Charles Hadsell 0:00
We have a solution that could it could detect in real time. Running toilets, burst pipes leaks, and allow a landlord to remotely take action like close a water valve send an alert or sound sound a buzzer. So it’s a pretty unique solution because we know we’re the only one that operates over cellular. So it gives landlords a way to now track water consumption and prevent damage in their in their properties.
Welcome to CRE PN Radio for influential commercial real estate professionals who work with investors, buyers and sellers of commercial real estate coast to coast whether you’re an investor, broker, lender, property manager, attorney or accountant We are here to learn from the experts.
J Darrin Gross 0:43
Welcome to Commercial Real Estate Pro Networks, CRE PN Radio Thanks for joining us. My name is J. Darrin Gross. This is the podcast focused on commercial real estate investment and risk management strategies. Weekly, we have conversations with commercial real estate investors and professionals who provide their experience and insight to help you grow your real estate portfolio.
Today, my guest is Charles had cell. Charles is the CEO of EA property care, a prop tech company based in Boston that provides smart building solutions for landlords and developers that operate over the cellular network. And in just a minute, we’re going to speak with Charles about tech for property that can help boost your net operating income.
But first, a quick reminder, if you like our show, CRE PN Radio, there’s a couple things you can do to help us out. You can like, share and subscribe. And as always, we can, we’d love for you to leave a comment we’d love to hear from our listeners. Also, if you’d like to see how handsome our guests are, be sure to check out our YouTube channel. You can find us on youtube at commercial real estate pro network. And while you’re there, please subscribe. With that, I want to welcome my guest, Charles, welcome to CRE PN Radio.
Charles Hadsell 2:10
Darrin, thanks for having me. I’m excited to be on your show.
J Darrin Gross 2:13
I’m excited to talk with you. But before we get going here, if you could take just a minute, and share with the listeners a little bit about your background.
Charles Hadsell 2:24
Yeah, sure. So I, I graduated with an electrical engineering degree. So I kind of knew I always want to be like technical like hands on. But I quickly realized that I wasn’t gonna be a good engineer, like I moved into kind of sales and marketing. So I spent the first 15 years of my career in the semiconductor world, you were working at Texas Instruments and Analog Devices. So we’re really we’re literally building these ships that go into all these IoT and electronic devices. So that excited me greatly through my various like corporate moves, I got into real estate. So I moved to a city by by our residents rent out rooms, moved transferred to another city rent out that place, kind of rinse and repeat the process. So I kind of acquired over like 15 years rental properties across like multiple states. And I kind of got to a point where like, okay, you know, there’s, there’s got to be a more efficient way to manage these properties to kind of try to use tech to kind of track with to track what’s going on. So my parents have been in real estate for a long time. So they encouraged me to kind of get into you lean into real estate and kind of figure out how to how to solve some of these problems. So did a lot of investigation and kind of saw, you know what, there’s not really any good solutions that meet kind of the use cases of small landlords. So let me kind of go build one that kind of covers the use cases that I need to efficiently manage to an out of state rental portfolio in a more tech enabled fashion. So three years ago, you know, I came to a transition point, and I decided to, you know, found a property care to kind of build that solution now to help you know, small landlords and big landlords, you know, remotely control the rental properties and boost noi at the same time. Cool.
J Darrin Gross 4:01
So you were you were in real estate, you had rentals, you had a problem with your background decided to solve the problem. I love it. Let’s talk a little bit about what what is he property care? What do you guys, what do you do and what are the some of the, the the tools that you have available for landlords?
Charles Hadsell 4:27
Yeah, sure. So if property care is basically a cellular smart building platform, so when when you think about a lot of the problems with rental properties, a lot of landlords don’t have reliable landlord owned like Internet connections because that property is not cost effective to get you know, Comcast or a big internet provider to provide Internet just for a nest thermostat or a video camera. So you know, we’ve kind of come in over a cellular you know, utilizing the alarm comm platform. So one.com kind of built up, has built up a platform over 20 years. That is basically a cellular first kind of platform that allows us to support a lot of these very interesting use cases. So the first use case that we we focus on is water protection. So water is a problem for every landlord and a homeowner out there. And if you’ve had ever had water damage, you know, you never want to have that again. So we have a solution that could it could detect in real time running toilets, burst pipes, leaks, and allow a landlord to remotely take action, like close a water valve send an alert or sound sound a buzzer. So it’s a pretty unique solution, because we know we’re the only one that operates over cellular. So it gives landlords a way to now track water consumption and prevent damage in their in their properties. A second big use case that we focus on is temperature monitoring. So we have thermostats that are part of our platform, that allow landlords to remotely control the temperature, but also limit the range that tenants can operate the thermostats so tenants especially if the landlord supplying electricity, you have no It has very little incentive to conserve energy. So they could be a blast the heat at at open all the windows, run the AC at 60 freeze the coils of the air handler. So this this left landlords kind of have more control, you know what’s going on. And even better, you know, the solution kid predict when something’s gonna go wrong. So instead of getting that you know, late night call that my heats out, my AC is out, our system actually uses analytics to look at the heating and cooling cycles to identify when there’s a problem to say, Hey, there, you’re taking a long time to cool your apartment Darren, something’s wrong here is an alert, go check it out before you get that late night call and have to pay you know after hours you know, emergency maintenance, you know fees. And the third use case is access control. You know, I think going keyless is it’s kind of been a big mega trend here where you’re kind of once you go keyless with your apartment or your rental, you know, attendant never goes back to he’s just like with your cars, you know how many people insert a key in the engine and turn it to turn it on, it’s all wireless and push a button turns on. So you know, keyless entry is the same big thing. You know, tenants can go keyless uses a code or an app. But the landlord now could remotely control the lock and remotely add an erase codes. So this was actually the key use case I was looking to solve, you know, three, four years ago, it’s like how could I basically rekey that lock in my property in Dallas, without having to pay someone to like drive over the property and rekey the lock. So that was the use case that kind of propelled me again, kind of into this. So our platform ties these all together over cellular and gives the owner the property manager and even the tenant app control the different elements of the of the solution. So you can kind of pick and choose what makes sense for a given building. And focus on the use cases that are most important to you,
J Darrin Gross 7:44
Got it. So that the cellular means there’s some sort of a transmitter that’s at the located the property then that that is what I mean, I’m assuming there’s some sort of power connection.
Charles Hadsell 8:01
Yeah, like, like, you see in the video that this is the actual cell hub right here. So this kind of goes in goes into the the property. So it could go into like the basement or a common area utility room or the unit itself is into larger like multifamily building. And that just requires power that doesn’t need a Ethernet connection doesn’t need Wi Fi. Just plug it in. And it connects to all the devices, normal locks, the sensors, the thermostats, the water shut off valve, and gives you that kind of cellular connectivity. And even better, you know, it has battery backup. So, you know, when you look at like what happened in Texas, the two months ago, where there was those power failures and all that water damage that just devastated allow these multifamily buildings. I think every landlord that in the world kind of saw those pictures of the frozen icicles coming down from a ceiling fan and realized that you know what, I don’t want that to be me, or to or to be my building. But in cases like that, you know, this is why cellular is, I think the best medium for connectivity for for rental properties because the cell tower stay online because they have battery backup, our hub stays online as battery backup. So that kind of gives you that kind of activity, even when power’s out Wi Fi networks are down, you know, everyone’s kind of worrying what’s going on. So that’s when your property is most at risk. So our solution kind of allows you to kind of know what’s going on during those kind of time periods.
J Darrin Gross 9:20
No, I love it because that’s been one of the things that I’ve I’ve got a property in other states and and you’re exactly checking the box or at some of the challenges I’ve had with you know, if you pay for an internet connection thing for one thing, is it really cost effective or are you just better off just to take your lumps or whatever. So, you mentioned three things kind of the water, the temperature and then also the access. Can you are there any other devices or any other types of of connection off So you can incorporate.
Charles Hadsell 10:02
Yeah, so the platform also could support like lighting control, like audio, video video, doorbells, you know, so there’s a lot. So it’s kind of a, a platform that covers a lot of like homeowner use cases as well like having like a video doorbell or control on your lights, or you been able to play Sonos over your your speakers. But you know, but we’ve kind of oriented more towards the the landlord use cases. And I kind of found that access temperature water are really the three kind of killer use cases for where one of those will resonate with every landlord out there. But the platform could do more, we could also control building doors. So if you have 100 unit building that has an electric strike control on the storefront door and a butterfly intercom, we can integrate that in as well into the system. So now that the single app gives us the resident, that entire new kind of digital experience, but our focus is on the asset protection side. So now the landlord, the building owner now has all these analytics about water consumption, temperature or status of things, to allow them to make quick decisions and take quick action to prevent losses.
J Darrin Gross 11:06
No, no, I get that. I just I’ve got a particular situation my own and it’s driving me nuts. It’s the illegal dumping. You know, I’ve got people that are coming by and taking my dumpsters a public dumpster and just throwing all sorts of crap in there. And then the trash company, they have their ability to take a picture and send me the picture. And, you know, at that point, there’s not, you know, it’s too late, they’re already charged me more for the trash pickups. And I’d love to find out who the heck’s you know,
Charles Hadsell 11:35
We got a solution that we could do video over cellular so for like a one or two camera system, we actually have a way to do video over cellular so now, you can set up a little single camera system and not have to pay you know, 100 bucks for Comcast to have an internet connection. Yeah, that’s
J Darrin Gross 11:50
exactly that’s exactly it, you know, the the overage is not cheap. And and, you know, it just blows me away how this big strong truck, you know, the guy inside can’t lift it, because the bins overfilled or whatever, it’s, you know. But I would think that that would be a maybe it’s just me, but I would think that landlords anybody has ever experienced that it’s it’s a frustration. It’s like, God dang it, you know, here it is that you’re you’re trying to conserve your costs and keep things you know, running efficiently. And you got these weird things sticking out some?
Charles Hadsell 12:28
J Darrin Gross 12:30
Yeah, so that so that the the, the basic is your your unit there, you plug that in, it’s got the cell signal, and then you’re plugged into the Is there a specific network? You said, is it alarm comms at the network you guys operate on? Or is or do you have to then get a cell contract with a local provider, or how’s that work?
Charles Hadsell 12:50
Now we integrate that into our monthly service. So we handle all like the cellular data and like the software, and alarm.com provides, like the underlying platform, so with all the devices, we operate on the Z wave network, so think of z wave as it’s different than why because Wi Fi is not designed for like low power sensor networks, WiFi is designed for like audio and video, like high speed stuff. So if you have like a water sensor sitting in the basement, you know, if that thing was offering on Wi Fi, you’d be changing the batteries a lot, because it’s just not a little power protocol. leeway was really the one of the first major protocols designed for building automation, you know, because it’s low power, it’s long range. And it’s what’s called a mesh network. So that sensor in the basement and talks to the next node, which which passes the data along back to the hub. So you don’t need to have like the Wi Fi router in the center of the house to talk to everything directly things kind of phone home through through other nodes in the network. So it makes it really efficient to kind of build these networks in like buildings and homes, you know, offices, you know, commercial commercial applications to be able to have like good connectivity from you know, basement to you know, rooftop in some cases so so so the technology all uses z wave for the local connections and he uses cellular kind of on the back end to get home to get onto the internet
J Darrin Gross 14:08
No, that’s that’s great because that is always an issue with the Wi Fi is centrally located so you can handle your sponsor otherwise you got to add add additional antennas or modems or whatever
Charles Hadsell 14:22
Yeah, those little beacons and repeaters Yeah, it just makes it inefficient and just not designed for like low power battery operated devices you know so that’s kind of where these sensor networks because having sensors like on your condensate pump on your by your sump pump by your water heater, a washing machine, now it’s effect now it’s cost effective because you can deploy those and not worry about them for you know, five five plus years and when they get low they’ll tell you that they’re low so you don’t have to worry about a is that is that water sensor still act still working you know, because it will work report back when said hey, I’m running low on batteries. Come change me.
J Darrin Gross 14:55
Right. Right. You mentioned the the water These like water bugs or whatever that are on the floor? Or do you also tap into the line to tell if you’ve got a, you know, just the the waterside, shutting off? Or how how’s that work?
Charles Hadsell 15:11
Yeah, so two parts of the solution. So again, we’re on video here, I’ll show you a little demo. But this guy right here, this is a water shut off valve flow meter. And so that gets cut into the line after the water meter. And it could go either after the water meter on a riser, or on the honest Pacific unit shut off into like a larger building. In some cases, developers use to one for the hot one for the cold for every unit of building. So what’s really unique about that product is it can detect in real time, high medium and low flow conditions. So let’s say you have, you know, you have a property in Dallas during that freeze, and now the exterior faucet burst because of the cold time because you forgot to drain the line. So that would see, you know, maybe 10 gallons a minute for, let’s say, five minutes. And that could be you know, if I see that, that’s a problem, shut off the water. And this is all programmable, they might also see an another from property two gallons a minute for 60 minutes, that’s a that’s a problem that’s that too long for a shower, that’s probably a running toilet, or someone left a faucet on. Either way, you know, let’s send a note to someone to go check it out before you have an overflow or get get tagged with that $1,000 water bill from the city. And the third use case is the kind of really low flow conditions. So think of like a leaky refrigerator water line. Like Normally, you wouldn’t catch that for probably six months. And by the time you catch it all your floors rotted, you have mold, just a big mess. So it can kind of catch that high medium low flow condition. In addition, it could catch even things like periodically running toilets. So you have like a loose flapper that occasionally drains and refills. You know, typically that’s never caught, you know, because a tenant doesn’t report that and rarely do they even report the running toilet. And then they can catch those. So those are just big sucks on noi, because that gives a lot of times landlords bear the cost. Tenants don’t care, it leads to that with the wrong incentive that basically lead to view a big bill for the landlord.
J Darrin Gross 17:08
Yeah, no. And usually the only way the landlord catches it is you know, your bill is out of whack. And and it’s amazing how much water bad flapper can waste.
Charles Hadsell 17:18
Yeah, so that was one lever. One bath library. If you think about people who have 1000s of properties out there 1000s of doors, they probably have dozens of running toilets right now that they don’t even know about. Just because he gets integrated in and you think about, you know, running toilet the cost? Yeah, probably 20 to 50 bucks a month. And that adds up over time, you know, even periodically running flapper, so it adds up over time and properties. So that’s like one level, the other levels, water bugs, things that will go by like a washing machine, some pump water heater, just to give you that added level of protection. So it kind of lets you pick and choose what makes sense for a given building you want. If you maybe have a water main water heater on the third floor of a building, might want to have an additional sensor there just in case because that thing goes it could ruin all three floors. But the water valve and gives you that added layer of coverage and protection and the ability to shut off and and that’s what the insurance companies really like.
J Darrin Gross 18:13
Right? Right. Let me ask you on the these types of alarms, if you will, any kind of issue with false alarms.
Charles Hadsell 18:27
So on when we think about the water valve, the false alarms will only trigger if you have like the wrong the wrong settings programmed in. So let’s say you say someone say you set the medium waterflow Timer at 30 minutes, and someone takes a long shower, you know that that could trigger a false alarm, you know, or if you’re in the basement and it’s really humid or there’s moisture seeping up from the concrete floor, you know, that could trigger like a false alarm. So I’d say they’re they’re not, you know, they’re they’re not perfect. But I think that technology is getting like better and better where it’s basically recognizing, you know, like a really a high percentage of the correct cases and only false positives or, you know, a minority of the time. That’s least at least my experience.
J Darrin Gross 19:14
Right now I in the reason I asked the water bugs brought to mind claim we had years ago and it was a situation where they had they would create a false alarm. And what happened was over time, the client got kind of numb to that, you know, I got a false alarm and cried wolf cry. Yeah. And then when the one time it really is gone, you know, full throttle water everywhere. You know, he had a whole lot of time that elapsed before they were able to get in and and take care of it because it was like some sort of reset thing. But I mean, but even so, I mean, that was like, you know, it’s probably more of the waterbug than it was the alarm system. It was the you know, the sensor, something like that was was the issue there.
Charles Hadsell 20:03
And that’s why we like the flow meter, I think the flow meter shutoff valve is really the right solution, because that covers the entire plumbing network of that downstream plumbing network or the pipe. And, and that’s, you know, digital, you know, looking at water consumption, so that that one’s easy to kind of, yep, program is just to make sure you’re capturing the right use cases. But that’s also why we like to layer the layer, the solution has water sensors, and that, so you have multiple degrees of protection. So if you ignore that water bug that goes off, you’re still caught and protected with all the water, the water flow meter.
J Darrin Gross 20:36
Right, right. Well, and even if you’re just able to, to mitigate the situation, you know, sooner rather than later, you know, more water in a place is not a good thing. You know, inside of a vessel, it’s supposed to be and that’s not good. So, basic concept of get he got the the sensor, and then you can program the whatever the different monitoring devices to your unit. And so what is the the the user the, the investor have on their hands just on their cell phone is an app, they
Charles Hadsell 21:15
Yeah, it’s an app, and they have a website to go to. And we also have like, We’re one of the few dealers of point Central, which is one of the first big prop tech kind of smart apartment providers. So that allows like the user to have like a single dashboard to kind of view all their properties. So they could have like multiple buildings and multiple units in the buildings. So it gives them the ability to look at that enterprise level, or just at the local level. Like if you just had five rental properties scattered among, you know, different different states, you could have five properties all lined up in the app, or you just easily flip between all of them from the same login. And that’s what I, that’s what I do for my rental properties, you know, I have them all in the app, I get alerts from them, you know, real time alerts, and I could affect change on them through through the app, so I could be on the go. And I could take take action. So it makes it really easy for a landlord to kind of manage the property.
J Darrin Gross 22:06
That makes sense. So you mentioned having multiple properties. You know, if a guy’s got a, you know, a 20, unit building, or you know, 10, single families or whatever, he works all on all of them, or I guess I’m the 10 singles, you’d have to have a transmitter at the end each location, but on the one that has multiple doors, can you operate on just the one transmitter and then multiple sensors, or how’s that as I work,
Charles Hadsell 22:35
There’s a couple of system deployment options, it kinda depends on the level of software integration that the client wants. So a lot of the larger like apartment owners or building owners have like a PMS system from like a yardie, or an app folio or real page. So we have a version of the software to integrate them with those. So the fully take advantage of integration, you basically need a dedicated hub per apartment to kind of handle all the full the full scope of the integration. Now, if you didn’t have a PMS system, or you didn’t have like 100 units, 100 plus units, you can use like a shared hub implementation where you put a hub that covers, let’s say, four different units, and by United control everything from a single screen, so you lose some of the benefits of like all the integrations, but it gives you like a more cost effective approach to be able to get a lot of the key benefits from from the land from the asset production and the control standpoint, with with a lower monthly and in hardware cost. So we kind of give people multiple options. And then for the single family, you know, it’s really one of the only solutions that that is out there that could scale down to a single family rental and be cost effective. You know, because we think about that that internet problem that we talked about earlier, you’ll be able to come in at, you know, 510 bucks a month, and give connectivity to a property. Most landlords would say yes to that, because they’ve been burned by one of those use cases that just waste time or waste money or cost them cause damage. And they’re like, like never again.
J Darrin Gross 23:57
Yeah, no, I mean, yeah, I was gonna ask your next question about the cost did is five to $10 a month is that kind of the price range per per unit or?
Charles Hadsell 24:06
Yeah, for like, for like a dedicated hub system, probably like five to 12 bucks, but for like your shared hub, that that price could come down to about $2 a month, per unit, depending upon the software version, the use case. So we kind of give landlords a lot of different options, they can choose what what’s needed for the given building, realizing that every building is going to be a little different, they’re going to have a different kind of focus and price sensitivity. But we want to be able to dial in a solution for the people pay for what they need and don’t pay for what they don’t need, so to speak.
J Darrin Gross 24:36
Not that seems very, very affordable from management or cost management standpoint. And, you know, just to have that kind of, you know, an awareness of what’s going on at the property. So that if there is a problem you can attend to it before it becomes a big problem. Because in at least in the water case, That we’ve talked about I know, you know, insurance is one of the things that I sell on, and it’s good I was telling my clients, I said, I hope you never have to use this. Because when you do, you got a problem. And, you know, then even even though the insurance works, you’ve got a deductible, you’ve got time committed, you’ve got now you’ve got a blemish on your record, so that naturally your cost goes up. Because now you’re, you’re no longer a preferred risk, because you’ve had a claim and any more companies are taking more of the attitude, I don’t know, say all companies, but there, there are a number of companies out there basically saying, hey, look, you know, you had a claim, we don’t like customers that have claims and you got to go. So it’s, it’s to be able to just be on top of it to where you wouldn’t have a claim, I think would be just, you know, certainly beneficial to to you, and certainly the insurance can make and see how they would love to know that you’ve got something that’s going to prevent them from having a claim as well.
Charles Hadsell 25:57
Yeah, we’ve actually worked with several insurance carriers, because because when you think about water is their second largest cause of loss outside of like wind and hail. And water is majority of it is preventable, you know, obviously floods, you can’t prevent that, but you know, leaks in plumbing and verse fittings that cause all the damage. So it’s a huge problem. So we’ve actually worked with insurance carriers, especially up here in like New England and New England area that really liked the kinds of cellular and kind of the automated protection aspects of it. And they’re actually giving clients credits, allowing clients to take can take max credits on their on their policies, just to having a protection solution in place. So what we’ve seen is some customers are able to basically pay for the cost of the solution through insurance savings, because more insurance carriers are getting into this water on water bandwagon, realize that you know what, let’s let’s create some incentives here to get these go out people and either homeowners or like commercial commercial lines, people to deploy these protection devices to prevent these, you know, million dollar disasters.
J Darrin Gross 26:59
Yeah, now, water, water is a messy one. And once it gets into the drywall and carpets in your sub floor, and all that, and if you’ve got multiple stories, it’s it’s just a math. So that’s definitely something that nobody nobody wants. So let me ask you the we kind of talked about how it works in kind of some of the applications, but do you find Is there any? Anyone that’s more kind of your target audiences? Is it the investor of properties that are like traditional rentals? Or do you find that even like some of the, like, Airbnb, kind of rental type situation? Are they? Is that a good, good opportunity for them as well? or?
Charles Hadsell 27:50
Yeah, like, I mentioned earlier, how the solution kind of scaled down to like single family rentals. And that includes like short term rentals. You know, we have integrations with lots of short term rental providers to basically automate everything, you know, to have like, a tenant resident, like, moves in, you know, for like the duration of stay. When they move out, they hit a closing code that informs the cleaners to say, hey, come and clean, you know, that cleaner comes in, does their thing enters their closing code, it will inform the inspector inspector comes in hits it, then it says, Hey, the next resident, your property is now available. So basically streamlines that whole process, because now imagine you’re going on vacation somewhere, and I get that a text and say, Hey, your units are now available, you know, two hours early, you know, come here’s your code and check in. So it makes it really streamline for short term rental situations. But I’d say we’ve, we’ve focused more on like the larger multifamily both in kind of two ways, like on a class kind of class like BNC, you know, properties, there’s a huge retrofit opportunity there, you know, because I think for those buildings, asking an investor to replace all their locks or replace our thermostat, that’s a hard ask when you’re midway through a whole, you know, a whole period, but the water that’s one where you get an instant boost and building protection and save against those rain toilets. So we kind of frame it in the context of noi. You know, on the protection side, water has a huge impact on noi because it will reduce your insurance, it will catch those running toilets and it will prevent that kind of catastrophic damage. So that’s one where that makes sense in every building new or old to kind of to kind of consider we’ve oriented towards more towards kind of class a housing on like the grounds of construction projects. Because for these smart apartments really become the very desired amenity. It’s almost becoming into Mandy’s arms race among these large like you know, apartment providers, you know, you’re almost at a disadvantage. We don’t have smart tech in your in your property, because you’re going to be able to charge you know higher rents and get higher renewals because once the tenants go smart, it’s hard to go back to the old way of doing things. So we kind of see kind of the market in two ways, kind of the retrofit market where we focus more on like asset protection. And in water protection. And then on the new construction side, you know, we could obviously design and allow the asset protection into the into the plans. But now you also have this concept of a better resident experience that could drive rent growth. So we kind of look at reduce rents, increased rents, reduce costs, and that has a big impact on noi, which makes us more of an investment not a cost.
J Darrin Gross 30:22
No, if you can increase the noi, and lower your cost, that’s all good. And like you say, also, I think the making your property more attractive, you know, having more the new bells and whistles are just what people are used to not having to have a carry radnicki ringer, so like, that’s definitely something people appreciate. And, and I can, I can definitely see that. Well, this is this is really cool. I mean, I just I’m, you know, I’m sitting here kind of, in my own head thinking about some of my own situations. And, and, you know, I’ll talk to you later about possible solutions. But this is really, I mean, it makes complete sense. And just the fact that you’re going over the cellular as opposed to the Wi Fi thing is, is I mean, that seems like that’s really weird. that a lot of the the benefit for somebody like myself with with not is opposed to that extra cost of that, that contract with Comcast or whoever kind of things. That’s, that’s awesome. Eight, Charles, if we could like to shift gears here for a second by day, I’m an insurance broker. And I work with my clients to assess risk, and determine what to do with the risk. And there’s there’s three strategies we typically consider, we first look to see if we can avoid the risk. If that’s not an option, we’ll see how we can minimize risk and is a third strategy, we look to see if we can transfer the risk. And that’s what an insurance policy is. And I like to ask my guests, if they can look at their own situation. And LA, you allow you to frame the situation, whether it be your clients, the marketplace technology, however you want to look at them. But if you can identify what you consider to be the biggest risk. And for clarification, I’m not necessarily looking for an insurance related answer. But if you’re willing, I’d like to ask you, Charles. Hansel, what is the BIGGEST RISK?
Charles Hadsell 32:36
Yeah, sure. Darrin, I think, you know, when I thought about this, I think the biggest risk I think about is technology rescue, you know, even even alluded to it a little a little earlier in our discussion, right of kind of the early generation water bugs having so many like false alerts that it kind of caused the owner to like be dead in because the alerts and now you have a real issue. And now you’re, you miss it. So I think technology changes rapidly, you know, and this kind of comes back to my time and some doctor as well, we look at the pace of innovation on putting more electronics into smaller places and asking like these, you know, end nodes of the network to do a lot more you rather than sending it back to some centralized server, you’re having decisions made at the very edge of the network. So reliability is like is like very important for these, these these applications. And I think with semiconductor technology, reliability is continually improving. But there’s always that risk of a component failing at the wrong time and leading to like a bad outcome. You know, so that’s why we kind of like to take the approach of kind of layers of redundancy, you know, like, so for example, like to prevent, like water loss in your basement or in the basement of a building, have a sensor to tell you, if someone left the exterior door open, then have a sensor that tells you it starts to get cold, then a sensor to tell you that there’s a water problem, you know, so you have kind of three layers of redundancy there that could kind of prevent, prevent a disaster. So So that’s kind of how I think about risk is like a technology is changing rapidly, you need a platform that could adapt to that. So you’re not kind of stuck in the stone age’s with the platform that’s, you know, out of date are no longer relevant. And then also like the kind of I say that the connectivity risk, you know, of a, that power outage happens, what happens to your system, we saw what happened in Texas, you know, a few months ago where all that led to all that damage. So that’s why we covered this a couple different places on the show today, you know, cellular i think is the right technology medium for these IoT systems and these rental property and like landlord applications, just because it’s up, it’s up when everything else is not up. So that’s kind of my overall kind of thought of you technology risk is kind of the big one and that’s how we really like to wrap your head around minimizing the impact and putting redundancies in place.
J Darrin Gross 34:54
Makes complete sense. I you know, the redundancy is is definitely Under the belt and suspenders approach to, you know, making sure that what you’re trying to avoid from happening, you know, make sure it doesn’t happen. Thanks. That’s, that’s great. Charles, Where can the listeners go if they’d like to learn more or connect with you?
Charles Hadsell 35:15
Yeah, sure, they could go to E property care.com. On the site, we talked about a lot of different use cases, we have like videos that kind of show how things work. And people could book a free consultation with our team there. And we’d be happy to kind of discuss use cases. And I think, as we discussed there, and like, we’d love to have a discussion with you, you know, it sounds like you have a potential for for some of these things might be able to benefit you and your personal portfolio. But yeah, we scale from single family to 1000 plus unit rentals. So we can kind of cover a solution for pretty much any landlord situation that we run into.
J Darrin Gross 35:48
Now, we will be talking here, right after this. So anyway, well, Charles, I want to say thanks for taking the time to talk. I’ve enjoyed it and learned a lot. And I look forward to doing it again soon.
Charles Hadsell 36:04
Absolutely. Darrin, appreciate the time. Thank you so much.
J Darrin Gross 36:06
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