Looking for Industry advice / New tech product - REO Property Preservation Forum
 
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post #1 of 8 (permalink) Old 06-02-2015, 12:11 PM Thread Starter
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Looking for Industry advice / New tech product

Hello all. I just joined this forum and know very little about the Property Preservation Industry. I didn't even know this industry existed until quite recently. So I am looking for some expert opinions about a product my company just developed and trying to determine if your industry is a potential target market. Again, this is not some promotion ploy, rather, I am looking for honest advice from industry insiders.

We are a small tech company which has just introduced a product called MarCELL. MarCELL is a small plug-in device (roughly 6" x 3.5" x 1.5") which allows you to monitor a property remotely. It tracks temperature, humidity, power status and water leaks. Alerts can be in the form of emails, text messages or phone calls to multiple recipients. The difference between this product and other remote home monitoring systems is that it contains its own cell chip so the property being monitored does not need an active phone line or internet connection.

It was designed for owners of seasonal properties (vacation homes, cottages, cabins) who leave their property vacant for months at a time. The cellular subscription is low cost (as low as $8.25/month), can be managed online and requires no long term contract (use it when you need it).

So in your opinion, is there a potential use for this in your business to ensure:

- that the HVAC units are running properly while house is vacant to prevent frozen and burst pipes or mold growth
- that there is power to the house so sump pumps, fans and other systems are on and working
- that the house really is vacant or has not been broken into (we can hook a IR motion sensor to the unit).

If this is of value, how can you (Property Preservation Service Companies) profit from this device? Could you sell this extra level of (24/7) protection, online reporting, etc. for an extra $15, $20 or more per month to your clients?

Is there a certain subset of houses where this service would be required?

If you want a better idea of the product, check out the video on our website at: www.sensoredlife.com. Regardless, please let me know your opinion - positive or negative.

Thanks.

Jim
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post #2 of 8 (permalink) Old 06-02-2015, 04:50 PM
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Nice plug, but very interesting. Most damage we see has already been done by occupant, neglect or abandonment without notice. We make money repairing that damage. I don't see that I could profit from it, but I can see the banks giving it a look.
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post #3 of 8 (permalink) Old 06-02-2015, 07:10 PM
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My clients only HOPE for damage they certainly don't want to monitor it. Think insurance check.
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post #4 of 8 (permalink) Old 06-02-2015, 07:51 PM
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Sounds like an awesome device if you own property. However those of us in this business actually Profit from the damage being done. If we had this system operating we would loose work.

I can however see the banks using something like this on Us keeping us honest.

I know a house in CT where I swear it's a setup to try and catch people from taking stuff from houses. All the tools are lined up nice and organized, and in the basement an inverter and generator are sitting there nice and shiny. Each time I go to that house I'm amazed they haven't disappeared yet.
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post #5 of 8 (permalink) Old 06-02-2015, 11:56 PM
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I can't get a bank to pay for a $5.00 part let alone a monthly bill for a device.

I like the idea though, just not sure how it would really fit with most PP people, as previously said- usually the damage is already done by the time they get there.

However, if a contractor has private clients, like investors and realtors like we do, I could see upselling them since it is portable and not under contract. Very interesting product! I'd like to check it out.
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post #6 of 8 (permalink) Old 06-03-2015, 08:40 AM
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right now inspectors are going to these properties for less money than the monthly fee for this device. Granted, it isn't 24 hour monitoring like this device seems to provide. What happens if a MarCELL is placed in a home where the power needs to remain on...and there is a power outage due to a storm but the power comes on a short time later? If the device signals that the power is out, the banks would probably want to send someone out to check on it...which is more $$ out of their pockets.
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post #7 of 8 (permalink) Old 06-03-2015, 04:44 PM
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Quote:
Originally Posted by ContractorRecruiter View Post
right now inspectors are going to these properties for less money than the monthly fee for this device. Granted, it isn't 24 hour monitoring like this device seems to provide. What happens if a MarCELL is placed in a home where the power needs to remain on...and there is a power outage due to a storm but the power comes on a short time later? If the device signals that the power is out, the banks would probably want to send someone out to check on it...which is more $$ out of their pockets.
Of course banks will not be interested. It's actually paying from their own pocket vs when there is actual damage that occurred because of the humidity and what not, they will just file the claim and call it a day. same thing about security properties in Ghetto. Why not to install metal boarding when property gets vandalized daily. Well, because, insurance is paying for the loss.
Actual preservation of the houses was never on the books. We had only one client who actually was ordering metal boardings and it worked.
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post #8 of 8 (permalink) Old 06-04-2015, 01:03 PM
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What about the power being off? Could you use a battery?

I can imagine this being very successful
The owners of the Mortgage Servicing Rights, will pay you to install this on their vacant homes. So I can imagine you will find success if you find out who owns the MSR or is the designated servicer on a property. In comparison to Property Preservation it sounds like this requires nearly no management, and it provides very important real time information. That data could save banks/MSR holders a ton of money.

However,
1. I forsee theft being a major issue. A lot of people come and go, and those units will be stolen often. (location device on these would be helpful).
2. The foreclosure market has shrunken so much that it mostly has a lot of long term non-conveyed properties. Properties in really rough shape that you probably should not have the electricity on at. I am not sure how many new foreclosures there are at the moment, but there are not many.

I would say that you should learn more about how to reach out to the Mortgage Servicing Companies and get more information on how to get your product in foreclosed, vacant homes. Then create a marketing strategy. Once the economy tanks again, that would be a good chance to kick your marketing for this into full gear.

Can you guys PM me your information? I would like to find out more about what you are doing.
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