In today’s property management landscape, effective communication and resident engagement are more crucial than ever, driven by both operational needs and compliance requirements. Recent legislation, such as The Building Safety Act 2022 and Awaab’s Law, underscores the necessity for property managers to implement resident apps that facilitate seamless communication and meet compliance needs.
Additionally, the post-COVID-19 era has seen a shift towards self-service as residents increasingly prefer managing their needs through apps rather than interacting with staff. This shift not only alleviates pressure on your operational teams but also boosts customer satisfaction by providing residents with the flexibility they desire.
The Build vs. Buy Decision
One of the enduring debates that companies have is whether to build a custom software solution in-house or to purchase an off-the-shelf product. While in-house IT teams may have the capability to develop a tailored system, doing so can divert valuable resources from other critical business functions. Additionally, integrating custom software with existing systems can be complex, especially without APIs.
Off-the-shelf software like Spike enables you to focus on your core competencies—managing properties and ensuring resident satisfaction—without the added burden of software development. With open APIs, Spike seamlessly integrates into your existing tech stack, delivering operational efficiency.
Speed of Implementation and Support
Custom software development is a lengthy and resource-intensive process. From gathering requirements to design, development, testing, and deployment, the entire process can take a number of months or even years. During this time, market conditions and your business needs may evolve, potentially rendering your custom solution outdated before it’s even deployed.
In contrast, off-the-shelf solutions like Spike are ready to go almost immediately. Once purchased, these solutions can be configured and rolled out quickly, allowing you to start onboarding residents and benefiting from the technology right away. Additionally, off-the-shelf software provides the advantage of regular updates and access to industry best practices. These updates ensure that your software remains current with the latest features, security enhancements, and compliance standards, without requiring significant effort from your team.
What’s more, companies that develop off-the-shelf software typically offer extensive customer support, documentation, and training resources. This means that when you encounter issues or need assistance, you have a team of experts ready to help. With an in-house solution, your IT team would need to handle support, which can be costly and time-consuming, especially if they lack specific technical expertise. And if key IT staff leave, their unique knowledge of the tech stack might be lost, leading to potential disruptions and additional costs.
User Experience and Brand Alignment
Another critical factor is user experience. IT professionals, while skilled in development, may not always fully understand the end user’s needs. They might create software that is technically sound but lacks the intuitive design and ease of use that residents expect. A poorly designed app for example, can lead to low adoption rates, as residents may find it difficult to use or simply unengaging. Similarly, while your team might develop a visually appealing interface for residents, the back-end functionality and ease of use for your staff are equally as important.
Off-the-shelf resident apps, on the other hand, are typically designed with both functionality and user experience in mind. They are refined based on feedback from a wide user base, resulting in a more polished and user-friendly experience for both property managers and residents. This refinement process, driven by real-world usage, is often something that custom-built solutions struggle to achieve without significant time and effort.
Many companies worry that using off-the-shelf software will mean their portal won’t reflect their brand identity. However, solutions like Spike offer white-label options that allow for extensive customisation. This means you can have a fully branded portal that aligns with your company’s colour palette, tone of voice, and imagery, ensuring a seamless integration with your brand identity—without the headache of developing a system from scratch.
Cost-Effectiveness
Although developing your own software may seem appealing, the ongoing maintenance and support costs alone can quickly add up. Research from the Project Management Institute (PMI) reveals that 43% of IT projects exceed their budgets, 49% are delayed, and 14% fail altogether. Additionally, a Harvard Business Review study found that one in six internal IT projects
exceeds budgets by 200% and schedules by 70%.
In contrast, off-the-shelf software can be more cost-effective, particularly when rapid deployment is essential. According to Gartner, 95% of real estate companies with IT departments already use open-source technology, underscoring the value of outsourcing to experts.
Off-the-shelf solutions like Spike come with a predictable pricing model and
advanced features that are affordable because development costs are shared
across multiple users. This makes them a valuable alternative to building an
in-house solution, providing the tools you need without the hefty price tag.
Summary
While building a custom in-house software solution offers control and customisation, it often comes with significant costs, risks, and time investments. Off-the-shelf solutions like Spike, which is now used in 25 countries by over 200,000 users, provide a compelling alternative. Spike has been delivering resident engagement solutions across a wide range of residential sectors, constantly reviewing market conditions to ensure our software stays ahead of industry needs. This real-world experience, combined with over 13 years of industry knowledge, has led to a market-leading uptake rate of 87% across client developments.
In today’s fast-paced digital world, choosing the right tools is crucial to the success of your property management strategy. With Spike, you can focus on what truly matters—creating an engaging community—while benefiting from reliable, cost-effective technology that allows you to organise, optimise, and thrive.
Get in touch today to learn more about how Spike’s market-leading software can be seamlessly integrated into your development.
