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- [00:00]
A
This property manager, seriously, like, she like called me on the phone and she was like, I just had to bust down this door. She Kool Aid manned herself through this door to get it open so her guests could grab their stuff and leave. That is absolutely not. That should never even be like a thought that should cross someone's mind. Like, there should be that plan A, plan B, plan C. Because why are you throwing your shoulder into a door and tackling it like a football player for your guests to get in? Absolutely insane.
- [00:37]
B
Welcome back to the STR investing podcast, everybody. I am your host, Mark Lumpkin. And this week we have another special guest. Every Friday, guys, we are bringing you cool people from the industry that are doing something fun and niche and that will add value to what you're doing as an investor in the short term rental space. And this week is no different. I'm excited to introduce Amber Baron. Amber's with some of the coolest smart lock people in the industry. And Amber, would you say hi?
- [01:04]
A
Oh, my gosh, Mark. Yeah. Thank you so much for that. Is. I'm flattered. I'm seriously so flattered and honored to be here. Super stoked for our conversation today. I'm going to try to keep the fangirling to a minimum sitting across from the sales director at SDR Cribs. But yeah, super. Just super stoked.
- [01:19]
B
I love it. Yeah, it's super fun to chat with you as well. I know we met for the first time what VRMA Vegas last year.
- [01:25]
A
Yeah, sure did. And what Caesar's Palace. Yeah.
- [01:28]
B
In the. Yeah. Was it Caesar's palace? The elevator?
- [01:32]
A
It sure was. And then when we trekked to the conference that we thankfully found eventually after our 20,000 steps that we took so far away.
- [01:42]
B
So the story.
- [01:42]
A
That was something.
- [01:43]
B
There's supposed to be a direct shot, but what F1 or the. To this after. After hours event. But then they have the. Was it F1 that was in town?
- [01:52]
A
Yeah, I think so. I think so.
- [01:53]
B
They had like all the streets closed so you couldn't get there. So we had to walk for like an hour to get to this place that was only five minutes away.
- [01:59]
A
It was literally a journey. It was a journey. If there were no signs, Mark, I think I would have probably not made it.
- [02:05]
B
But quit and so agreed with you. That was super fun. So give us a little introduction. What do you do, what company you're with? What do you guys specialize in? Let's just give a surface level so people know what we're going to chat about today.
- [02:16]
A
Yeah. For sure. So my name's Amber Barron, as he's introduced me. And I'm a business development manager here in the vacation rental, short term rental sector of Dormakaba. So what I focus on is, you know, the security and the safety around short term rentals, you know, which is why me and Mark are chatting today. So usually what I do is as a business development manager, obviously help you develop your business. Right. So the conversations I conduct, I usually talk to owners or operators just about, you know, their potential operational gaps around access. Because access is the first impression of every single say. Right. So, you know, getting your guests in and out safely and potentially also not. Right. So just talking about ways that we can help, you know, you guys do that.
- [03:03]
B
So we're going to dive into what you guys do at Dormakaba. And it's super interesting, but I want to preface that conversation by talking about and giving my experience on the vacation rental industry and how I think it relates to flying and the travel industry, which is, I really believe that vacation rentals are a lot like flights where the takeoff and the landing are two of the most important pieces of the entire the experience. And they're the most memorable part of the experience. Right. If you have a really bumpy takeoff and a bumpy landing, it leaves for a bad experience and you don't remember what happens in the middle. So vacation rentals are the same in that check in, checkout are super important, which is what you guys do. And so can you just talk us through exactly what you guys do? Like, do you guys do hardware, software, combination of both, like, what is the product and experience that you guys offer?
- [03:51]
A
Yeah, so specifically in my sector, right. So I. My main focus is short term rentals. Dormakaba, however, it is a just a global leading security company. So our products are found everywhere. So, you know, some of your listeners may hear the word Dormicaba and it may not sound familiar. However, what I can guarantee is that they've used our products almost probably every single day, depending how much they travel. Right. So because we're found in, you know, airports, we're found in motels, hotels, if you've ever been to or you have used our product. Now for what I do again, specifically, my sector is very similar. So I provide a product that, you know, is of course the hardware piece, but also the software piece. So I never refer to them as locks because, you know, you might look at it and go, oh, like she provides locks. But what I like to refer them as is an access solution. So you get the hardware piece and you get the software piece. Obviously they have a relationship between the two. But what makes it a truer solution is even its relationship with PMSs, with task manager softwares. It goes as far as that. Right. So we try to, when we have our conversations, see where we fit in your tech stack. Because that's always the goal, right? Like you, the goal is to create automation, booking automation, having no human intervention. Right. So those are usually, you know, the conversations I conduct and like the goals that I have sitting down with somebody.
- [05:22]
B
I love that. So you guys have like some pretty deep seated history in hospitality and in products and services.
- [05:28]
A
We do.
- [05:29]
B
I'm always a big fan of the short term rental industry, looking to hotels and seeing what they've done traditionally in years past because that's oftentimes scalable and very relatable to what people should be doing in the STR space with a little bit of flavor. So what have you. I have a few questions. We're going to circle back to a few things you said, but my next question would be around what are some of the similarities you see, specifically access related between the hotel and the short term rental space?
- [05:57]
A
Oh, that's a good question. I see a lot of front desk staff, a lot. Like if a property, a short term rental property management company has a main building, they usually have someone at the front desk. And what I've seen is they usually have them there 24 7, which there's obviously the perks that come along with that, but unfortunately there's, there's also the cons, right. You know, you do have to pay that person more to be there. You do, you know, have to train them and probably more than, you know, know one thing. Right. They're probably wearing more than one hat. So they're tending to a lot. There's just, you know, I, I don't want to focus on the cons, but because there's the pros too, you know, having that 24 presence. But you know, usually when I go into a conversation and talk about that, when I bring up the solution that I provide and explain it, a lot of the conversations end with do I need this person at the front desk? And that's not them saying it as if they need to get rid of that person or get rid of that role. But due to the capabilities and the features that are provided in, you know, the access solution, there just doesn't need to be that presence because the lock takes its place. Right. Like if you can still keep the visibility and the control that, you know, you have being in person remotely. I mean why wouldn't you let that person get their eight hours of sleep? You know, so that kind of, that's probably like the biggest thing that I've seen when comparing, you know, like hotels to short term rentals. Definitely, of course, the entire team, like I said, wearing more than one hat. And then I would say like access is kind of similar in the way where a lot of short term rentals still use keys, which is very interesting to me because unfortunately key handling does, you know, there's the risk of key loss. Right. So those are definitely some interesting, I guess comparisons.
- [07:51]
B
I actually you brought up something that I think is really, really cool. And you probably need to take this back to your marketing team and tell them that they should do this. But I never thought about it until just now. Your front door lock, your smart lock on your property, if you've got a vacation rental, is basically like the clerk at the front desk of a hotel.
- [08:08]
A
Absolutely.
- [08:09]
B
It's the first thing that people see. It's the first interaction that they have with your say, with your hospital, with their hospitality experience you're providing. So that front door lock is your receptionist, is your front, is your front of house person. That's really, really unique and cool. I never thought about it like that. And I would assume that how easy that lock is to maneuver, how easy it is to get into the home is very similar to like the experience you have with that person at the front of a hotel. How friendly they are, how studious, how prompt, how quickly they get you, your stuff affects the entire stay and the entire experience. And so how do you guys focus on that like ease, ability of accessibility and how do you guys focus on making sure that the, the code is the right code and the door has proper batteries and just to make sure that that front desk person, that, that front access point is a great experience for people when they show up.
- [08:59]
A
So there's different ways that this lock, these access solutions, whatever you want to call them and see them as, can work. Right. Because again, there's so many different features and capabilities that it just depends on how they want to, to use it. So let's say they want to eliminate their 247 staff. If you implemented our solution onto your property and you had a PMS, we at this point mark probably integrate with God, 60 different PMS systems. Next week it's probably going to be 70. Like we have so many different partnerships with PMSs. There is a super unlikely chance that we cannot integrate with a pms. So once you Implement that solution and get it integrated with a pms. Whenever someone books it is automatic. There is no human intervention. That code that is generated from that booking is just automatically sent to your guest and they can just access the unit. And the nice thing is, is when that code is generated, it is always time and date stamped and it has a certain level of access. So that guest can only access whatever you want them to. So if you have a main building and you also have the guest unit they need to access, then they can access both, but nothing else on that property. It's completely up to the whoever wants to intervene. Right. Because they can set it up in that way or they can intervene if they want to. But typically people like to just let the automation do its thing, right?
- [10:27]
B
Yeah, it's a total solution. So that's what you're saying, is you guys provide a total solution that streamlines the process and pairs up with your pms, which is really, really cool. A lot of our listeners listening in are individual investors. So they're individual investors that are setting up their first, second or third, short term rental. And most of the time they're employees. They're W2 employees. They're doctors, they're attorneys. They're not people that are gonna drive to the property and hand someone a key. And so this is really important to them to learn kind of some of the tips and tricks behind automating your check in checkout. But I got to circle back before we dive into some of those. I got to ask, how many people do you guys run into? Just a general idea. Are still using hard keys and are either showing up to the property to hand a key or have like a traditional contractor lockbox where it's like the codes 1, 2, 3, 4 and the keys are in there. Like, do you still run into that every day?
- [11:22]
A
I respectfully, everyone who's listening, too many. Way too many. Like, I RB had a motto at one point saying that the future is keyless. I'm going to argue against that. This is my personal opinion that the future is now. It is absolutely now. Because I. It is absolutely. I'm flabbergasted. Every single time when I come and have a conversation with someone and they tell me they use keys and have 100 different properties, not even in the same state, in different markets, and they, they're still using keys. It blows my mind because how do you coordinate and communicate with your team and get your cleaning people where they need to go? And like, what about, you know, like the turnover? And like, it just like, you have to time everything perfectly. You have to be the most organized person ever. Truly.
- [12:09]
B
That's insane. So it's insane that people are still doing it. What I would guess is most of our listeners, specifically on this podcast, are rolling their eyes, going, I would. I'm never going to have manual keys at this house. Smart lock option is the only option. We're all on the same page. We're everyone listening in. Me, we're all on board. Keys are archaic. You should not be messing with them. It's not even an option. What do you think about having them as a backup option, though? Do you think that you should have some? Even if you have the whole home solution that you guys offer, you've got all your smart locks, you've got everything looked up, hooked up. Do you think you should have a backup set of keys somewhere, hidden on the, on the property? Do you guys advise?
- [12:44]
A
Absolutely. Yeah. Yeah, I do. I think so. I mean, for us, right, like, we, we're going to have a plan A, but we're going to have a plan B, but then we're going to have a plan C, but then we're going to have a plan D. Because we're never, ever, ever going to let one of our partners not use our product. Like they. We want everyone to be confident, right? We want the guests to be confident, we want the staff to be confident. We want the cleaning team to be confident that they're going to get to where they need to go safely and quickly, like you said, right? So for our solution, personally, like, we typically use codes. However, one of the perks is you do have credential flexibility. So you can use codes, you can use rfid, you can use Bluetooth if you wanted. Like, you get to decide what credential you want to use. And God forbid one of those credentials fail. We, of course, have a mechanical, mechanical key override, so you can get in no matter what. So, I mean, it's up to the staff where they want to place the lockbox, but we do provide those to keep the, you know, the key safe. Of course, but they do have that option. And then, you know, if, let's say the battery dies, right? Which is very unlikely with our product because we use Bluetooth low energy. So I want to say, like our locks, depending how high the traffic is, they last probably a year. They have a year of life. But let's say worst case scenario, you miss that battery notification on your site and the lock dies. We have this little device, it's a backup battery device that you can use to kind of Frankenstein the lock and jolt it back up so they can get in. So we have all these measures in place so that, you know, lockouts just do not happen.
- [14:19]
B
I love that. That's so cool. You mentioned something about Bluetooth. So how does that work? So I know like if like the lock that we use at our house, if the WI fi is down, it's. We can't do anything. Like we're screwed. That lock does not function. And so you mentioned Bluetooth and can you kind of dive us into some of those advantages and how that works?
- [14:38]
A
Yeah, of course. So having a WI fi lock or access solution, it can be a little nerve wracking because it's WI fi reliant, right. So if that WI fi is, you know, there's some disconnect or if the WI fi completely goes out, you know, the worry of the lock not working is obviously at play. For our WI fi reliant locks, we actually have. The easiest way to explain is that we have emergency codes stored inside of them. So no matter what happens to your WI fi, if you go and put in that emergency code, you will get in. And the nice thing is too is that if that code is generated and sent to the guest before their stay, it will still work on the lock no matter what. It just the WI fi needs to be up when the code is sent. But if the WI fi goes out during the stay or even at the end of the day, they'll still be perfectly fine. We put those things into place obviously because we don't, we know that the WI fi is obviously like a huge, like you need it, right. And then there's also actually something super exciting that's coming out soon which will be, you know, one of our God like seventh credentials. Our lock will soon be able to, I guess it'll be comparable to cellular technology, so kind of work like your phone. So instead of that lock, you know, seeking WI fi and struggling to seek it and then just not working, instead of just, you know, continuing to seek that WI fi, it'll just automatically connect to a satellite instead. So that's something that we're really excited to roll out here soon.
- [16:09]
B
I would guess that's going to be really, really popular with everyone. But to start off with those kind of remote properties, right, where the niche of vacation rentals is that you get a unique property that's different and oftentimes that means that it's far away from other stuff where there's limited WI fi or and things like that. But Cell phone service carriers seem to be everywhere at this point. So that's really cool. When do you guys roll that up?
- [16:33]
A
That's a good question. We don't have a projected date yet, but if I had to guess, probably within the next year or so.
- [16:40]
B
Okay, cool.
- [16:41]
A
Because we were very. Yeah, we're very thorough here. So we want to make sure that it's the closest to perfection as possible before we roll it out.
- [16:48]
B
So I love that. Well, when you do, let us know and we will shoot everybody a notification and make.
- [16:54]
A
Yeah for sure.
- [16:55]
B
But that's coming. So that will be a huge unlock for people that have limited WI FI capabilities at their location. And then what are your thoughts around just like general hygiene of locks in general? Like this could apply to anyone that has a lock around the battery. Because I've noticed like we've got one lock that seems to like you said last every year and then we've got to change batteries. We've got another lock that seems to run through batteries a lot quicker. It's a more high traffic property. But like what in general, what do you guys kind of recommend people are doing? Should it be a quarterly maintenance? Should you just change the batteries when they need to be replaced? Like what are your thoughts on that?
- [17:31]
A
This is such a good game of 2021 questions. I, you know what for us it we on our site, right, because like I said, we buy the hardware and also the software. So the software is a site that is cloud based and on that site you actually can see the battery status. So maintenance is not necessarily something that you always need to worry about because you will be, you'll be notified. Like you'll be let know like hey, this locks, you know, running a little low. You might want to check on it. You might want to change out the batteries and it's a notification that will continuously pop up. You know, not to the point where it's, you know, blowing up your site, but it will, it won't let you get to that point where the lock dies. You know what I mean? So that's something that we put in place for that for our locs specifically. I've heard a lot of people use lithium locks due to temperature fluctuations. And just like the LOC itself, we actually use Acolyne for our locks and I've found out that they just work so much better and that the longevity is the lock just lasts longer. So we just pop in a couple AA batteries and the whole lock does its thing.
- [18:42]
B
And so yeah, having to change them out once a year is really not a big deal. Right. It should be pretty easy to throw it on your annual maintenance checkup plan and have your handyman or your cleaners swap out the locks. Are B. Is battery exchange really easy? Is it just like a 30 second thing?
- [18:57]
A
Yeah, there's like a screw you unscrew, you pop off the back and you just throw in the batteries. So probably takes all of like maybe 60 seconds. So I would say easy, relatively easy.
- [19:08]
B
I love that. So what's the like, let's talk about the user experience. I want to, we'll dive into the software but I do want to talk like a little bit about the hardware because I'm a big believer that the lock, the unit itself and how easy it is to use that unit is really important. And there are some that you go to where it's confusing. You're like, holy, what do I do? I got to hit the check button and then I got to hit the hash, the number button and then I've got to put in a six digit code and then I've got to double click. Like it's confusing even for someone that knows locks. And so what's the ease ability for the guest experience when they show up? How easy is it for them to get into the house using your locks
- [19:44]
A
so you don't have to break into the unit, that's for sure. It's not like this lengthy, you know, whatever process. Again, it kind of depends when, what credentials being used. So if it's a fob, you just take the fob and hit it against the lock. I think RFID is the budget.
- [20:00]
B
Your cleaning crew, your cleaning, your cleaners. Yeah, they can have an RFID or a fob or your handyman and then they can just bump it and they get into the room anytime.
- [20:06]
A
Absolutely. I mean, and of course the codes. Right. So for our locks, it depends. We have two different series. One of them just has those, you know, the, the, the numbers that kind of like pop out like they're like the textured, you know, so when you click it like the, it like go, the button goes into the lock. So that's like our more I say old school, old fashioned series, still top of the class, but a little bit more old school. And then we have our Sapphire Evo series, which is that one WI FI lock that I was telling you about. And for that one there's just this little white square on it that you go ahead and click and then you just type in the code that was sent to you from the PMS and the lock Chatting.
- [20:44]
B
Yeah, I love it. Okay, so what are your thoughts around actual codes? And this will be good for anybody that's setting up any type of smart lock. What code should you give your guests? Obviously, you want rolling codes. You want a code to only last for the stay duration. Right. Someone checks in at noon and on the first, and they check out at three on the third. That code should only work during that time window block. It should not work later. Right, you agree with that?
- [21:09]
A
Yeah.
- [21:09]
B
What, what, what number should you assign to them? Should it be the last of their, of their phone number? Should it be a random number you generated? What are your thoughts on, like, the actual codes, hygiene, and what you should give people?
- [21:20]
A
I mean, as someone who works at a security company, I understand the ease of sending someone, you know, the end of their phone number, but unfortunately, like, when you're granting access, you want things to be as tight as possible, right? Like, you want to let the right people in, but you obviously want to keep the wrong people out. So for us, like, we always recommend keeping the code at six digits, which, you know, some people believe is lengthy. But for us, you know, we're, we're here to, again, just protect you guys, right? Like, we want to provide you the most robust security solution that you guys could ever find. So again, it depends on, I guess, like, who is issuing the code, if they're doing so manually. But the PMS is usually the system that will generate it with the lock and just send it to the guest. So that's automated and just randomized. But if you're talking about like an individual doing it, that's just my advice. But I mean, you can do as you please, right?
- [22:20]
B
No, it's good, it's good advice. Right? Because I obviously necessarily think about that. I think more about the guest, like making it easy for them and easy for them to remember, and obviously the last four of their phone numbers, super easy to remember. But it's not a very secure code. And if you have a property that you've invested millions of dollars into, do you want to take the risk on that? Is the extra two digits really that big of a deal? No, but it probably drastically changes the security situation, right?
- [22:50]
A
Yeah, unfortunately.
- [22:51]
B
I love that. That's good. There you go. Get them 6 digits. Your PMS automatically set creates that that random number, assigns it to them and then it works for their stay, and then it doesn't work again, right?
- [23:03]
A
Yep, yep. There's always going to be an expiration because we, we know, like, you know, it just the second they're supposed to access, they're going to be allowed to access. And the second that they're supposed to be out of that unit, well, that's what's going to happen. So.
- [23:14]
B
Yep, I love that. And then what, like I do think for me a big thing is like the visibility of seeing who's coming and going at what time they're coming and going. Things like that.
- [23:22]
A
That is huge.
- [23:23]
B
Well, can you talk us through like how your guys service works with, with giving you the visibility?
- [23:28]
A
Yeah, this is probably one of my. I call myself a dork because I love, I love talking about this feature. So Mark, you know how you posted on LinkedIn that like a bag of broccoli or something and I made the joke about Popeye, even though it's like he eats spinach or whatever. So let's say, Mark, that you wanted to find out who left that bag of broccoli and why they would ever do that. So if you were using let's say the Sapphire Evo and they went in to that unit, they left that broccoli and they've been coming in and out and they left it there, whatever. You could go onto the site where you would see the last 5,000. It's an activity log. So 5,000 events of activity. So you would see when he entered, when he probably dropped off that bag of broccoli and probably also like when he exactly left it. Right. So we provide that feature, you know, because unfortunately it's not always a bag of broccoli that's left. There's also, you know, I guess darker things. Such as?
- [24:23]
B
For sure, yeah. Like I found guns in our property
- [24:25]
A
and all kinds like damage. Yeah, exactly, exactly. So having that audit log helps you narrow down, you know, like, okay, like who is this in this unit and when. Right. Is this someone who could potentially be the person that either took this thing or you know, caused this damage or did this, you know, whatever you're trying to figure out. Right. And that can unfortunately also include cleaning staff and you know, staff members that maybe shouldn't be there. It helps with those unfortunate instances, but also, you know, those funny ones.
- [24:55]
B
So it's going to be huge for people that are managing remotely. Right. If you can't go get eyes on your property, you want to know who's coming, when they're going, when they're coming, when the door opens, when the door closes. If the door didn't get locked, right. It's, it's midnight, the guests showed back up and they forgot to lock the door and the Door's wide open and like, you just want to know that stuff. It's really good information for you to have. So I love that you guys do that. I want to dive kind of transition the conversation into like the broader short term rental industry. And like, you know, we've seen where it was, right. We talked about people still having 100 properties that they have individual keys for and they have to manage and track them. And when one goes missing, they have to replace it and send a locksmith. That's the old way of doing things. There's still definitely people stuck in that way. But then we've got today's way of doing things with all these great smart locks and rolling codes and different access permissions, things like that. Where are we going? Like, where do you think the future is? If you had a crystal ball and you're looking at this in three or four years, we've got AI, we've got a lot more travel demand being very specific to unique stays. What do you think happens and what's your prediction? Amber's prediction of the short term rental future?
- [26:06]
A
And that's probably the best question. I mean they're all good questions, but it's probably the best. That's, you know, what I definitely see AI becoming. Coming into the picture at some point for sure. How that I exactly don't know. But I would say that's probably the next piece. Just because it's been blowing up so big and so fast. You know, I think for us, like being able to compare a technology to something that's cellular, you know, making things more flexible, I guess. You know, like we come across situations in this industry that we sometimes don't expect. Right. So having something that has that flexibility to, you know, be a solution not just for one issue, but being for several. You know, I think that's, that's, I mean, at least here at Dormakaba, right, Like that's always something we're aiming for, is improving in pushing forward. And like we do all this research and all these things because we want to keep progressing and making sure that, you know, we get there. And how does that exactly look? I guess I, I don't know other than that.
- [27:10]
B
But yeah, okay, I have a real instance. I actually really like that answer. I think that's a great answer. And giving more flexibility. And we have processes, right? You got processes in the short term rental industry with codes. We talked about the code not working as soon as they check out and they're time expires. Well, what happens if they, they check out at 2:55, checkout was 3. They drive 3 miles down the road, little Jimmy starts screaming because he forgot his Game Boy underneath the bed. You're like, oh, I gotta roll back and go back. But now it's 3:10. And the current software process, which doesn't have AI involved with it, doesn't let them back into the house. They have to have a person manually override that. But you could, with the, the future of AI, she could send a message and say, hey, little Jimmy left his, his Game Boy in there. Da da da. Could I get in? And then that could, that code could automatically extend its usage case for another 30 minutes or something to let that guest back in.
- [28:06]
A
Yeah, absolutely. I mean that's I guess right now. Right, you're right. Like that would be AI, like currently it's a person. But moving that over to AI and even creating more automation, definitely huge AI
- [28:17]
B
is going to let people have more flexibility with their automation. Right now automation is very rigid and sop, matter of fact, at three o' clock that code no longer works, even if that code should work until 3:30 to let them back in. And so I definitely think that will change. Do you think that. Are you guys working with a lot of individual investors or mostly property managers?
- [28:37]
A
It's typically property managers just because our, you know, our software has, it's known to be very scalable. It's meant to grow with you. So it's typically people, you know, currently acquiring properties or managing several. But of course it's not, you know, one size fits all. It kind of just depends on, you know, your wants and needs. Right. And the operational gaps, all that good stuff. We are definitely in the humblest way possible, definitely a premium product for sure due to the grade of our hardware and you know, the capabilities that I've explained throughout this conversation. So kind of, yeah, just is dependent on wants and needs.
- [29:16]
B
I get it. Do you think that the industry will, will continue to gravitate towards like more consolidation? I was just curious like, because you guys are dealing with a lot of property managers. Are you seeing them be like larger property managers with a lot of properties? Are you seeing more boutique property managers with just like 5 to 10? What do you normally see adopting these, these solutions that I think everybody should have?
- [29:37]
A
Yeah. Typically the people I talk to, they definitely, I would say they average. They're definitely like above like 60. Like they have a good amount. They have a good amount. And these are, you know, those companies that have the properties that aren't in one space. They're not even in one state. They're sporadic, they're spread out. They still need, you know, the visibility control, all those good things. So I would say they're more on the larger side personally is who I speak to.
- [30:05]
B
And there's a lot of property managers out there that have, you know, that have 5 to 10. And there's a lot of property managers that have 50 to 100.
- [30:12]
A
Oh tons. Yes.
- [30:14]
B
The industry is massive. All right, are you ready for some rapid fire questions? These are just like quick answers. Okay.
- [30:19]
A
Okay. Yeah, I think I'm ready.
- [30:20]
B
Okay, you're doing great. So I'm a remote property manager or I'm a remote investor and I've got five or six properties. What are some best practices for maintaining my locks? Making sure that I've got all my systems dialed in. Like, what are just some, some quick, quick tips and tricks that I needed that I need to know about in order to give guests great experience and make sure that all my features are functioning well.
- [30:42]
A
Yeah, for sure. I mean, of course, considering your tech stack, right, because if you have all these different softwares, if you have this hardware and they don't communicate and they're not working together, is it truly a tech stack? So I guess just making sure everyone's chatting within the business, right? Like the locks, communicating to the pms, the pms, the tax task manager software, whatever, that they're all doing what they need to do together is super important. Of course, like considering, you know, like where are these properties? Like are you always present? How big is your team? Like those are things that, you know, like those are the first questions I typically ask because it helps me narrow down. Okay, is the solution one could be a good fit for your business and going to be a true access solution, right? Like I'm not going to hand you an access problem and cause a problem at your business. Like it needs to be a good fit. It also again comes back to wants and needs. Like, do you want, want these features? Do you need these features? Like where are your operational gaps? If you have those operational gaps. Right. So probably those points.
- [31:40]
B
Okay, what are the biggest pitfalls that you see? Like what are the biggest mistakes people make when it comes to access? And I can, I'm going to start off by saying, I guarantee you the first one is they still use hard locks, is they still use a key that's in a lockbox and they go, your code's 1, 2, 3, 4 and the keys are in there. Please make sure to put them back when you check out. Like I'M going to guess that's number one. But what are some other things, like pitfalls, downfalls that people fall into that you see that causes them problems with access?
- [32:08]
A
You know what? So this actually happened super recently, unfortunately. So not having a plan A, plan B, plan C, right? If you just have a lock and key and that lock for some reason doesn't work, the key doesn't work, whatever, and you can't get in, obviously a huge issue. So one of my most recent partners, who's located in Mineral, Virginia, I think we have a locksmith that's flying there literally as we speak, they decided to move forward with our solution because they had a residential lock on one of their doors. And for some reason the lock went out. They couldn't figure out why it wasn't working, the key wasn't working. Like, it just. The guests could not get in to grab their stuff and leave. And it was towards the end of their stay, right? So this is like them trying to check out. They couldn't make it budge. So this property manager, seriously, like, she like, called me on the phone and she was like, I just had to bust down this door. She Kool Aid manned herself through this door to get it open so her guests could grab their stuff and leave. That is absolutely not. That should never even be like a thought that should cross someone's mind. Like, there should be that plan A, plan B, plan C. Because why are you throwing your shoulder into a door and tackling it like a football player for your guests to get in? Absolutely insane.
- [33:29]
B
Then they had to fly a locksmith way out there. So by not having a plan A, plan B, plan C, you. Your potential downside risk is massive, right? You have a guest can't get their stuff, they can't get into the property at one o' clock in the morning and their kids are screaming and crying the other day, tired, and it's raining and da, da, da, da, like, think, I guess, plan for the. So what you're saying is plan for the worst case scenario and have a backup to your backup so that someone can. There's always a way to get into the house without having to kick down a door.
- [33:59]
A
Yeah, absolutely. Like, access is something that, you know, typically, like, we want you guys to not think about it, right? Like access something that should just happen. There shouldn't be any intervention. You should just get to where you need to go. And unfortunately, usually when you're thinking about access, it's something like that, right? So that's always the objective is just to.
- [34:18]
B
Is that your craziest story? This lady recently. Kool Aid man down the door.
- [34:22]
A
God. It's definitely one of them. Another one was a Beanie Baby being stolen from like a vintage like back in like 1890. Beanie Baby being stolen. But yeah, the, the horror stories are unfortunately pretty horrifying. But that was probably one of the craziest.
- [34:40]
B
That's nuts. Well, cool. Well, Amber, thank you for coming on. What's in the future for you guys? I know you talked about doing like obviously integrating AI. You guys have some, some extra features that you've got. You're going to drop here soon using cell service, things like that. What else is on your guys roadmap? Is there anything else that we need to keep our eye out for?
- [34:56]
A
You know it's not going to be in the near, near future, but we do have a new lock series that will be coming out, I would say within the next few years or so. So that's super exciting and it's honestly like something that I don't even really know much about. I've only seen a few visuals, but rumor has it it's going to be the best of the best in our, you know, our sector.
- [35:16]
B
So I love it.
- [35:17]
A
Stay tuned.
- [35:18]
B
Are you guys going to be at any events the rest of the year?
- [35:20]
A
We'll definitely be in Nashville for sure, which I'm super stoked about. As for the other ones, those are tbd, but you guys will definitely see us around for sure.
- [35:29]
B
I love it. Maybe we'll bump into each other in an elevator again.
- [35:32]
A
In another elevator for sure.
- [35:34]
B
Always great to chat with you, Amber. Thank you for coming on. How do people reach out to you? How do they connect with you and your team?
- [35:38]
A
Honestly, like I am all over LinkedIn. You can genuinely just message me if you'd like my phone number. My email's on there. You can just reach out or of course just find us on our website. You can go and just type in, you know, short term rental, vacation rental solutions and my team will pop up for you guys.
- [35:53]
B
I love it. Thanks for coming on Amber. Great to have you guys. We'll drop Amber's links in the show notes so you can connect with her if you want to. You can chat with her and her team about what they do. Definitely take this to heart, right? Having keys, hard keys, is not acceptable, is not going to be an option for you. It is only going to lead to failure. It is only to lead to bad guest experience. You have to have a whole home smart solution that does everything for you and like always guys. Make sure you like Share subscribe we appreciate you listening to the STR Investing podcast. Next Monday we are dropping another Monday market data report and next Friday we'll have another guest speaker for you. Amber, thanks for coming on.
- [36:28]
A
Thanks Mark.