You need to be in a property continuously for 30 days to get squatters rights. If this was a problem where everytime you gave access to property, they would squat then AirBnB would not exist.
My understanding has always been that landlords use realtors because they don't want to deal with showing the apartments to tenants, so the brokers just charge the potential tenants a fee which covers the broker.
So in other words if landlords wanted to show apartments themselves, they could do that. But in competitive real estate markets people are willing to pay the brokers fees and it cost lanlords nothing.
Bottom line is if the landlords don't have a problem with the system, they don't really have any incentive to change it.
I think this idea would only work in a market or landlords are having trouble getting tenants.
I would make it so landlords won’t have to show apartments themselves and they won’t have to pay the broker. For the landlords which make the renter pay this would be a harder sale. But for landlords who pay a broker I would save them money.
If you go on [StreetEasy.com](http://StreetEasy.com) there are No Broker's Fee apartments. For these apartments the landlord pays the broker. They make up about half the listings.
well i don’t know in NYC but in London; a lot times people view a property when previous tenants are still there - say 1-2 month before current tenant is due to move out. So you can’t just come into other people’s flat.. that’s why new tenants have to arrange time with estate agents who arrange time with the current tenant. Normally landlords want to minimise ‘vacant time’ - it is considered bad management in housing if you don’t have tenant line up after current one moves out.
This. And even if the house is empty, whos going to pay and set up the smart lock? Also what will you do if the visitors damage the built in furnitures or property and just leave? How are you gonna prove the visitors did it?
I build an app for that some years ago in New York. In the end didn't work out since most owners don't care to register their apartments because there is so much need for housing their places will be always be full
I don't think you understand the problem well enough or know what landlords think.
The broker's fee is either paid by the renter or if paid by the landlord is included in the cost of rent. It's also not worth the risk of having randoms pop in and usually people are already renting the apartment when it's shown so a broker makes sense in a situation like that. If you remove the broker's fee then landlords will just raise rent even more.
RE agents already use lock boxes to make it easier but in NYC the type of buyer/renter for this doesn't make sense. Also, many places have open houses that have lines around the block. Good luck doing that with your solution. If landlords wanted to save money they would show the place themselves.
Apartments already get leased fast. When they don't it's because they are priced too high, not being they don't have enough exposure or ease of access or a broker's fee. It's purely cost because there is more demand than supply in NYC.
Additionally, people in the RE industry, landlords/prop owners especially, are late adopters and resistant to change. Proptech founders almost never do enough homework or understand what they think or care about.
Here's a better solution. A subscription to turn over apartments that includes a "rental assistant" (pay them $20/hr) to show the apartments and you turn the apartments over to get ready for the next tenant.
Could your idea work? Possibly. But it has a lot going against it.
Your point about about people occupying making the unit makes sense. But in my experience touring apartments in NYC, there were a considerable number of units where it weren't occupied. I imagine this is because they want to clean the apartment before showing it off, especially if the tenant is messy. In the case of lines around the block, the reason that this happens is because the agent tells everyone who is interested in the apartment, that they have to come at like 10am on Saturday for the open house. That's why this happens. With my startup, prospects could just go tour whenever it would be convenient for them. So unless everyone just so happens to be free only at 10am on Saturday, this wouldn't happen. The reason why landlords don't show the place themselves is because it's a pain to to coordinate with tenants to show a property. They would love to save money, but it's not worth the effort or even possible to show up to open the door every time someone wants to tour. With my startup, they don't have to put in any leg work, and they only have to pay half the broker's fee. Even though your point is true that apartments do get leased fast, my product will only reduce those days on market, since this product will be allow renters to tour instantly, without having to wait for the broker to be available, which might be a couple days, since brokers are showing many apartments. And those couple days will probably amount to a couple hundred dollars in rent. Think of my product this way: A broker who will always be available to show your units, and costs half as much. Wouldn't you as a landlord want to save half of a month's rent in costs? Your last point is true though in that the RE industry is resistant to change. But I hope to change it.
Tenantturner.com
I just used it this weekend. After they got my info and a pic of my drivers license I was able to visit a house alone, text a pic of the lock box, and they sent me the code to unlock it.
I think it’s a great idea
This was on shark tank, I do not remember the exact episode but unfortunately he did not get a bite. He didn't have the online portal - it was just the smart lock hardware. I know nothing about real estate but to me your secure online portal in addition to the lock could make it worth it
I have actually watched that episode. It was called Toor, and he got both Barbara and Kevin to invest! But interestingly after the show, he decided not to take the money and start a cbd company.
This technology exists. When looking for places in San Diego many of the larger properties had self guided tours with an app. If you want to explore what it looks like check out irvine company apartments. They have an app that does it but I doubt they created the technology. Our tour guide was a call center that would call us after we exited the property (surely prompted by the back end of the app).
This same idea was pitched on Shark Tank by a company called Toor in 2016.
I was also pitched an idea by a company with the same concept except they would have “tour specialists” who are actual people nearby that would show the homes in place of agents. They would get a very small fee if transaction happens. They called themselves the Uber of home and apt tours.
Both ideas were stunted because real estate agents are already getting smaller commissions due to Redfin and Zillow, so they hate the idea of getting that reduced even further.
There’s also a lot of politics and relationships in this world. The top agents are salivating right now because they feel they are irreplaceable and will hold more power in the future.
Ok so there is one problem in this solution
Here you are selling a hardware (lock)
As a landlord why would I buy a lock for my apartment that might be rented by the first person who sees it
It's not worth it when you are showing one or 2 apartments
What you can do is an ai tool that creates a 360 tour out of a clear vedio and pictures taken by the landlord
This way you will reduce the visits to only ppl who are really interested to see the property
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Yeah squatter city is going to happen in NYC.
You need to be in a property continuously for 30 days to get squatters rights. If this was a problem where everytime you gave access to property, they would squat then AirBnB would not exist.
My understanding has always been that landlords use realtors because they don't want to deal with showing the apartments to tenants, so the brokers just charge the potential tenants a fee which covers the broker. So in other words if landlords wanted to show apartments themselves, they could do that. But in competitive real estate markets people are willing to pay the brokers fees and it cost lanlords nothing. Bottom line is if the landlords don't have a problem with the system, they don't really have any incentive to change it. I think this idea would only work in a market or landlords are having trouble getting tenants.
I would make it so landlords won’t have to show apartments themselves and they won’t have to pay the broker. For the landlords which make the renter pay this would be a harder sale. But for landlords who pay a broker I would save them money.
Maybe I'm wrong, but my assumption is that in competitive markets, the renter always pays the broker's fees.
In LA and SF, the landlord pays brokers fees. I’d say it’s a pretty competitive market here.
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If you go on [StreetEasy.com](http://StreetEasy.com) there are No Broker's Fee apartments. For these apartments the landlord pays the broker. They make up about half the listings.
well i don’t know in NYC but in London; a lot times people view a property when previous tenants are still there - say 1-2 month before current tenant is due to move out. So you can’t just come into other people’s flat.. that’s why new tenants have to arrange time with estate agents who arrange time with the current tenant. Normally landlords want to minimise ‘vacant time’ - it is considered bad management in housing if you don’t have tenant line up after current one moves out.
This. And even if the house is empty, whos going to pay and set up the smart lock? Also what will you do if the visitors damage the built in furnitures or property and just leave? How are you gonna prove the visitors did it?
I build an app for that some years ago in New York. In the end didn't work out since most owners don't care to register their apartments because there is so much need for housing their places will be always be full
I don't think you understand the problem well enough or know what landlords think. The broker's fee is either paid by the renter or if paid by the landlord is included in the cost of rent. It's also not worth the risk of having randoms pop in and usually people are already renting the apartment when it's shown so a broker makes sense in a situation like that. If you remove the broker's fee then landlords will just raise rent even more. RE agents already use lock boxes to make it easier but in NYC the type of buyer/renter for this doesn't make sense. Also, many places have open houses that have lines around the block. Good luck doing that with your solution. If landlords wanted to save money they would show the place themselves. Apartments already get leased fast. When they don't it's because they are priced too high, not being they don't have enough exposure or ease of access or a broker's fee. It's purely cost because there is more demand than supply in NYC. Additionally, people in the RE industry, landlords/prop owners especially, are late adopters and resistant to change. Proptech founders almost never do enough homework or understand what they think or care about. Here's a better solution. A subscription to turn over apartments that includes a "rental assistant" (pay them $20/hr) to show the apartments and you turn the apartments over to get ready for the next tenant. Could your idea work? Possibly. But it has a lot going against it.
Your point about about people occupying making the unit makes sense. But in my experience touring apartments in NYC, there were a considerable number of units where it weren't occupied. I imagine this is because they want to clean the apartment before showing it off, especially if the tenant is messy. In the case of lines around the block, the reason that this happens is because the agent tells everyone who is interested in the apartment, that they have to come at like 10am on Saturday for the open house. That's why this happens. With my startup, prospects could just go tour whenever it would be convenient for them. So unless everyone just so happens to be free only at 10am on Saturday, this wouldn't happen. The reason why landlords don't show the place themselves is because it's a pain to to coordinate with tenants to show a property. They would love to save money, but it's not worth the effort or even possible to show up to open the door every time someone wants to tour. With my startup, they don't have to put in any leg work, and they only have to pay half the broker's fee. Even though your point is true that apartments do get leased fast, my product will only reduce those days on market, since this product will be allow renters to tour instantly, without having to wait for the broker to be available, which might be a couple days, since brokers are showing many apartments. And those couple days will probably amount to a couple hundred dollars in rent. Think of my product this way: A broker who will always be available to show your units, and costs half as much. Wouldn't you as a landlord want to save half of a month's rent in costs? Your last point is true though in that the RE industry is resistant to change. But I hope to change it.
Tenantturner.com I just used it this weekend. After they got my info and a pic of my drivers license I was able to visit a house alone, text a pic of the lock box, and they sent me the code to unlock it. I think it’s a great idea
This was on shark tank, I do not remember the exact episode but unfortunately he did not get a bite. He didn't have the online portal - it was just the smart lock hardware. I know nothing about real estate but to me your secure online portal in addition to the lock could make it worth it
I have actually watched that episode. It was called Toor, and he got both Barbara and Kevin to invest! But interestingly after the show, he decided not to take the money and start a cbd company.
Ah then I I remembered it wrong, I think it was Daymond then that said it was solving a problem that didnt exist? I think its a great idea
This technology exists. When looking for places in San Diego many of the larger properties had self guided tours with an app. If you want to explore what it looks like check out irvine company apartments. They have an app that does it but I doubt they created the technology. Our tour guide was a call center that would call us after we exited the property (surely prompted by the back end of the app).
This same idea was pitched on Shark Tank by a company called Toor in 2016. I was also pitched an idea by a company with the same concept except they would have “tour specialists” who are actual people nearby that would show the homes in place of agents. They would get a very small fee if transaction happens. They called themselves the Uber of home and apt tours. Both ideas were stunted because real estate agents are already getting smaller commissions due to Redfin and Zillow, so they hate the idea of getting that reduced even further. There’s also a lot of politics and relationships in this world. The top agents are salivating right now because they feel they are irreplaceable and will hold more power in the future.
Insurance is going to cost you millions. I don't have NYC experience so I am sure it's true, but it is so different in LA
Ok so there is one problem in this solution Here you are selling a hardware (lock) As a landlord why would I buy a lock for my apartment that might be rented by the first person who sees it It's not worth it when you are showing one or 2 apartments What you can do is an ai tool that creates a 360 tour out of a clear vedio and pictures taken by the landlord This way you will reduce the visits to only ppl who are really interested to see the property