companies who try to convince apartment managers to put all of their technology business under a single umbrella.
On the other hand, best of breed unit make-ready software companies don’t force users to put all of their eggs in one basket. Instead, rental managers can select the solution that’s best for their business. The best of breed approach focuses on the user-specific features and functionality and an open API. This allows multifamily managers to connect, integrate, and exchange data between their existing accounting, property management, and resident portal systems without having to make sacrifices.
Differences Between Best of Breed Software and One Stop Shop
Multifamily property managers and owners should make the decision to go with a best of breed solution or a monolithic one stop shop solution based on their business needs in the market, not the needs of the company selling the software.
Here are some of the key differences between best of breed unit turnover software and one stop shop solutions:
Best of breed
- Ability to choose the best solutions that are feature rich in functionality
- Open API to allow connection, integration, and data exchange between the different existing systems
- Scalability is much easier as apartment turnover app technology grows and shifts
- Modular applications reduce company disruption and facilitate a more seamless workflow
- Specialized solutions allow for customer support to get issues solved quickly
Monolithic one stop shop
- Jack of all trades system with a one size fits all approach can be better for the vendor than the customer
- Consolidated customer support where service reps are expected to know everything about all of the products a one stop shop vendor offers
- Housing all products under one system creates a closed loop with limited ability to integrate with other software products and services
- Scaling up or down can be extremely difficult when all products are tied to a single technology ecosystem
(Part 1 of a 3-part article)