In the fast-paced world of property technology, there’s a common misconception that always opting for the cheapest software solution is the smartest move. However, this approach may be short-sighted and potentially harmful to the long-term health of the PropTech sector. Let’s explore why paying fair prices for software is not just a business decision, but a moral imperative for industry progress.
When we consistently choose the lowest-priced option, we’re often getting exactly what we pay for – outdated technology, minimal support, and little to no ongoing development. This “money for old rope” approach might save a few quid in the short term, but it can lead to significant costs down the line:
- Reduced efficiency and productivity
- Increased security risks
- Lack of integration with newer technologies
- Higher training and onboarding costs due to poor user experience
On the flip side, when we pay a fair price for software, we’re investing in:
- Continuous product improvement
- Regular security updates
- Responsive customer support
- Integration with other cutting-edge technologies
These benefits don’t just improve our own operations; they contribute to the overall advancement of the UK PropTech sector.
There’s a moral dimension to this issue that we often overlook. By consistently undervaluing software, we’re:
- Discouraging innovation in the sector
- Potentially pushing talented developers away from PropTech
- Creating an unsustainable business model for software companies
This isn’t a call to pay inflated prices for mediocre products. Rather, it’s an invitation to consider the value proposition of the software we’re purchasing. When selecting a software answer to an analogue problem, try asking yourself:
- Does this price point allow for ongoing development and support?
- Is the company able to invest in research and innovation at this price?
- Are we contributing to a sustainable ecosystem in UK PropTech?
As stakeholders in the UK PropTech industry, we have a responsibility to foster an environment of innovation and progress. This means moving beyond the “cheapest is best” mentality and recognising the true value of well-developed, continuously improved software solutions.
By paying fair prices, we aren’t just buying a product – we’re investing in the future of our industry. It’s time to stop settling for old rope and start fuelling the engines of innovation in UK PropTech.
