The property technology (proptech) industry has been experiencing rapid growth in recent years, with innovative solutions transforming the way property management companies operate. However, the property management software (PMS) landscape is highly fragmented, making it challenging for proptech companies to gain a significant market share. To thrive in this competitive environment, it's crucial for sales and leadership teams at proptech companies to embrace the power of integrating with the wide range of property management software systems. In this article, we'll explain why this is vital for increasing sales velocity and how Propify can make the process more efficient.
The Fragmented Property Management Software Market
The PMS industry is characterized by a multitude of vendors, with the largest vendor accounting for only 15% of the market. To target more than 50% of the addressable property management companies, a proptech company needs to integrate with at least five PMS platforms. This means that building and maintaining multiple integrations is essential for achieving a wide reach and increasing sales velocity.
With over 250,000 property management companies in the US, you have the opportunity to win small segments by being the best solution that integrates with the long-tail property management software platforms.
The Importance of Integration for Property Management Companies
Property management companies are reluctant to adopt software solutions that don't integrate seamlessly with their existing systems. They don't want to maintain two separate systems, as it leads to inefficiencies and increased operational costs. By offering integrations with a variety of PMS platforms, proptech companies can increase their chances of being selected by property management companies, thus accelerating sales and increasing revenue opportunities. This holds true for all types of Proptech Solutions - whether you are processing payments, improved utility management, improving marketing activities - these integrations are important.
If you want more property managers to adopt your solution, you must allow them to work out of their system of record and not maintain additional software in their operating flow.
Challenges of Property Management Software Integrations
Integrating with multiple property management software systems can be a daunting task due to the following challenges:
- Poor documentation: Many PMS platforms have incomplete or outdated documentation, making it difficult for developers to understand and implement the necessary integrations.
- SOAP APIs: Some PMS platforms still use SOAP APIs, which can be more complex and time-consuming to work with compared to modern REST APIs.
- Lack of webhooks: Many PMS platforms do not offer webhooks, requiring developers to build custom solutions for real-time data synchronization.
- Bad SLAs: Some PMS vendors have poor service level agreements (SLAs), making it challenging to rely on their support and responsiveness during the integration process.
The Solution: Propify
Propify can simplify and expedite the process of integrating with multiple PMS platforms. Propify provides a single, unified API that connects to multiple property management software systems, allowing proptech companies to integrate with various PMS platforms more efficiently. This approach offers the following benefits:
- Faster integration: By leveraging Propify, companies can significantly reduce the time it takes to integrate with multiple PMS platforms by focusing on a single integration.
- Cost-effective: Propify helps companies save on development costs associated with building and maintaining integrations.
- Reduced overhead: With Propify handling the integrations, proptech companies can focus on improving their core product and services instead of spending time and resources on managing integrations.
- Ease of use: There is a lot of confusion and uncertainty that surrounds the property management software integration programs. It is filled with repetitive tasks and customer inquiries. Propify's intuitive platform and all-in-one integration solution is simple to use.
For proptech companies looking for a competitive edge, it's crucial to recognize the importance of integrating with multiple property management software systems. Despite the challenges associated with these integrations, leveraging Propify will make the process faster, cheaper, and more efficient. By embracing this approach, sales and leadership teams at proptech companies can expand their reach in the fragmented property management software market and unlock new opportunities for growth.