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We replaced rental brokers with software and filled 200 vacant apartments

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Re: We replaced rental brokers with software and filled 200 vacant apartments

#101

Post by IggleSniggle »

syshum wrote: post #13
KoftaBob wrote: post #9

Earlier quoted context omitted.

If I’m not mistaken, didn’t NYC enact a law last year that bans landlords from charging tenants the broker fee?

That is not how economics work... All fees are passed on to the consumer in some way, it is either a line item or hidden

Not quite; some of this is about moving wealth around, changing the captured value to favor the buyer instead of the seller.

But that’s just the “efficient market” part of this. A fee like this could very well be an inefficient rent-capture that has managed to make its removal more expensive in the short-term than the short-term cost of allowing it to remain. Said less charitably, it’s a racket.

I would have thought that on HN of all places, where so many folks are attempting “disruption” (ie finding these unnecessary market inefficiencies and stepping around their cultural/legal/systemic barriers in order to reap some of the otherwise captured value), this would be better understood.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#102

Post by IggleSniggle »

elevaet wrote: post #97

I really hope software will replace realtors. In my country at least, the ratio of professionalism, accountability, value-added to fees/earnings is the lowest of any occupation I can think of. It would be really low-hanging fruit for tech to disrupt, but unfortunately the real estate boards recognize this, and hold the critical data with an iron fist (from what I understand). It would probably take some serious legal…

I believe both Zillow and Redfin are trying…

Re: We replaced rental brokers with software and filled 200 vacant apartments

#103

Post by __sy__ »

eni9889 wrote: post #95
__sy__ wrote: post #37

We started Seam (YC S20) a year ago to take on the problem of programmatic access to physical spaces (apartments, single-family homes, commercial buildings...etc). Basically one API that can open any door (smart locks, elevators, commercial buildings...etc). We're still in private beta but feel free to reach out if you're struggling with programmatic access. tbh, it's baffling that in 2021, this problem is still so d…

How exactly do you guys connect to the locks?

Depends a bit on the lock or access system. As of right now, most smart locks out there are still using a combination of zigbee, zwave, or bluetooth. This means that if you want remote control, you need to bridge them over to TCP/IP. We have a multiprotocol hub that we've developed for this. The hub itself isn't always required per say. For example, we're starting to see wifi locks. They generally have much lower battery life, but they eliminate the need for additional hardware, which is great. For bluetooth locks (e.g. August), we're looking at also building a single mobile SDK that would work with the various brands. This is really tricky because this requires a lot of reverse engineering.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#104

Post by hammock »

maest wrote: post #87
xadhominemx wrote: post #66

Earlier quoted context omitted.

It’s necessary in many markets IMO. Otherwise people would just spam applications at every apartment that satisfies their broad filters.

So charge per application, with the money going towards first month's rent, if successful.

That's what a lot of places do

Re: We replaced rental brokers with software and filled 200 vacant apartments

#105

Post by dempsey »

__sy__ wrote: post #37

We started Seam (YC S20) a year ago to take on the problem of programmatic access to physical spaces (apartments, single-family homes, commercial buildings...etc). Basically one API that can open any door (smart locks, elevators, commercial buildings...etc). We're still in private beta but feel free to reach out if you're struggling with programmatic access. tbh, it's baffling that in 2021, this problem is still so d…

I know very large REITs that use Kwikset Smart Keys. They have a dozen keys and just reset to a different of the dozen after every move out. Tens of thousands of homes and never had a problem. It’s security through obscurity. Plus locks are easy to break/bypass for someone that’s motivated to do so. It’s the casual crime of opportunity that you can guard against.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#106

Post by minsc__and__boo »

__sy__ wrote: post #58
nradov wrote: post #53

Earlier quoted context omitted.

Whether someone returned the keys or not is largely irrelevant. The prior occupants could have made extra copies.

I disagree. Whether the prior occupant or the property management company has extra sets of keys, you generally don't want some random prospective tenant out there to have the keys to a unit that you will eventually want to rent out to another individual. For Airbnb's/STR's, same problem; guests returning to a unit much later to carry out illegal activities is rather well documented at this point. Across the board, i…

Yep. Bad actors will still find a way circumvent the system, either by copying keys or other means. It's a matter of risk and liability mitigation, not prevention.

I'd be curious to know if you're building a reputation system for renters/rentees (users), since that would provide value in such a market to fight it.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#107

Post by analyte123 »

cde-v wrote: post #6

Would love something like this to kill (or at least severely maim) the broker industry in NYC. 0 value added at the cost of 10-15% of yearly rent.

If evictions didn’t take 3-6 months minimum in NYC (even pre-COVID), landlords could afford to be a lot less picky about who they rent to. Brokers or other middlemen also benefit the landlord by keeping the landlord at arms length from tenant selection and therefore possible discrimination lawsuits.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#108

Post by standardUser »

Apartment hunting is the most inefficient "purchasing" decision I have ever had to make, and the one most likely to end up with a severely sub-optimal outcome. There's some good ideas here that would at least facilitate efficiently viewing more apartments. But there's still so much extremely basic information that potential renters either cannot get about a unit or have to jump through hoops to get. Noise issues, pest issues, construction and renovation details, information about how the management company operates, light levels, info about neighbors and on and on. Ninety percent of the important information about a rental unit isn't discovered until the weeks and months after a lease has been signed, and I am desperate for someone to fix this problem.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#109

Post by vsareto »

__sy__ wrote: post #83
dangerwill wrote: post #80

Earlier quoted context omitted.

Speaking of logistical headaches, what happens with your system when the power goes out in a building?

Right now we have a multi-protocol hub with cellular and battery back-up. So the short answer is... nothing?

How much is the technology around this mentioned in the lease agreement?

My current complex specified that I had to supply internet and some other things for their smart hub service, although that turned out to not be the case (it's not on my network and works), but it was really weird to have that clause but it not match reality because I was effectively signing a document saying I was responsible for it.

Re: We replaced rental brokers with software and filled 200 vacant apartments

#110

Post by csours »

This is a bit of a tangent, but finding reliable ratings for apartments is a complete quagmire. Many many apartments have extremely poor ratings, or boosted ratings that are not believable.

I wonder how much of this is due to the fact that a significant portion of rental situations end with a major conflict and even uneventful apartment living has some portion of minor conflict due to yearly rent increases.

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