Author Archives: Lauren Henderson

5 Questions to Ask When Hiring a CRE Broker to Help You Lease Space

When you are in the market to lease commercial property, your commercial real estate broker will be one of the keys to your success throughout the real estate transaction. Before you commit to anyone, you should always take the time to properly assess the ability and skills of the broker, in order to select the right broker for you and also ensure success. It’s important that you don’t take everything — and everyone — and face value here. You will need to dig a little deeper, asking the right questions to learn more about the person who will potentially be handling your very important commercial real estate deal.

With this mind, here are 5 questions you should ask when hiring a commercial real estate broker to help you lease space.

What cities or neighborhoods are you most familiar with in your brokerage? 

As a tenant, you need a professional advisor with a deep level of knowledge about specific markets. If you are deciding between multiple locations for your commercial space, the right broker can help you narrow down your choices to those that are the best fit for your organization’s specific needs. Be sure that you are working with a broker who has this knowledge of any particular markets you are interested in.

What is your experience as a broker?

This may seem like a no-brainer or even an insulting question, but hear us out. Just as we don’t hesitate to ask other professionals we work with — such as a contractor, a financial advisor, or a doctor — about their professional experience, it never hurts to ask a broker about their professional experience, including requesting client referrals, asking about particular industries he or she has served, and anything else that you may feel important in your real estate search.

And when asking about experience, keep in mind that it’s usually better to ask about the number of closed deals, rather than the number of years in the industry. It’s always better to work with someone newer to the industry who consistently has deals in the hopper, rather than someone who else has remained barely active for a number of years.

Would you mind sharing some of your success stories? How have you helped your clients overcome obstacles?

As in any type of job interview, these “real world” questions can give you a glimpse into how . your potential broker does business. And pay close attention to how he or she talks about overcoming obstacles… true experts thrive in the face of challenges. Look for someone who is tenacious in solving problems, but someone who acts fairly in the best interest of his or her client.

Do you specialize in any particular type of commercial space?

Often, brokers tend to specialize in one particular type of commercial space — whether they mean to or not. Whether it’s retail, industrial, warehouse, office complexes, or something else, many brokers will find themselves in a niche, and they are especially comfortable and skilled in negotiating leases in these types of spaces. If you have any demands or specifications that you think would benefit from this type of expertise, it never hurts to see out a broker who specializes in that you’re looking for.

Have you ever worked with a company like ours before?

Just like brokers, no two companies are built exactly alike — meaning that there’s no other company out there that will have the exact same needs as yours. However, there are some trends that tend to carry throughout industries. Finding a broker who can draw on his or her past experiences with similar organizations will help deliver insights that you will have a hard time finding anywhere else.

5 Considerations to Make Before Leasing New Office Space

Thinking about leasing commercial office space? The convenience of an office space can bring newfound credibility to you and your brand. However, there are some things you would want to ensure you consider prior to signing a lease.

Let’s take a look at 5 considerations you will want to make before leasing that new office space, and why these things are important to consider.

1. The Cost

This one may seem painfully obvious, but don’t skip over it just yet. The cost of your new office is more than just the monthly rental expense. Keep an eye out for what the lease says regarding rental escalations or increases over time. Sometimes, these increases can be determined by the consumer price index. The CPI can change based on the market so be aware. Additionally, you’ll want to see how damages are handled, and how your security deposit is used. All of these things can go into the overall cost of the office.

2. The Lease Term

Consider the Lease Term prior to deciding on your new office space. The term (or length of the lease) may have very specific contingencies. First, keep in mind how long you realistically see yourself staying in the location long-term, you may have an edge when it comes to negotiating with the landlord, as they often prefer longer, secure leases. However, as the market changes, a long, fixed rate lease term could mean paying more than market value if the market declines. Keep these things in mind and research what kind of lease term would be right for you prior to signing your next lease.

3. Location

Location can be a key factor in a business’s success. For example, a tenant may be better off leasing a smaller space in an area with their ideal demographic; rather than a large space with people who would not be likely clientele. Additionally, factors such as distance to public transportation and parking can impact employee happiness and client convenience. So, ask yourself, is the surrounding environmental ideal for me, my employees and current or future clients? Be sure to choose wisely when looking at the location of your new office.

4. The Space

What kind of concept are you going for with your new office? Is it just you alone, or you and a current or future team? These are all questions that need to be asked regarding office space. You may know you’d like 1,200 square feet, but be sure to delve deeper and get more specific. How do you want the space laid out? Do you want an open floor plan or more privacy? Additionally, think of the future, will you need additional space for growth? Can the space be modified or changed in any way? Upon termination, will the property have to be restored to what it was?

Additionally, keep in mind common areas. From restrooms to hallways, what are the specifics on those? Keep in mind if your lease has factored those things into your rental cost. The office plus common areas are often known as total square footage, this is different than usable square footage, which would be the actual office’s size.

5. Building Management

Make it a priority to meet the building management, especially if there is one on sight prior to signing. Get their name or company the building employs. You can google reviews regarding how the management has handled past and current tenants. See if they cover the cost of cleaning, or common area, or office maintenance. Additionally, ask any questions you may have.

Moving to your first office or a new office can be an exciting but stressful time. Ensuring that you have taken the aforementioned steps prior to signing the lease can help make everything go more smoothly.

Office Perks vs. Good Office Design: Which One Wins with Tenants?

When it comes to attracting and retaining the best talent, savvy companies know that they need to be competitive with more than just salaries and the standard perks, such as company-sponsored healthcare plans and paid vacation time. In fact, modern companies such a Google, Facebook, Pixar and more — commonly known as being among the very best places to work — are famous for providing their employees with workspaces that promote not only creativity and innovation, but also collaboration and morale.

And for good reason, too. The architect of Google’s Silicon Valley headquarters, Clive Wilkinson, said it best when he noted that “75 to 80 percent of America is cubicle land. Cubicles are the worst — like chicken farming. They are humiliating, disenfranchising, and isolating. So many American corporations still have them.” Harsh words, yes — but not entirely untrue. By comparison, today’s modern and employee-centric office designs are the very opposite. Rather than closed off walls, spaces and cubicles with bad lighting, they focus on open concept spaces with natural light and a casual, comfortable feel.

What’s more, in addition to a sleek and modern design aesthetic that promotes creative thinking, smart companies are also enticing their employees with attractive office perks, such as free food, drinks, and even recreation and entertainment. But is one better than the other? Does one seem to resonate more soundly with tenants?

The short answer is that if depends on who you ask. Many companies feel that making physical spaces more comfortable and flexible are most important, bringing in movable and comfortable furniture, lots of natural light, and inspired designs. Read on to find out more.

The Case for Physical Space

One of the people in this camp is Christa Tilley, Creative Producer at Glossier. She reports that working in Glossier’s open and airy offices with plenty of natural light actually makes her feel healthier every day — not to mention the benefits the physical space brings to her workflow. “In the closed door office I used to work in, I didn’t know who was in charge of things and where to find people. Now, we all sit together on comfortable couches that feel like we’re in a home and we’re really able to get down to it,” she says.

Of course, while this type of environment is great for collaboration, Tilley admits that sometimes quiet places are necessary, in order to get certain jobs or tasks done. “Sometimes there’s menial administration stuff I just need to get done but when I’m in the office, we’re so hands-on and communicating so much, I don’t have time to sit down and pay invoices, look at contracts and do more menial, less time-sensitive tasks even though they’re just as important to do,” she admits.

But What About the Perks?

And then there are those who feel that office perks are most important and that all perks are not created equal. In fact, they would go so far as to purport that offering perks has become a competitive sport among the top corporations and organizations, with each one fighting it out to see who can offer the best and newest perks.

While some perks might not always lead to improved productivity, nearly all of them help to build and foster community – and genuine familiarity always allows for greater and better collaboration. Experts agree that there are four characteristics of office perks that are genuinely effective:

  • They inspire curiosity
  • They help you see why your work matters
  • They help you blaze a trail forward
  • They help you stay sane, stable, and satisfied

By being deliberate with both the office perks and physical space design you offer your employees, you’ll see job performance, and morale, increase drastically.

4 Apps that Help Buildings Communicate More Directly with Tenants

If you spend anytime in the commercial real estate sphere, you have no doubt heard your fair share about smart buildings. But do you know what that really means? Typically, when the industry talks about smart buildings, its usually referring to the building’s infrastructure or its energy management systems. However, it’s important to note that there is smart building technology that goes beyond these infrastructures — systems that will take your building to the forefront of technology and ahead of the innovation curve.

Let’s take a closer look at some of the apps designed to make your building smarter, and communicate better or more directly with your tenants.

MyPORT

Schindler Elevator Corporation announced the release and launch of its MyPORT app in North America in 2016. By talking to the buildings’s PORT Technology elevator interface, tenants and other building occupants have the ability to walk around freely — simply by having their smartphones on their person. The app has the ability to verify user identity and call an elevator, as well as turn the lights on and off or lock and unlock doors. What’s more, unique authorization codes can also be sent to building visitors through text message, to allow for building access.

Skyrise

Skyrise is a tenant engagement app for commercial real estate, particularly office buildings, that allows for a direct link between tenants and the building’s administration team. This app has a number of pragmatic uses, such as allowing the property managers to directly broadcast messages to tenants in the event of a fire drill or a real emergency, or even share important news. Further, it also provides a type of digital bulletin board that allows tenants to connect with other tenants, sharing news or discussing other events.

Bixby

Bixby is another communication app and a web app that works with various types of commercial properties. It allows for resident relations to be filtered into one place, including a rent payment portal and a marketplace for other amenities. It also allows for direct communication between property managers and tenants, including push notifications, text messages, text messages updates, and email notifications for its clients. Maintenance requests can also be submitted via the app.

KastlePresence

Are you still scanning your standard key card to gain access to your building or office? That is so 5 years ago. Due to a set of sensors that recognize the app on your smartphone, KastlePresence allows you to enter various points in your building, such as the parking lot and front door, without having to pull anything out of your pocket or wave anything in front of a censor. Property managers can also use the technology in this app to view occupancy data trends, to help them make smarter and better-informed decisions.

By employing apps such as these, savvy commercial property mangers are upping their game when it comes to delivering top-notch tenant user experience — mastering not only tenant acquisition but also tenant retention in the process. Physical space is not just a commodity; rather, tenants view their space as a service — and they expect it to be treated as such.

Will Tech Replace Humans in CRE Valuations?

Real estate has always been one of the more traditional fields; one that has often been minimally changed by evolving technology and heavily reliant on human interaction. However, in the last 5 years or so, technology has seemed to seep into every profession, including real estate. This has mainly been a positive advancement—allowing brokers to reach more potential clients, be more efficient in closing deals, and allowing paperwork and contracts to be virtually delivered, signed and cataloged.’

This all sounds amazing, but many are concerned that technology will eventually replace human jobs. One question asked is if new and expanding technology will ever replace the “human element” in commercial real estate, specifically in the appraisals and valuations area. In short, the answer is no—but let’s see why and how technology can still be a valuable addition to CRE valuations and appraisals.

Why won’t tech phase out humans in valuations?

Valuations are heavily reliant on human knowledge of the specific property they are working on. Though there are many algorithms and technological elements that can be used to aid in the process it will always come down to the physical person performing the job. In fact, appraisers go through rigorous schooling and exams to be qualified. For example, in Florida Certified General Real Estate Appraisers need to have a high school diploma, a 4-year degree, complete 300 classroom hours of pre-licensing education, have additional experience and take an exam.

All of this valuable knowledge and experience can never be replaced by technology in any form. However, there are some ways that technology can make the appraiser’s job easier by allowing them to work smarter rather than harder.

How can an appraiser use tech to their benefit?

Appraisals and valuations have always been a tedious and valuable service, and in CRE you will need one at one time or another. Though there are different types of appraisals depending on your specific situation, PropTech startups have begun creating tools to assist in the more simple valuation needs.

This can allow appraisers to be more competitive in rates and possibly gain additional business that is quicker and easier than before. One example of a PropTech company is eVest. eVest worked with software engineers and professional appraisers to help provide real-time valuations for a number of buildings throughout the U.S. An algorithm then creates valuations for other properties. This is a free service to customers of eVest’s software. This can help for surface valuations but of course, when you want to start digging deeper into a property’s true value or earning potential, you will likely need to confer with an appraiser in person.

Will we need a human element?

There are a variety of reasons someone might need an appraisal in CRE. Some reasons include finding a market value, assessing costs finding the insurable or taxable value, or investment value. Additionally, new buildings vs. buildings with significant use and depreciation have a different process entirely.

Because there are so many outlying factors that impact a CRE property’s value, technology can never truly phase out the human element of valuations or appraisals, it can only assist in making some elements quicker and easier.

 

14 CRE Technology Companies to Watch on Twitter

They say the early bird catches the worm. In this case, the early bird is Twitter. The following list is comprised of 14 CRE technology companies, in no particular order. Check them out and make sure you are following them on Twitter for a variety of interesting, informative, and innovative tweets.

1. REIS Inc @REIS_CRE 

REIS touts themselves as the “leading provider of unbiased CRE market data analytics.” They provide comprehensive data on multiple sectors and topics for always interesting updates daily.

2. Urban Land Institute @UrbanLandInst

With more than 138 thousand followers, ULI is one of the oldest and largest cross-disciplinary real estate, land use expert companies in the world. They’re all about responsible land use and often use tech to support this.

3. Real Capital Analytics  @Realcapital

Real Capital Analytics regularly provides easy to understand visual charts with CRE analytics. They also share really interesting economic forecasts. Their content is mainly internal with minimal retweets which are incredibly informative.

4. View The Space @WeAreVTS

VTS, which was founded in 2012, provides tech for landlords and agency brokers. They centralize portfolio data, simplify management, help with tenant relationships and help brokers get more business and stay organized. They share PropTech specific articles on Twitter daily.

5. MatterPort @Matterport

MatterPort uses 3D VR technology to create models of real estate spaces. On their Twitter, you can see the power and detail of their renderings. They also share interesting tech articles related to their services.

6. CompStak @CompStak

Called one of the hottest NYC based startups, CompStak is a CRE database that provides “timely, analyst-reviewed commercial lease comps, sales comps, and property details.” The share a variety of technology-driven articles as well as organic content you can’t find elsewhere.

7. Apto @aptotude

Apto is a Colorado-based company that provides cloud-based software for managing relationships, properties, listings, and deals. The articles they share on the Twitter are extremely thought-provoking, so be sure to give them a follow.

8. CrowdStreet @Crowdstreet 

CrowdStreet is a crowdfunding platform that allows CRE investors and borrowers to connect and gain funding for their ventures. Crowdfunding has become increasingly popular to invest and gain capital outside of traditional lending formats.

9. CRETech @DiscoverCRETech

CRETech provides information about all things tech in the CRE world. Their information is unbiased and covers a wide spectrum of topics.

11. Bisnow @Bisnow 

With more than 16K followers, Bisnow is an incredibly popular CRE based online publication. You may have seen their articles shared on friends’ or colleagues’ Facebook or LinkedIn Pages. Their articles get a lot of traction and tend to be relevant to the current market.

12. Propmodo @Propmodo 

Propmodo’s tagline is “Exploring how emerging technologies affect our built environment.” They often tweet multiple articles daily regarding tech-based CRE innovations. They also host events, which you can find out about on their feed.

13. RealPage  @realpage 

This Richardson, Texas based company is one of the leading providers of property management software. Their Twitter shares relevant content with topics like property management, tenant relations, sustainability and more.

14. eVest Tech @eVestTech 

eVest Tech is a capital raising and investment management software suite that utilizes AI and Digital Technology to help meet CRE professionals’ needs. They post a variety of information in the PropTech and FinTech spectrum. Their most recent tweet? “How #Technology has influenced our #realestate today?” Super informative in an easy to read format.

Make sure to check out these 14 CRE Tech companies and follow them on Twitter to spice up your feed with pertinent information on all things tech!

2 Clicks-to-Bricks Trends We’re Watching (and You Should, too!)

As recently as just a few years ago, many retail experts and commentators were predicting that online retailers would completely take over the industry, driving physical stores to extinction — and many predicted this shift would happen by the year 2020. And while there has been steady growth in online retail sales, and e-commerce has definitely seen a boom, it is becoming clear that this supposed takeover of physical stores isn’t happening anytime soon.

However, there is an interesting trend that has been emerging in retail — known as “clicks to bricks.” In this movement, online retailers aren brands are starting to move offline and open physical, bricks and mortar stores. Even Amazon, which is arguably the world”s largest online brand, now has more than 600 physical stores and location.

So what’s coming next in this clicks-to-bricks movement? What can you expect to see in 2019? Here are 2 clicks-to-bricks trends that we’re watching — and you should, too.

Retail as a Service

Retail as a service is simply a catchy way to explain how retail is now so much more than just walking into a store and picking up an item. Thanks to the rise in e-commerce and the convenience it offers, physical retailers have been forced to up their game, enhancing the in-store experience by offering customers value adds and other incentives that shoppers simply can’t find online. As a result, traditionally online retailers are getting physical — and coming up with inventive ways to get shoppers in their doors.

Meaghan Brophy, a retail analyst at FitSmallBusiness.com, says that this particular retail trend is a great opportunity, especially for smaller sellers who focus on in-person selling. She predicts that 2019 will see retailers focusing on brand loyalty and earning the trust of their customers.

She goes on to add that she predicts “independent retailers will continue to focus on the non-merchandise aspect of their business, such as hosting classes and events, offering personalized gift wrapping and delivery, registry services, and hosting private parties.”

The Experience Will Remain the Priority

While the notion of a customer’s experience is nothing ew. exactly what consumers are expecting in their experience is changing and evolving. While it was once considered good service to greet customers as soon as they walked through the door, and perhaps provide a personal recommendation or two, it is no longer enough. Rather retailers now must continue to push and expand the boundaries of customers’ in-store experience.

While this is true across the board in retail. how does it apply specifically to the clicks-to-bricks movement? Simply put, “shopping a brand needs to feel the same, regardless of the channel,” says Carlos Castelan, managing director at the Navio Group. “With an increasingly complex customer journey and dozens of customer touchpoints with brands, from apps to websites to brick and mortar stores, companies need to present a seamless experience.”

As Millennials and younger generations continue to have more buying power, it is important that retailers take note. Nearly 80% of Millennials prefer to spend their hard-earned money on experiences rather than products, and 7 out of 10 people think of shopping as a form of entertainment. In order to stay relevant, retailers need to take notice of this — and respond accordingly.

3 CRE Influencers to Follow on Twitter in 2019

In the 13 years since the first tweet was sent, professionals from across all industries have embraced the social media platform, engaging with others and building an online community or a great brand. And, while commercial real estate is an industry notorious for being slow to embrace change and technology, there has been a recent shift in adoption within the past few years.

No matter whether you are a tweeting pro or a newbie to the platform, it’s no secret that the most important thing to do on Twitter is to follow and engage with the right people, helping you to foster and build your sphere of social media influence. But how do you know who to follow?

If you’re looking to freshen up your Twitter feed, we’re here to help. Here are our suggestions for 3 CRE influencers to follow in 2019.

Linda Day Harrison (@DayHarrison)

Linda founded theBrokerList.com, and is known throughout the industry as a CRE technology guru who shares a wealth of knowledge on everything from new CRE trends and technologies to the can’t miss conferences that are coming up. Additionally, she regularly shares content from other CRE thought leaders and influences. Specializing in bringing people together, and using technology to make it happen, this is one account you’ll definitely want to follow.

Jeffrey Sica (@JeffreySica)

Jeffrey Sica is a regular commentator on financial news networks, such as Fox Business, along with Bloomberg Radio and CNBC. Known for being an expert in both wealth management and investments (specifically alternative investments), Sica is the founder, President, and CIO of Circle Squared Alternative Investments. Give him a follow if you’re looking for a bigger perspective when it comes to how finance relates to commercial real estate.

Jon Schultz (@JonSchultz_Onyx)

If you’re looking for a real and honest approach to commercial real estate, you’ll want to follow Jon Schultz. His perspective and outlook are what have propelled his content to the forefront of some of the most followed content in all of CRE. His Twitter features original content from his own blog with topics ranging from management and mentoring to new trends in CRE tech.

Why do mall owners love pop-up shops?

According to the American Marketing Association pop-ups are now a $50 billon industry, much of which is driven by the increased popularity of e-commerce buying. Online sales have the potential to make up to 35% of retail sales by 2030 according to a report by Credit Suisse. But fear not, retail is still thriving, and malls have the potential to still bring in great returns as non-traditional options, such as pop-ups have the capability to turn space that may have been underutilize into fantastic, new opportunities for mall owners.

What is a pop-up?

A pop-up shop is a temporary retail space. Often popular with limited run products, online retailers, start-ups, and experienced-based establishments (think The Museum of Ice Cream or Candytopia). Pop-ups have a more flexible, short-term model than traditional retail space. They often have a smaller footprint that can be rented for a shorter time.

Why do pop-ups work for malls?

Pop-ups are different from traditional stores in the sense that they have different opportunities for marketing freedoms. They normally do not have to create an identical brand pattern throughout stores because pop-ups act independently. This allows marketing teams to create a different experience from pop-up to pop-up, creating anticipation for what’s to come. The “here today, gone tomorrow” limited edition atmosphere paired with this anticipation drives sales and urgency to purchase.

This industry works for malls by creating a buzz that may have died down in recent years. Additionally, they fill retail space that could have otherwise been sitting empty creating unsightly vacancies. Pop-up shops also bring in consumers who may have not otherwise come to the mall, enticing them with limited runs and events. Since these events are normally on a smaller scale, it creates a personalized experience with engaging customer service and a focus on getting customer feedback. This can often create extremely positive experiences and memories, which translates into brand loyalty tied to positive memories.

For retailers who are especially successful with their pop-up endeavors, they may use data as motivation to open up a permanent store. Often times, these are located where the most successful pop-up took place, so for mall owners, a temporary pop-up could actually end up filling a long term vacancy. Just look at companies like Penguin, the RealReal, and Kylie Cosmetics. All brands that launched pop-up shops now and have stand-alone permanent locations or permanent displays in other retailers.

Overall, pop-up shops are part of our current visual culture. The FOMO or “fear of missing out” creates a buzz that encourages consumers to shop or to visit for the experience even if they may not have been inclined by the product otherwise. This short-term, high-value lease style breathes new life into malls, especially those with vacancies, and mall owners are not complaining.

5 Technologies to Up your Short-Term Rental Game

The online short-term rental industry is a relatively new trend that has changed the way the customers look at traveling, as well as how some investors, and “regular” people are choosing to boost their income. In fact, studies show that U.S. short term rentals generate the most revenue globally at nearly $15 million, and the momentum does not stop there.

Revenue is expected to increase at least 6.4% annually resulting in revenue of more than $18 million, with user penetration up to an additional 11.4% by 2023. With numbers, like that, staying ahead of industry trends and using the best technology available is pivotal to any . member of the short-term or vacation rental industry. Let’s look at 5 unique technologies both physical and digital, that will boost your game.

1. August 2nd Generation Smart Lock

Though you may choose to invite strangers into your home or property for the sake of profit, that does not mean you need to forgo security and privacy. A smart look will allow you to avoid sharing physical keys which can be lost (Americans lose almost 20 million keys per year) or copied (creepy). They August smart lock, for example, is a sleek, user-friendly option that has 4.5 stars and more than 600 reviews on Amazon. It has remote control features, but can also work via wifi. With an easy installation that is compatible with many existing deadbolts and a mobile app you can link to your phone, it is extremely useful.

2. KIGO Vacation Rental Software

KIGO is the vacation rental company’s premier management software. It provides users with tech that helps maximize revenue, reduce operating costs, and provide guests with better experiences. They can even set you up with insurance and a website to kick your short-term rental off properly. Additionally, guests can manage their stay, reservations, reviews, and payments right from their phones. KIGO has a global booking volue of $2,388,831,562 to date, which is quite impressive.

3.  AirDNA Market Minder

AirDNA Market Minder is another tool that can be utilized to gain extremely valuable insights on competition within the short-term rental market. It uses data to analyze the metrics in your general location and show competitive comparisons on things like daily rates, occupancy, revenue, and lead times. It also mines data to show you when, how, and why pricing can be spiked in your area, and when bookings are most desired. If you’re thinking about listing your property as a short-term rental, there is even a handy tool that allows you to see what it could possibly be worth. Accounts with AirDNA are free, and the MarketMinders tool ranges from $19.95 – 99.95 per month, giving options for all budgets.

4. Nova-Flo Flood Prevention

Not every guest will be as conscientious with your home’s/property’s appliances as you may be. Often times, guests can leave faucets running or dripping, which can lead to costly water bills, leaks, floods, and water damage. But what if you could prevent a flood before it even starts? Enter “Nova-Flo.”

Its description according to its website is as follows “Nova-Flo is a unique flood prevention device that turns off the water to a bath or basin as soon as the water level reaches the overflow. It’s fully mechanical, no electrical supply is required, it’s completely hidden from the user and it automatically resets as soon as the taps are turned to the closed position.” This handy little robotic device can even notify you when the leak is prevented, thus saving you thousands in possible damages.

5. RING Doorbell Cam

The RING doorbell cam allows you to answer the door and view guests before they enter your home either from inside the house or remotely via an app. It is a great way of screening guests prior to them ever entering your home. This ensures that the guest you are expecting matches the description and photo of who actually shows up, even if you are not at the property to greet them. Additionally, the doorbell also detects motion, this is a good way to monitor that guests aren’t throwing parties or sneaking multiple non-paying guests into your rental property.

It is clear that in the future the market should only expect an increase in growth of the short-term rental industry. With the majority of renters being millennials  it is key to stay ahead of technological trends to give customers the best experience possible and in turn, maximize your profits.