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How the Internet of Things will increase Realtor revenues

The Internet of Things is not a lofty buzzword to be ignored, no, it will soon be the new metric to determine how “tech savvy” an agent is.

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As our world becomes increasingly connected through WIFI and Bluetooth technologies, real estate brokers should keep an eye on the Internet of Things (IoT).

The Internet of Things is a term describing the current and forecasted interconnection of all kinds of devices to the Internet and to one another.

Anything with an on and off switch can be connected to the IoT, including communication devices, household appliances, wearables, machine components, and more.

How is the IoT being used by companies?

Experts at the Gartner analyst firm predict that by 2020 there may be anywhere from 26 billion to over 100 billion interconnected machines comprising the IoT.

Another summer 2015 report, by the International Data Corporation, put IoT sales at $600 million and estimated an increase to $1.7 trillion by 2020 – and that data didn’t even count sales from desktops, laptops, smartphones, and tablets!

Marketers are now leveraging the IoT

A study by 2nd Watch released this July also reveals that marketers are beginning to leverage the IoT, and data collected from it, towards their digital marketing efforts. Over 500 marketing executives were surveyed about their usage of the IoT.

Six out of ten executives reported that they were using machine data (information collected from connected devices) and the IoT for digital marketing purposes.

Most, or 40 percent of the total respondents, said they were in the “beginning stages” of using the IoT, while another 19 percent said they were using it “very aggressively,” suggesting that many marketers are just getting started using the IoT, and if all goes well, will probably continue investing more and more.

Why are they using IoT data?

When asked why they were using IoT data for their marketing campaigns, about a third responded that they wanted to “better understand customer preferences.”

Others were using the IoT directly to communicate campaigns and promotions to customers, or to create “customer-facing web and mobile apps.”

A full 32 percent said they were engaging in all three of these activities, suggesting great potential for the IoT to be utilized in a number of different ways.

But were these efforts effective?

While 26 percent of respondents were satisfied that their IoT marketing efforts had met their goals, another 43 percent felt their efforts were “quite successful” for increasing customer engagement and demand for their products, and another 27 percent reported that using the IoT had proved “extremely” effective, and that they could quantify an obvious return on investment.

Overall, this adds up to a strong case for using the IoT for digital marketing, with the real estate industry being a burgeoning space for these technologies.

There are so few industries like real estate where practitioners touch so many potential IoT technologies, and using them to market, but further, knowing about all IoT options in homes is soon going to be the new metric regarding how “tech savvy” a Realtor is and will become a new path for revenues.

#IoT

Ellen Vessels, a Staff Writer at The American Genius, is respected for their wide range of work, with a focus on generational marketing and business trends. Ellen is also a performance artist when not writing, and has a passion for sustainability, social justice, and the arts.

Real Estate Technology

New law-tech startups are helping people navigate eviction court

(TECHNOLOGY) Law-tech tool Hello Landlord helps struggling tenants meet the eviction moratorium’s rules, but it’s greatest benefit may lie in communication.

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Man seated in trunk of car, head in hands as he considers eviction. New tools may help.

For tenants behind on rent during the pandemic, being shielded from eviction for nonpayment requires strictly following rules in the U.S. Centers for Disease Control’s eviction moratorium that began September 4 and runs through the end of 2020.

Now the makers of website Hello Landlord, which helps tenants give notices to their landlords, have updated their free tool to meet the CDC requirements.

At HelloLandlord.org, tenants submit their information and answer a series of questions, including their landlord’s name and how much money they owe. The site automatically generates a customized letter to the landlord that outlines the tenant’s circumstances and includes a promise to pay the back rent. Tenants also get a declaration document that follows the moratorium order.

In the declaration, tenants must swear they:

  • Earn no more than $99,000 annually (or $198,000 jointly).
  • Can’t pay their rent because of loss of work or extraordinary out-of-pocket medical expenses;
  • Have done their best to get available housing assistance;
  • Would become homeless or have to move into a home with many people, potentially spreading the COVID-19 virus;
  • Will try to make timely partial payments.

No documentation is required, and there are no official forms.

If renters don’t qualify for protection under the new order, the site will create a letter that asks the landlord for flexibility with making rent payments.

Relationships between landlords and renters often start going south because of communication issues. That’s something Hello Landlord’s letters might head off by helping tenants communicate effectively. The letters meet the legal requirements but also sound, well, human, despite being automated. The language is informal, even conciliatory. The tenant empathizes with the landlord – acknowledging that this time is financially hard on them, too – and pledges to work together.

Some sample language: “Although the CDC’s Order may prevent my eviction, I want you to know that I am willing to work with you moving forward during this challenging time.”

Hello Landlord debuted in 2019 and was originally created by SixFifty, a software subsidiary of technology law firm Wilson Sonsini Goodrich & Rosati. They collaborated with LawX, the legal design lab at Brigham Young University’s Law School, and the Innovation for Justice (i4J) Program at University of Arizona College of Law to research causes of and solutions to the eviction crisis.

A second tool, HelloLender.org, helps homeowners create letters to their mortgage lenders asking for accommodation in payments under the CARES Act stimulus program.

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Real Estate Technology

Beef up your security against COVID with this new environmental sensor suite

(TECH NEWS) This new security sensor can help protect your company from COVID-19 and monitor the overall health of your building.

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Office setting, with spaced employees for security against COVID.

Verkada, the cloud-based physical security company, is modernizing the world of enterprise building security by enabling customers to proactively respond to COVID-19 in the office.

In June, Verkada introduced its COVID-19 Response Suite. Part of the this release included People Heatmaps. This new feature allows organizations to “identify areas that are prone to overcrowding, and find ways to disperse traffic”. In other words, it helps ensure employees are practicing social-distancing.

This week, Verkada announced the release of its new environmental sensor product line, and its product, SV11. This all-in-one environmental sensor monitors changes that are happening in your physical space. The product is made from photochemically engineered stainless steel mesh that filters out large particles. The integrated sensors measure air quality, temperature, humidity, motion, and noise. Then, all the data is reported back to users for regular monitoring and analysis.

“The SV11 sensor is a cloud-based sensor that seamlessly integrates with the Verkada ecosystem of products,” said Jeff Chase, a product marketing manager for Verkada, in a recent video. “The SV11 can be used across all indoor environments and can meet the needs for a wide range of use cases, including simple remote monitoring of facilities.”

In the security system’s web-based command platform, users can see all the sensors, and can quickly scan real-time data for each location. Live footage and current readings are easy to view. Custom thresholds can be set for each sensor so a user can receive alerts as they happen. This is helpful so you can know when a server room is getting too warm, or when the TVOC (total volatile organic compounds) level is too high.

“Our customers are responsible for the systems that keep facilities online, and our mission is to give those administrators the best possible tools to do their jobs,” said Filip Kaliszan, CEO and co-founder of Verkada. “Whether it be monitoring the status of a server room, the temperature of a patient room in a hospital, or the air quality of a school, the SV11 gives facilities and staff unprecedented visibility and control over the sites they’re responsible for keeping safe and secure.”

With more companies bringing their workforce back into the office, Verkada’s security system can give them visibility on what’s going on at work. And with the valuable information rendered by the sensors, they can gain insights into what they can do to keep their employees safe.

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Real Estate Technology

Is Internet access a basic human right? T-mobile thinks so

(TECH NEWS) Last year, T-Mobile announced a plan to bring free and at-cost internet access to 10 million homes in the US; 2020 has made this mission crucial.

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Student viewing internet on tablet.

Modern classrooms practically require students to have access to the internet in order to succeed. This was the case well before COVID forced a national switch to remote online learning.

It’s hard enough to rely on public computers and WiFi networks to complete school work under ordinary circumstances — and I speak from experience there. But campuses, libraries, and cafes are still closed or limiting access in most places. The school year is already a month in progress, yet the struggle to get online is still too real.

This was captured perfectly in a photo that received viral attention on Instagram when the fall semester started: Two teenagers seated on the ground outside of a Salinas Taco Bell, using the restaurant’s internet for their schoolwork.

Fortunately, in their case, the girls’ school district was able to help them obtain a Wi-Fi hotspot. And they’re continuing to distribute hotspots and laptops widely to its student body.

In light of this, T-Mobile is investing $10.7 billion dollars over the next 10 years into ensuring youth are no longer put into situations like that. The company is partnering up with school districts to provide students with a free wifi hotspot and 100 GB of data year (or roughly 8 GB of data per month).

An estimated 16.9 million US youth currently lack internet. In a recent interview with the Associated Press, T-Mobile Chief Marketing Officer Matt Staneff cites his concern that a majority of school-age kids consider homework to be a major source of stress in their lives.

Of course, telecommunications companies are clearly aware of how much our educational systems depend on the internet. It is unquestionably the most comprehensive collection of human knowledge and culture ever. It can no longer be considered just a luxury or a novelty. It’s a critical tool for academic and career success.

While he acknowledged the potential business opportunity in providing schools with internet connectivity, Stanek claims T-Mobile’s intentions are good. He stated, “We recognize there’s a problem in society of kids not being connected. We want to do more than just try to win customers. This is a huge problem.”

Staneff concedes that suitable Internet access extends to hardware, too: “[sometimes students] need a bigger screen, which is why [T- Mobile is] also offering at-cost, larger-screen devices.”

But even if T-Mobile has the best intentions, the fact remains that they aren’t a charity. Service providers like T-Mobile would probably not be too happy about the lost “business opportunity,” should tablets and internet access be made freely available to every student. The schools are public, and they rely on the internet, yet the internet is privatized.

The responsibility to solve the civic issues brought on by the pandemic is increasingly falling onto the private sector. If T-Mobile is willing to offer the money and infrastructure to help kids get an education, that’s a step in the right direction.

Yet it prompts the question: Should we consider internet access to be a human right? Because as long as the web remains corporately controlled and commodified, the access gap will persist and our schools will pay the price.

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