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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

#161

Post by __sy__ »

kevin_thibedeau wrote: post #137
__sy__ wrote: post #123

Earlier quoted context omitted.

Are you referring to smart locks with unique codes or the Kwikset solution that consists of pulling out the cylinder and putting a new one in?

SmartKey is a mechanical lock that is rekeyable without removing the cylinder. You unlock with the old key, insert a tool to release the internal wafers, then insert the new key and it repositions the wafers to match the key.

oh right! Yeah it's pretty neat actually (for anyone interested[1]). Unfortunately, it does require physical presence/labor (i.e. $$$) by whoever has the master reset tool. For Airbnb's or even self-tours, that's kind of a non-starter.

[1] https://www.youtube.com/watch?v=p5MQz3JjZl8&ab_channel=Kwiks...

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

#162

Post by WalterBright »

an_opabinia wrote: post #76
literallycancer wrote: post #33

Earlier quoted context omitted.

So the landlords just make the rent more expensive to account for having to pay the broker, what changed?

> So the landlords just make the rent more expensive to account for having to pay the broker, what changed? Nothing. Clearly brokers are doing something or else people wouldn't pay for them. My theory is the broker fee has positive selection for wealthier tenants, which for every property - low or high rent - makes for an economically better tenant. Raising the rent has the same effect. We care that there's cheap ren…

> Clearly brokers are doing something or else people wouldn't pay for them.

Just like the real estate agent business. Sellers have the option to sell it themselves, or use an agent. Agents do better and more organized marketing, handle the paperwork for the transaction, and offer help in prepping/staging the house. Etc.

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

#164

Post by nacho2sweet »

not_exactly__ wrote: post #154
b20000 wrote: post #119

Earlier quoted context omitted.

why is this voted down?

Maybe because it presents a false dichotomy where one’s desire to profit from an asset must also accommodate those unable to afford it?

Commiting a felony seems to be a life sentence in the United States even after you have served your time. The algorithm can easily just disqualify them with no nuance.

The description on this was even funny "When you rent a place for 1 or 2 years". Just wait till it caretakes rent collecting, rent raising, and eviction services.

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

#165

Post by jbrun »

__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…

Breather tried to do that out of Montreal and went bankrupt this year, not sure how much overlap there is with your system.

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

#166

Post by EricE »

__sy__ wrote: post #123
dempsey wrote: post #105

Earlier quoted context omitted.

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.

Are you referring to smart locks with unique codes or the Kwikset solution that consists of pulling out the cylinder and putting a new one in?

Nope - as Kevin points out all you need is a new key and their tool that basically "blanks" the lock, then the next key you insert resets the lock to operate with that key. It's pretty slick.

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

#167

Post by Topgamer7 »

lotsofpulp wrote: post #85
tcbasche wrote: post #43

I’ve had this urge lately after dealing with idiotic and incompetent property rental managers to automate their entire industry away. I’m glad I’m not the only one

How would one automate away the fixing of toilets and performing routine maintenance?

IoT pressure sensor on toilet. Make agreements with cleaning and maintenance companies to service your buildings.

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

#168

Post by matsemann »

e1g wrote: post #129
benmanns wrote: post #111

We used this pre-COVID to get out of a Brooklyn lease and had a fantastic experience (back when it was Flip Instant). Flip basically charged 1 month rent and guaranteed a fill or they'd pay the rest (6 months) of my lease. Compared to our landlord who wanted 1.75x rent, up to 2.75x rent if not filled immediately, after significant negotiation. Hiring a broker myself would have likely cost 1x rent or more anyways with…

The landlord is under no obligation to accept anyone this service finds, so this startup guarantees an outcome they cannot control. It might be a way to build awareness and goodwill, but they are burning VC capital to offer a service that is either fundamentally unsustainable or mispriced.

Aren't people obliged to minimize their own and the other part's loss in contracts in the US?

In my country, me moving out and saying I won't continue to pay, while the contract end date is still far in the future would of course be a breach of the contract. But that doesn't mean the landlord then can let the house sit empty for the rest of the contract time and force me to cover their loss. Landlord would instead have to try and minimize their losses by finding a new tenant, and what I would owe the landlord would be their costs to do so and the time the apartment stood empty.

Edit: "mitigation of damage" might be the US term for it. From Cornell: The mitigation of damages doctrine, also known as the doctrine of avoidable consequences, prevents an injured party from recovering damages that could have been avoided through reasonable efforts. The duty to mitigate damages is most traditionally employed in the areas of tort and contract law. To me that reads like if you want to void the contract, and the landlord doesn't accept a reasonable tenant to take over, the landlord might have to carry their losses themselves. My guess (given laws about renting being very in favor of tenants) is that there most places even might be explicit laws allowing the tenant to do this.

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

#169

Post by __sy__ »

__sy__ wrote: post #112
benmanns wrote: post #99

Earlier quoted context omitted.

Do you have a recommendation on a quality smart lock for home use? Some ideal mix of security, style, open/compatible software.

hm, it's a good question. I (personally) really like Yale devices, but I hate the touchscreens and would prefer something with physical key buttons. I'm also generally against locks that connect directly to wifi because the batteries run out so quickly. As far as the type of lock, mortise locks are so cool but super expensive and most U.S. homes would need to change their doors to have one. Maybe a level lock or a si…

I thought a bit more about your question. There's surprisingly not much unbiased research out there that correctly points out the pros/cons of each system. I'll try to write something soon and post it.

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

#170

Post by EricE »

benmanns wrote: post #99
__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…

Do you have a recommendation on a quality smart lock for home use? Some ideal mix of security, style, open/compatible software.

The same company that provided the lockboxes from the original article has smart locks that use the same rotating one time code mechanism - and the locks don't require internet connectivity. A huge plus!

https://www.igloohome.co/en-us/

I have had zero interest in using other smart locks - especially ones that require network connectivity of any sort, but this might be one that would be worth considering.

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