CW 815 - Easier Self-Management with Rently Co-founder Merrick Lackner

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Welcome to the Creating Wealth show, episode number 815. 815. This is your host, Jason Hartman. Thank you so much for joining me today as we talk about how to make self management easier, how to be the empowered investor. You know, that is one of our constant, everlasting themes is empowering investors to take control of their financial future, to take control of their investments, and in today's episode, specifically, to take control of the property management process. Yes, this may not be the holy grail for you, what we're going to talk about today, it may not be the answer for you. You may just want to continue with your traditional property management arrangement and that is fine. Nothing wrong with that. As I always say, if you have a fantastic property manager, they are worth their weight in platinum. However, if you don't and you have a little bit of experience or a lot of experience, a lot is better or at least a medium amount. Maybe I shouldn't have said a little bit, but if you have some experience and you've learned a bit about the property management process, you may want to self manage your properties. And of course, in the Jason Hartman University membership that is different from JHU Jason Hartman University Live, which is an event we have, there are two things with that same name. Think about this. In the JHU online program, we basically did a couple of the conference calls on self management and we've talked a lot about it on the podcast over the years on different episodes and different aspects and today is going to be one of those. And even if this isn't the thing for you today, I want you to see the trend, yes, the trend that is irreversible. It's like freedom. It's like democracy, once these ideas spread, it's really hard to put them back in the box. Okay? And that is what's happening. The property management business is changing right before our very eyes. We are seeing a la carte property management. We are seeing self management of properties that people have never seen, that are nowhere near their home or their community, that are long distance remote control management and people successfully self managing or buying a la carte services from real estate agents or property managers and really having some very nice experiences and nice success with it. Again, this isn't for everybody. But even if it's not for you, or if it's not for you yet, notice the trend. The trend line is clearly in favor of the empowered investor and that is wonderful for all of us. Also, the trend line is in favor of higher returns on our property investments because the costs are going down. The cost of management and the ability to have this frictionless sort of seamless management experience both for you as the owner and for the tenants. It's getting easier for them too. And this is going to increase our returns because it is making the process more and more efficient through technology. So that's what we're talking about today. Little note here before we dive into our guest from Rently today. I just got back from brunch and why am I telling you this? Well, it was kind of a unique brunch. I was at Tony Hsieh's house. Yeah, you probably know who Tony Hsieh is. He's a famous CEO. He is the founder of Zappos who is now a billionaire and he's redeveloping downtown Las Vegas and I might say doing a great job. From my perspective, he's doing lots of really unique stuff. Our Venture Alliance Mastermind. I took them to the crazy zany Fremont street experience where we went zip lining a couple of weeks ago when, when I hosted the Venture Alliance Mastermind Group here in Las Vegas. And that was fun. It was some rather interesting people watching, I've got to say. Tony Hsieh's house, it's really interesting. I say his house. Now, I had been to his condo several years ago with another mastermind group that I'm involved in and we got the tour and Tony showed us around and showed us about the redevelopment he's doing in downtown Las Vegas. But this time he has moved. He actually lives in a trailer park. Yes, the billionaire living in a trailer park. He's a super interesting guy and had this great brunch experience that's like a, a burning man. If you don't know what Burning man is, just look it up. But kind of a Burning man brunch experience where he's really into community and all these interesting different people were there and there's a band playing and he just has a really interesting thing. And I actually came home, I'm actually going back. I came home to get Coco my dog because it's very dog friendly there and there's a bunch of dogs there and so I thought I'd bring her back to it. And Tony has two llamas. Yes, the animal llama. You know what a llama is? Of course, two llamas wandering around there. So I thought that'd be very interesting for my little daughter Coco the dog to meet. You know, it's just an interesting experience. So anyway, kind of interesting to hang out with someone who's really changing the face of Las Vegas here in a very, very interesting way. He's got some really unique ideas and you know, everyone sees the world from such a different perspective. We all do. There's no right or wrong answer on this obviously. And Tony's perspective is no question, very, very unique. He developed this container park here in downtown Las Vegas and has just doing some really fascinating stuff. You know. He's a real estate developer now after selling his company to Amazon for I believe $1.6 billion is the number that comes to mind. I have not looked that up lately, so I could be wrong on that. But so interesting stuff. I just thought I'd share that with you. And let's go ahead and dive in and hear from our guest as we talk about self management. And be sure to check out jasonhartman.com for properties resources software, realestatetools.com as well for some handy dandy real estate analysis and tracking software for your investments. Combine that with what you're going to hear from our guest, the co founder of Rent Ly and I think this will be quite empowering for you as investors. Here we go.

It's my pleasure to welcome Marek Lackner to the show. He is the co founder of Rently. We've talked about their service and software before and they are in this emerging new space that I think is phenomenal. You know, I say it's an amazing time to be alive. It's also an amazing time to be a real estate investor. Especially an amazing time to be able to self manage your properties or help push your managers into the high tech world and have some, some greater technology to help them keep track of your properties and help you keep track of your properties and, and what's going on there. So we're going to talk about sort of two divisions of their company or two different offerings. One is called Rently and one is called Rently Keyless. So let's go ahead and dive into that. Marek, welcome. How are you?

I'm doing well. Thank you so much for having me today. I appreciate it.

It's a pleasure to have you. I love what you're doing. I'm really excited about this new emerging area of tools for real estate investors and for property managers. Some of our investors like to self manage their properties and their properties are all over the country. You know, they're not necessarily local. They want to take advantage of markets that may make a lot more sense than the markets in which they live. You're based in west la, where I grew up and you know, a lot of our investors are in the Los Angeles area but all around the world and, and they want to sometimes self manage their properties, sometimes have managers better manage their properties. So this service is for both. How did you come about founding Rently? Like what was the need? What was the problem that you noticed?

Sure, sure. So it actually started with an initial product and I won't go into too much detail that we had conceived of Clark and myself, but this was back in 2011, 2012, when it wasn't the, you know, wasn't the greatest market. It was really a renters market. It wasn't the greatest market for managers. And we thought, why not create a platform where a renter could say, hey, I'm moving to town, I'm looking for a two bedroom, two bath. I'll put out a rental request. And then owners, managers could then go ahead and socially communicate, bid on that potential request and place the tenant. We very quickly found out after we invested some money and launched that product that we're not going to affect massive behavioral change in the industry. So we went back to the drawing board and really searched for a process that just needed enhancement that didn't require radical change. We did a little testing in the video walkthrough area and that ultimately led us to self showing technology because we realized that it's now possible for any renter to walk through a property once they register with their name, phone number and credit card, get a one time code to see the property on the high tech lockbox and check in and have the manager notified in real time. The idea, it came to mind when I moved up to UC Berkeley. I drove up there, I saw two properties that were held by one landlord. I drove around town, but I couldn't get an appointment to see anything else, you know, even though I was driving around town for several hours and so connected all the dots, having just gone through a product launch where we realized, hey, we're not going to change behavior in the industry. We need to improve on a process. Going through the video testing and then coming upon we could use a smartphone to do this so easily. And so since then, we never looked back and it's been full steam ahead.

Yeah. Now, how many users do you have of Rent Ly, for example?

So it's grown a lot. There are definitely right now.

2 to 3 million renters and growing a year on our platform, you know, and we're hoping to push to 10 to 20 million in the coming years.

Okay, so what do people need to do to start using it? And you know, how do they do that and what will the benefits be? Say, for example, someone listening has a property that is not close to their home. They, you know, live in an overpriced market that makes no sense to invest in. Like say they're in California, for example, and they want to, they want to own properties in, in smarter places in maybe Tennessee or Georgia or Indiana or wherever. You know, any of these good linear markets where the cash flow is really good, you know, they're self managing their properties. And you know, if you told me years ago that this was possible, I would have said you're crazy. Until it happened to me, my accident. And I've told you the story on my podcast several times where I had a property in Texas. You know, it was like 2,000 miles away from me. I'd never seen the property, I'd never met the tenant. The manager got out of the business. I just was busy and I didn't get around to hiring a new manager. The next, you know, first of the month rolls around, I get a check and a nice note from the tenant. Hey, I guess there's no manager, so I'll send the check to you. And I just continued with that relationship for many years and it worked out great. And you know, since then I've managed a lot of my properties self management wise. So with Rentlee, this basically helps you show the property. Right. But with Rentlee, Keyless, you could even add a greater level of, I guess, control and peace of mind for not only yourself but the tenant. It's a benefit to the tenant to offer them sort of a smart home. So feel free to blend those two together as long as nobody gets confused.

But yeah, Let me, yeah, let me blend those two together. So our lowest cost solution is a lockbox oriented solution, right? So if a renter and it's a great tool for you, for investors like you to be able to use technology to self manage efficiently and hit a real home run here. And what we do is we get fully integrated and I'll explain both the lockbox and the keyless side. But our lower cost solution is the lockbox solution. And when you put a property on rent ly, we'll go ahead and we'll market that out to all of the rental listing sites and we'll also give you field signage that you can put out. Any renter that sees your marketing or sees the signage can then go ahead and register again with their name, phone number and credit card on the spot in real time. So you're never losing a renter. This is tremendous because now everything is so impulsive. Renters want to see properties now, so this allows them to register right now in real time and then they go up to the property and get a one time code. After they put their credit card on file and gone through the verification and ask the questions, they get up there, they can get to the property front door and they can get a one time entry access code to the lockbox. So the lockbox is the lower cost solution that Rent ly offers. But now with technology evolving, we also offer a smart gateway, a hub and it has cellular and we manufactured it as well. We designed the hardware, the firmware, the SaaS, everything end to end. You can actually put in a smart keyless entry lock and a smart thermostat so that the check in is done on the keyless entry device. It doesn't have to be a lockbox.

These are more, this is, you're talking about it like, you know, this is a short term rental, like an Airbnb type property. We have looked at that extensively and although it's kind of fascinating, we just don't see that working very well. The numbers, the management intensity, the tax problems with it because the IRS wants to classify it as a hotel and you know, a lot of cities are attacking short term rentals and it's just not an area we've gone into. But you know, for regular, long term, like annual tenants that sign a lease, this rently keyless could be something that would offer, you know, you as an investor a greater peace of mind but also allow you to maybe charge more rent because you're offering a smart home. So let's just make sure we make the Distinction before we get too deep into this. So Rently is where you basically what do you do? You sell an electronic lockbox to the investor or the property manager. Right?

The investor gets to lease the lockbox. Correct?

Okay, they lease it. How much is it?

It's $30 a month and it's fully integrated with all marketing channels that a renter would potentially interact with.

Okay, you're in west la. The person listening has properties in several parts of the country. You know, we tell them diversify into at least three markets, not more than five. So they've got properties in say Memphis, Little Rock and Indianapolis for example. And these properties need a lockbox so they can be shown what do they do, how do they get that lockbox from West LA to their properties in these different cities.

So we can cover, we actually cover. We have clients throughout the entire nation. We can drop ship same day, any volume to any location. We can send it. If your investors for example in Memphis, but they might have, you know, a property in Virginia, we could ship it either to Memphis or Virginia and work to coordinate with the client to go ahead and get the lockbox installed on the door. It takes one trip from somebody, one of your vendors, if you own a property, if you're an investor, you have the rehab crew, you have your various contractors that do different work. It takes one setup point prior to leasing on the lockbox and then one visit to take the lockbox off and put it on another property when done. And we work with our clients to orchestrate that. We could drop ship anywhere.

Okay, so you can ship it, but an actual human needs to be in that market that's going to go put it on the door right now. Maybe that human can actually be the existing tenant. And folks, you're not going to believe this, maybe, but you will not believe how helpful and cooperative your existing tenant that just gave you 30 days notice might be. It's kind of amazing really. And, and it could be, you know, and you're probably, if you're a self manager, you're probably going to do what I do. You're going to either hire a traditional real estate agent or a property manager on an a la carte service basis where they will simply do the lease up for you. They won't manage the property, meaning now you could hire them for that too. But a lot of you like to self manage and you find it to be much more profitable and actually easier in many ways. Okay, where the, the manager hired on an a la carte basis to do basically one task, lease up the property to a new tenant or a real estate agent hired to do that. One task, not to collect the rent every month. You know, they can just send that to you will receive the rently lockbox, put it on the door, go meet the existing tenant, say hey, you know, I'm going to be leasing the property and you know, they need to, you know, get that tenant moved out, do a walkthrough inspection after they move to send you pictures, then you decide if you're going to withhold anything from the security deposit or not. And then they start marketing the house for new tenants and showing the property. And the rently lockbox can really make their job a lot easier. Can it?

Absolutely. And by the way, that's a great suggestion because there are more and more managers now offering just lease up a la carte services and those costs have come down as a result of the self showing technology that Rent li rolled out to market several years ago has provided in terms of their convenience and being able to do it efficiently. So you could either have somebody close to hand or you can have a manager like you suggested. 100%.

Yeah. Right. Okay, so with, you know, this begs the question, tell us, don't you hear any horror stories? You know, and how will insurance handle this? I mean, you know, gosh, you give someone access to the Rentley lockbox, they're a total stranger. They're going over to this property at, you know, whatever hour. I guess you can limit the time they get access. Probably you're going to tell us that. But you know, no one's escorting them through the property, they're just there themselves. Won't they steal your stove or you know, beat the house up or do something bad or leave litter in it or you know, clog the toilet? I don't know. You know, aren't there some horror stories?

That's a great question.

Or move in full time and live there and be a squatter.

That's a great question. Because the registration process is so intensive it requires registering with your name, your phone number, a valid credit card. During the registration process we actually have a verification where we ensure that it's the registrant that is going to the property. We also have a sequence of questions that's in a new update that's coming out. So it's a pretty intensive process, process to go through. And with the credit card on file and with the IP address down, we believe that you're actually more protected being on our system because if anything ever happens at your property, you actually have Credentials to go through and look through. But I can tell you, with millions and millions of check ins, rent ly has been just continuing to grow because statistically the odds of something occurring are very, very low. And you know, rental scams have been out for, have been going on for a long, long time prior to us being in business. But with all the measures that we take and continue to take, the system is very, very secure.

Okay, so tell us how it works mechanically. Just quickly go into that and then we got to talk a little bit more about rently keyless. So you've got the lockbox on the house. Okay, then what?

So to actually get an access code as a, as a prospective tenant, you've got to register on your mobile phone with your name, your phone number and a valid credit card. We check that credit card in real time. We also validate that it's the person registering as well. Moving forward with the process. Upon arrival at the property too, you have to be physically present. So you click a call me now button, we'll then call you, you'll then go through the instructions and then you'll finally be able, be able to check in. And also here's an interesting thing. At the end of every single viewing that occurs on the rent lease system, we actually send out a survey to renters. Was the door locked when you arrived? Was it locked when you left? How would you rate the quality, the condition of the property? Did you like it? Did you not like it? And with an immense amount of survey feedback given by renters, I could tell you property managers actually end up finding and preventing bad things from happening as a result of, of all the goodwill renters put into the system. If, for example, there's a leak on the second floor of your single family rental, you're very, very, very likely to hear about that in a renter survey feedback report or if there's a gas leak. So, you know, actually.

It'S interesting because managers benefit way more to the inverse because they're getting real time feedback on things that would tangibly affect them?

Yeah, you're basically crowdsourcing feedback and you have better management of your rental leads and all that kind of stuff. But isn't there sort of a lot of coordination back and forth to get tenants to, you know, they've got to download an app, they've got a, you know, they probably can't figure out how it works sometimes. I mean, how do you, you know, for example, if you advertise your property on say, Craigslist, I'm not saying that's the place to do it. But it's an example, right? Craigslist has a lot of traffic, you know, that's, you know, a decent place.

And a growing number of scams too. These days.

Craigslist is not without its problems. Okay. But anyway, it's there and we all know it. So you put your property up for lease, you advertise it wherever you advertise it, Zillow, Craigslist, whatever. What do you do? Like how do you tell the tenant that this is how they're going to get access?

Right. And so the instructions are very thorough. There's a link that the tenant can then open up and that link will allow them to register either over the web or on their smartphone. And again, it's a very easy step by step process where they register, they get the instructions each step of the way. Even when they're checking in at the property, there's a little bar that shows them as they're moving forward in the process. So it's all done on the cell phone. And going to your comment about having to download an app, you actually don't have to download an app right now. HTML, HTML5 interface will work just fine on any smartphone browser. So the registration is seamless and very easy. Some managers and investors also back their self registration process that can occur automated through the web with the ability to issue codes remotely as well. So if you're self managing a home and you happen to get an inbound call from a great prospective tenant and you want to issue them a code on the spot or register them to go during the hours that you're allowing showings to occur, you could do so as well, but it is very intuitive and thin.

Okay, so can you put this information right in your rental post on say Zillow, Craigslist, whatever. You know, say hey, go by and take a look, you know, if you're interested, go take a look at the house and, and just it's like automated. You don't have to have any contact back and forth. Or do you need.

You got you, you got it. It's all automated. And I think what you're getting at is there's an, actually an individual link for every property that you have in the rent ly system that's specific for that property in terms of registration. So we do have a Craigslist HTML code that you can post right onto Craigslist and use that for posting out to Craigslist. And that's because Craigslist is the only site that doesn't just take A direct feed. But we also have a direct feed to all of the other major rental listing sites like Zillow, Trulia, Hot patches. And that's when a renter is interested in a specific property, they actually get the specific link to register for that property and it can occur end to end. You know, they put their name, their phone number, their credit card. It could go end to end. And then you can have the feedback, oh, I've got a renter who wants to apply for my property, and that's the way we want it to be. We don't want to, you know, have to have investors, owners, managers, heavily burdened along the way. We want time focused on signing leases.

Okay, do you offer any other services like background checks or qualifying the tenant? I assume you're about to tell me you're thinking of getting into all that if you're not doing that already.

Yeah, we actually, we have a smart matching program where you could. Where there's certain qualifying questions that are asked before a tenant is approved to go forward with their self showing. So that's an additional layer of qualification. Yeah, we actually do offer the ability to process rental applications through Rent Ly as well. So you read my mind there, Jason.

Yeah. Okay, and do you charge any fees for that or.

Yeah, I mean, there is the rental application in terms of the smart matching, there is a small fee per property and then a couple dollars. And then for the rental application, you know, as well, depending on what, what you're looking for in the background check, county, you know, criminal, et cetera, the rate does vary a little bit, but it's in line with industry pricing for rental applications.

And the tenant pays for that, right?

That's correct.

Okay, so the only thing the owner pays is $30 per month. Are there any other to rent the lockbox? Is there anything else?

That's correct, yeah.

Okay. Okay, talk to us a little bit about rent Lyke Keyless real quick, because that's sort of a greater level of service. A smart home, if you will, where instead of having the lockbox, you know, it has an electronic lock itself. And I think the technology on electronic locks has really been pretty slow to develop, surprisingly. But it also does a lot of other things, you know, to make it a smart home. And interestingly, I want to just, before you even dive into this, tell people that this does work on vacant houses because it does not require an Internet connection. It has a cellular option. Now, I don't know if. Is it a. Is it a mesh net type of thing where it works on cellular and Internet. If you have the WI fi set up in the house, or is it strictly cellular and then tell us all what it does.

Oh yeah. So it's actually a tri band hub. That means it's got cellular, it's got WI fi, it's got ethernet. It's the most advanced smart hub on the market in terms of smart home technology, especially for property management vertical. And the beauty of it is, even when you don't have WI fi or ethernet enabled, which is commonly enabled when the tenant moves into the property, you can 100% operate that smart home. All you need is power to be on at the property. The gateway gets plugged into the wall in a discrete location, oftentimes in a closet. Many newer homes have an electric socket at the top, so it's not even within reaching distance. And through the cellular aspect, you can fully operate the home. You can lock and unlock remotely, you could set thermostat schedules. I mean, it's so beautiful. You go into the portal, you can click lock and in real time through cell towers, that's going to get communicated and the deadbolt will spin. And the same concept applies, obviously when a renter is checking in at a property, they can get their self showing code rather than on a lockbox. They get that self showing code to the smart keyless entry lock. But like you said, this is a much broader.

Much broader type of play here. It's not just a lockbox for self show. There's the ability to capture more upside in rent because your resident is going to have a smart home when they move in that they can control via their app. They can unlock and lock their door, they can give mom a code to come into town if they're still at work, they can set their thermostat schedule, they can talk to Alexa and say, hey Alexa, turn off my main lighting. So there's the upside in rent, but there's also the ability to know from a security and energy utility management perspective that you've got great control there. So if you're an investor and you happen to have 20 homes located in disparate locations, you can hop into the portal, make sure that all, assuming they're all vacant, which with this technology they won't be for very long. But if you had 20 vacancies, you can log in and lock them all up remotely at night. You can make sure that the energy management is in line with what it should be. I mean, you don't need necessarily the air conditioning blasting all night. If nobody's there, you Go ahead and turn it off remotely. And there's also monitors and sensors too, if you want to add them, that can alert you if there's motion in the property or if a window's open. They're not that expensive, that can be added to the property. And then a real great thing is if you own properties that are disparately located, you can put in water sensors, you can put in smoke and smoke, carbon monoxide, fire alarm detectors as well. And if there's a leak, for example, under a main sink, while an investor who's managing remotely will typically not know about it until after the damage is done, once the leak starts right away. You might be in, you know, in Tennessee, but your property's in Virginia or wherever, you're going to know right away. So it also gives you the ability to prevent and prevent damage and monitor your property sale.

Yeah, okay. Okay, good. So how much does that cost to set that up?

Sure. So you're looking at between 500 to 1,000 per property, depending on what you're going to be installing. Rentlee Smart Hub Gateway is $240. Yale locks. Smart electronic locks can go from anywhere from 150 to 200 if you're going on the high side. And the thermostat, smart thermostat connected to the web is about 150. And then adding other accessories depending on, you know, the specific property aren't that expensive. The sensors, you know, 30, 40. And then it really all depends on what you want to add. But you're looking at 500 to 1,000 per property. So it's a much bigger investment than just spending $30 to lease the home. Again, the lockbox is a very low cost solution, but it is. Again, there's a greater capex expense that goes into the smart home system, but there's also additional rationales for doing it beyond, beyond just self showing.

Right. Okay. So and then there's a monthly fee too, because that's a subscription service, right?

Correct. So, so the monthly is $20 a month and that's a part of the monthly covers the cellular bandwidth that goes into communicating with your home that's remotely located.

Okay. And that's how much per month?

So that's $20 per month. And as more volume is involved, it scales down.

More volume of properties, you mean?

Yeah, the more units that you have on the system, the pricing does scale down.

Okay, so in other words, if someone has 10 properties and they want to turn them into smart homes, basically, then they would pay probably less than $20 per month. Per property. Right. And then they would have to buy the hardware and have it installed, I.

Would say for sure. For lower volume, which could be anywhere in the dozens range. It is pretty much $20. It's with Enterprise level scale where you might have hundreds of properties that it starts to scale down.

Okay, so 20 bucks a month per property and plus hardware. And you're thinking that like to sort of outfit. I mean it depends on the house of course, and what exact hardware you choose. But about a thousand dollars will do it, you think?

Probably 600, honestly, if you're going for a basic package with a lock and thermostat, which is what most, most folks that are just getting started will end up doing. You know, lock, thermostat and a couple of sensors. So you're looking in the sixes and that and that.

Does it have alarm system too?

Yes, so we. It has monitoring. So if, you know, if somebody, if motion is detected or if a window opens, you'll be alerted. It's not integrated with like a security call center that would notify police. It's a monitoring tool.

Yeah, but you're notified.

The owner is notified.

Correct, Correct.

Got it, got it. Does the tenant get that access also? When a tenant moves into that property, do they get the access as well as the owner and or manager to that door? Do they have to pay again?

So you hit on a very key point here. I mean the way that the rent lease system was built out for the lottery boxes has enabled us to build out a system where if you're an investor owner and you have 20 properties, you can invite your 20 different residents to use the smart home on their app. Right. And then when they move out, you can revoke the access and hand it off to the next tenant. And when it's in resident mode, we also have privacy mode that allows obviously key activity logs to remain private for that resident as well while the owner still is insured. You know, corporate type controls that are needed in terms of access and so forth.

But yeah, I was going to ask you about that because I was concerned about the renter's privacy and the liability that the owner might have if for example, you know, maybe they accidentally unlock the door and the tenant is sleeping and someone comes in and murders them. Right. Or something like that, you know, or robs them. I mean that could be bad. I mean look at. Owners still have keys to tenants properties most of the time, or the managers do, but most of the time, you know, the tenant can lock themselves inside when they're home at Least with a, with another type of deadbolt. Tell us about that.

Yeah, but you're absolutely right in terms of security, privacy is a very, very important concern to us. And ensuring the privacy of all the residents on our system is paramount. So it does. The hub is an individual hub that is used by an individual resident. It's not shared by anybody. It's on the Z Wave protocol, which is the most established smart home protocol at ces. It was essentially proclaimed as the smart home protocol of the future. That's why all the major locks that manufacturers now are all producing Z Wave enabled products.

So the privacy is there. And many of the newest keyless entry locks also have the ability. You can go completely keyless. You can go the locks that have traditional keys, but we have the safeguards in place to ensure the security of tenants once they move in on the protocol.

Okay, so the website rent ly.com and rentlekeyless.com, those are pretty self evident. Is there anything else I didn't ask you that you, you want to share with people?

Yeah, no, I would definitely recommend that everybody check out rent ly.com and rent lykey list.com it's spelled R E N T L Y. Sometimes folks get confused and think it's spelled like Bentley, but it's just straight R E N T L Y. But I think we covered a lot of it. I mean, it's really an exciting time because with technology you could do so much more, so much more efficiently and really grow so fast if you're willing to take the step and implement the tools as you know. So it's an exciting time.

Yeah, it sure is. And I'll just speak to that for a moment. We none of us know what technology is coming down the pike, but we know the one thing we do know is that everything always gets better because it's an amazing time to be alive. And you know, one of the wonderful things about income property as an asset class, the most historically proven asset class in the world that I'm always talking about with my listeners and in our seminar last weekend I talked about this too, is that, you know, the great thing about it is you can buy the property today. And it's almost like buying an option because you don't know what will be available in the future, but you know, there will be new, better opportunities in the future. So you acquire the asset today and for example, if you have to pay cash for it, you know, you might have the opportunity to refinance it later and pull all your cash out and gain more leverage and then you still own the asset. You know, you get the option to renegotiate the rent in the future, but you also have the option to take advantage of improving technology in the future. And look at folks, I think the writing is on the wall. We can all see where this is going. Technology is going to push the, the cost of property management down and make the whole process easier and more frictionless, where you're just going to have access to more tenants, a greater tenant pool and they're going to have more frictionless access to see the properties without interacting with you or taking any of your time. And property management services are becoming a la carte and that's wonderful. And self management is now possibility because technology has made it so much easier. So it really is an amazing time to be alive. It's an amazing time to be an income property investor. Marek, I want to thank you for coming on the show and talking about this space because it's, it's really a great opportunity for people. So thanks for joining us.

Thank you so much. I appreciate you having me. Thank you so much.

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