Collaboration has become a buzzword in the PropTech industry, constantly cited by industry professionals, myself certainly included, as the best possible way to open new avenues of growth, innovation, and success for company and customer alike.
So frequently has ‘collaboration’ been bandied about, it has now become an industry cliché; a bandwagon which everyone is jumping upon.
Am I saying collaboration, once good, is now bad? Of course not. I don’t need to go too deep into the details of why collaboration is important, I only recently wrote a long article on the subject, here.
As a rapid-fire recap: Collaboration rocks because two heads are better than one; shared innovation leads to better innovation; and a lack of it results in market saturation, devaluing everything that the PropTech industry is trying to achieve.
The problem that is starting to arise however, is that everyone’s motives for collaborating are so different. I think they fall into three categories:
Those who are passionate about collaboration - they know that by each focusing our individual parts of the puzzle and bringing those together through partnership, we can better serve our clients and the industry. I like to think that both Coyote and WiredScore fall into this category.
Then there are those who are reluctant, perhaps pessimistic, concerned that they are being pushed into collaboration; dipping a toe but not expecting much. This isn’t a bad place to come from, it demonstrates an open mind, but it can also be limiting to assume that failure is the most likely outcome.
And then there are those who are resistant, who flatly refuse to collaborate, safe in the attitude that they can do everything that their clients could possibly need; ‘I’ve built this myself, I don’t need anybody else!’
I recently experienced a real-life example of such resistance; Coyote spent months negotiating a partnership that was ultimately pulled in the final phase of legal, done so on the grounds that we ‘could potentially impact sales of one of their add-ons’. They were less concerned about their customers receiving the best possible service, concerned only that clients use their service.
To me, this is nothing short of bonkers! And I promise I’m not just biased. It’s bonkers because we live in a time where customers can be offered the flexibility and freedom to assemble the best possible tech solutions for their specific and evolving needs. This freedom is a result of collaboration.
So why reject it entirely and pass up the chance to provide your customers with increased levels of success?
Happy clients mean higher retention rates, more referrals, and an increased opportunity to strengthen relationships. Citing potential loss of sales as a reason to avoid collaboration is dangerously short-term thinking, ignoring the needs of the client, and hindering your business’ potential to evolve.
Here at Coyote, collaboration is built into our culture, embedded in our vision. It is, quite literally, written on our walls.
We’re delighted and proud to be integrating WiredScore into the Coyote platform, to explore ways which add value to our respective clients. Connectivity is fast becoming one of the most important characteristics that our clients look at, when analysing a potential acquisition. To this end, from October, data on all Wired Certified buildings will be available directly within the Coyote platform putting detailed information on a building’s digital infrastructure at their fingertips. This is just the beginning, so watch this space. Here’s to the future!
About Oli Farago, CEO, Coyote
Oli is the CEO and Co-Founder of Coyote. He has been fundamental in scoping and developing Coyote since 2009. For the first 3 years of Coyote, he wrote every line of code himself. Prior to Coyote, Oli was one of the founding partners and CTO of M7 Real Estate.