Can you elaborate on how those would be different?

If you're looking at the back end, like accounting and operations, that's driven by the ownership C-suite. Now, there are different classes of ownership, right? There are families that own properties and institutional owners. As you go up the food chain, institutional owners are almost always very particular about the type of reporting they receive. This reporting can influence the specific property management system selected, a decision made by the C-suite. Less sophisticated, long-tail B managers often choose the lowest-priced option they can find due to smaller margins. However, when they reach an inflection point where they need to scale and attract institutional money or more sophisticated investors, the decision is more driven by owners and asset managers.

So, it's not unusual. For instance, if you take a company like Greystar, they manage many units for different owners, and many of those owners have their own opinionated preferences on which software to use. My guess is that if you look closely at Greystar, they're probably using several different software vendors. They probably have Yardi, among others.

When you talk about AppFolio or RealPage selling to the property manager, the relationship is often with the property manager throughout the sales cycle, but the owner is in the background. If you have more sophisticated sales reps, they will also engage with the owner.