The multifamily industry recently witnessed a legal challenge against a major property management software provider. The lawsuit questions the software's role in rent pricing, sparking conversations about transparency, compliance, and customizability. While the company in question has strongly defended its software, this situation brings up several talking points that are worth considering.
Key Points from the Lawsuit
Alleged Rent Mandating: The lawsuit claims that the software in question dictates rent prices, a notion that the provider disputes.
Compliance Features: The software provider points out that their platform is built with features to help clients navigate rent control laws and state-of-emergency rent caps.
Transparency in Algorithms: The provider argues that its software is transparent and utilizes publicly available data for adjusting rent prices.
High Customizability: The software offers over 200 configurable settings, allowing for a high level of customization according to individual property needs.
Why It Matters for Multifamily
This legal challenge serves as an eye-opener, highlighting the importance of carefully navigating the use of revenue management systems within a complex and ever-changing legal framework.
Lessons for the Industry
Importance of Transparency: The lawsuit emphasizes the need for transparent revenue management systems that utilize verifiable and publicly available data.
Regulatory Compliance: Make sure that any revenue management software you use has features that enable compliance with existing rent control laws and other regulatory requirements.
Value of Customization: Multifamily has diverse needs, so software solutions must be flexible and customizable to meet the unique needs of each property.
As this legal case progresses, its outcome could have far-reaching implications for how revenue management systems are perceived and regulated.
In the meantime, focus on ensuring your systems are transparent, compliant, and customizable to foster trust and provide a better living experience for residents.
Lidia Zaragoza, MBA, serves as the Director of Marketing at Livly, a cutting-edge SaaS platform revolutionizing multifamily property management. She holds a Master's in Business Administration from California State University, Monterey Bay, with a focus on sustainable business practices. Boasting 18 years of hands-on experience in the multifamily sector, Lidia is renowned for her ability to build high-performing teams that have consistently outpaced industry benchmarks in engagement metrics.Lidia champions a unique narrative approach to marketing that fuses storytelling with data-driven insights, ensuring resonant and effective campaigns.
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