Building the Real Estate App Store

Real estate operators are overwhelmed with tech tools. Is the "app store" the future of proptech?

Tech fatigue is real.

With hundreds of technology tools at their fingertips, multifamily owners and operators are increasingly hesitant to embrace yet another point solution with yet another login and password, annual fee, data stream, and training requirement.

It doesn’t help that each technology tool effectively exists in a silo. While some tools integrate with others—for example, a point solution might integrate with the major PMS platforms—integrations can be unpredictable and unreliable. And when multiple similar-sounding tools all claim to solve the same problem, it’s easy for real estate owners to throw up their hands.

Several companies are attempting to solve this by embracing “App Store”-like models for proptech tools. Specifically, we’ll look at three approaches to solving the tech-operator matching problem:

• “PMS app store” concepts such as AppFolio’s Stack Marketplace;

• “Vendor management” and recommendation platforms like Revyse.

• “Integration hubs” like Venn’s Resident Operating System;

While today’s letter will focus on multifamily—where tech fatigue has hit hardest—the lessons will be applicable across asset classes.