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These password managers can protect you and your clients’ info #DoItNow

(TECH NEWS) Identity theft is nothing new, but what are you doing to protect yourself and your business? Have you considered these simple password managers?

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Online safety is often discussed after data breaches, hacking scares, and identity theft, but it shouldn’t take an event of this magnitude to get you thinking about your online safety.

Passwords are used for everything; from email to doorways, banking to business terminals, entering passwords has become so common, we hardly ever give it a second thought, but we should. Every single time you get online, people are lurking, waiting to hijack your accounts and steal not only your money, but your reputation and access to your personal information.

The first thing most people tell you to do when your account seems to be compromised is “change your password.”

In essence, this is meant to foil hackers and re-secure your account, but if your password isn’t “strong,” this option won’t work for long.

“Strong” passwords consist of a random mix of numbers alongside upper and lowercase letters (and oftentimes symbols as well). However, coming up with something that meets this criteria, but is also fairy memorable is a pain for one site, not to mention for the 20-30 sites we regularly access. Before you use the same password on multiple sites (which is a HUGE no-no), consider online password generators.

Online password generators are magical devices that generate one of these complex passwords for you.

You can set the parameters such as length of password, upper/lowercase letters, symbols, numbers, and even ambiguous letters. A few reliable generators you can try:

Once you’ve generated your password, you’re going to have to remember it and every other password you create.

Impossible you say? Well, you’re right. With as many sites as we regularly access, remembering all our passwords is darn near impossible without help. Writing them down in a day planner is fairly common, but not exactly 100 percent secure.

Instead, give password managers a chance. While all online repositories have some vulnerabilities, most modern storage sites are very secure.

Browsers like Firefox, Chrome, and even Internet Explorer offer to store your passwords for you. Sure, it’s convenient, but is it secure? Most tech experts say no.

Sean Cassidy, chief technology officer of Defence Storm, states, “Browser-based password manager extensions should no longer be used because they are fundamentally risky and have the potential to have all of your credentials stolen without your knowledge by a random malicious website you visit or by malicious advertising.”

What do these password managers do exactly?

Traditional password managers live in your computer and act like digital assistants, gatekeepers if you will, your first line of defense standing between your accounts and the hackers looking for access. The manager will fill in your vital information (login and password) when you arrive on a site, meaning, rather than remembering 40 different unique site passwords, you’ll only need to remember the master password for your chosen password manager.

While there are several reliable managers on the market, there are three that have emerged as most popular:

All of these managers have the ability to safely store and recall your passwords and login information. You simply need to remember your single master password to log into the manager site you’ve selected.

Password managers are so heavily encrypted, storing your information is considered safe, but keep in mind everything you do online comes with a risk. I do not believe any site is completely hack-proof, however, a password manager is another line of defense against hacking and with their use of top-level encryption, it makes hacking a little bit harder and that’s exactly what you want.

Regardless of whether you choose to use a password generator or manager (or both), one thing is crystal clear: online data safety is of paramount importance. Keep your data safe, starting with using a strong password and a different strong password for each site.

Keep your personal information safe, and more importantly, safeguard your clients’ data.

Senior Staff Writer at The Real Daily, Jennifer Walpole holds a Master of English from the University of Oklahoma. She has long been a dedicated business and technology writer, and she holds real estate close to her heart, as she comes from a family of brokers.

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Real Estate Technology

Startup makes rent count toward tenants’ credit

(REAL ESTATE TECH) This startup gives property owners an advantage while improving the renter economy and making rent count toward credit.

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Although property management tools for landlords are well established (think Yardi or RealPage), a new startup is taking a residential approach to property management. Keyo offers renters a seamless way to engage with tenants to provide rent payments, maintenance requests, and building announcements. Before the lease is signed, Keyo can handle tenant applications, free background checks, and digital contract management.

Keyo is renter focused, from the marketing (encouraging tenants to push for it) to the focus on appealing to the new modern renter. From the ability to set up “Scouts” who show units for you (and make money on the side to show the unit and expedite the process), to the fact that renters could apply for an apartment and never pay a single application fee for multiple units – which is also a cost that you the landlord doesn’t have to pass onto them.

The vision is to make the renting economy more accessible, friendlier, and less complicated for tenants.

The best feature by far?

Rent payments made through Keyo are reported to credit bureaus Equifax and TransUnion– which rewards tenants by improving their credit.

(FYI: Renters have less opportunity to improve their credit unlike many mortgage holders.)

Keyo also allows ACH payments for rent – (and as a millennial who resents checks, this is AWESOME), helping individuals pay their rent on time. Maintenance requests are easy and transparent as well.

Keyo makes its money from landlords who pay it to help them fill units, and it provides some key marketing features, including search optimization, analytics on marketing, and all those paperwork management (which means you don’t’ have to pass that cost along to the tenant, which can make investment property owners more competitive). The pricing works out to $5.00 monthly per unit, and each new tenant that is delivered by Keyo costs the landlord one month’s rent. This could be less expensive than the cost of a broker’s standard charge in your region.

Keyo is focused primarily on Brooklyn, but is looking to expand to larger markets. The true test of its quality will be how it translates outside of the wild west of NYC. While being feature-packed, compared to some property management systems like Yardi, this seems a fair bit sparse, but likely is lower overhead.

This is a modern, simple, resident driven platform that could help investment property owners to be more competitive and improve the renter economy.

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Real Estate Technology

How OpenDoor became a unicorn (a company valued at over $1B)

(BUSINESS NEWS) Good news for direct home sales and fans of adorable mythical quadrupeds – OpenDoor is a unicorn. What does its billion dollar valuation mean for the modern real estate market?

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Online direct home sales is officially a thing. That was probably inevitable, given increasing automation of sales (robots are coming for your jobs – not that they can do them yet!), an ongoing Disrupt All The Things mentality amongst entrepreneurs, and sellers’ frankly understandable desire for a smoother, easier way to get rid of their people boxes.

Seriously, the Holmes-Rahe Life Stress Index puts selling a home above quitting freaking smoking in terms of medically significant stress. People are understandably interested in making that suck less.

Enter OpenDoor.

The OpenDoor offer is direct online sales. TL;DR – OpenDoor gets information from the customer, then sets a price for the property being sold, sight unseen. On top of that price, OpenDoor charges a risk fee, a flat 6.7 percent on top of the stated value, to guard against depreciation. In exchange, OpenDoor takes over the selling process, spiffs up the house and sells at a profit. As CB Insights says in its excellent analysis of OpenDoor, it’s basically high tech house flipping.

The OpenDoor pitch is that their system benefits both seller and buyer. They’re impressively honest about the math: They say their flat 6.7 percent is pretty much comparable with the costs and fees associated with traditional real estate sales, which is true. The advantage comes in, says OpenDoor, because the property is then out of the seller’s hands, no muss, no fuss.

That spares them from the hassle of home sales, but it’s also easier on the prospective buyer than the usual peer-to-peer approach. No need to balance two mortgages, no deals contingent on the house selling at a certain price. The house has already been sold at a certain price. Pony up and it’s yours.

We could argue pros and cons all day, but that’s not the point. The point is that, on a small but growing scale, the OpenDoor offer is working. OpenDoor currently operates in and around Atlanta, Las Vegas, Orlando, Phoenix, Raleigh-Durham, and my own fair hometown of DFW. OpenDoor focuses on second-tier real estate markets, avoiding the fluctuations and complex variables of Realty Madness as it is to be found in NYC, the Bay Area and so on.

In those cities, since its start as a spindly little startup in 2014, OpenDoor has served better than 10,757 total customers.

Per the CEO, it currently accounts for 3 percent of home sales in Phoenix and Dallas. Chump change that ain’t.

They’re already thinking expansion. San Antonio and Charlotte are the next towns slated for Missy Elliot treatment. For those of you who missed the 90s, Missy Elliot treatment is of course “put the thing down, flip it, and reverse it.” Surprisingly apt! Seriously, OpenDoor’s missing a trick if they don’t license that one.

Catchy but unpronounceable hooks aside, OpenDoor is taking a fair amount of risk along with their more than fair amount of money. In particular, focused as they are on moving up in the world, OpenDoor is carrying a lot of debt. As of fall 2017 they had borrowed on the order of $600 million to fund home purchases.

At their current 7.4 percent average gross margin on home sales, that’s sustainable, but it’s a whole lot of money to gamble on a new thing continuing to work. A housing downturn or even a comparatively minor shift in value could easily throw that balance out of whack, and while OpenDoor executives state that the debt would still be supportable in a downturn with an increase in risk fee, there’s always the possibility of chilling an already shaky market with too big a jump.

To state the obvious, avoiding that kind of risk is literally why there are Realtors, and why the real estate market in general works the way it does.

Distributing the risk between bank and homeowners, rather than having one organization take it all, minimizes the possibility of failure. OpenDoor has decided to take that risk, and is confident its model will be enough to ameliorate it. Whether that’s the case or not is an open question.

Most unicorns are just shiny horses standing under the right branch. But if OpenDoor can sustainably deliver on its core offer, then score one for the mythical horsebeast.

This editorial was originally published January 9, 2018.

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Real Estate Technology

How long it takes to break even on smart home upgrades

(TECHNOLOGY NEWS) Smart home features can spruce up any house but when you’re upgrading to these features, where does the spending end and the savings begin?

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Smart home devices are primarily marketed as adding convenience and luxury to your home. They allow you to interconnect your appliances with your smartphone and to monitor and control your utilities remotely. But do smart home devices actually save you money?

Smart devices like speakers and music players are obviously designed to allow you the convenience of playing whatever music you want, wherever you want it. But smart devices that monitor or adjust utilities like heating and water could also save you money on your bills.

Joel Lee over at MakeUseOf has crunched the numbers. He’s published a rundown of the most money-saving smart devices, and how long it will take for the devices to “pay for” themselves.

Smart thermostats are perhaps the most obvious devices for saving you money on utilities. Nest says that their thermostat will save you 13 percent on heating and cooling; ecobee3 claims an even more impressive 23 percent.

Comparing these numbers with U.S. Department of Energy statistics on average household utility costs, Lee calculated that a Nest thermostat will pay for itself in just over two years, while an ecobee3 will pay for itself in just one year.

Rachio is a smart sprinkler device that maintains your lawn watering schedule. It makes sure that the sprinklers turn off on rainy days, conserves water when it’s cold out, and optimizes the watering schedule for maximum absorption.

Rachio claims it can help you cut your spending on water for the lawn by 50 percent. Lee estimates a more conservative 30 percent, but even so, says that the device will pay for itself within 15 months.

Plus, he adds, a smart sprinkler system will also increase the overall value of your home, letting you set a higher price point should you decide to sell it.

Lee wasn’t particularly impressed by LED lightbulbs, pointing out that it will take almost the full lifecycle of the LED bulb to recoup the expense of buying them in the first place. The savings are a bit better, he says, if you compare them to the costs of running incandescent bulbs, and if you skip over the big brand names in favor of lesser known, but also less expensive LEDs.

Lastly, Lee recommends smart moisture sensors. These devices can warn you of leaks, roof damage, and other water damage long before you might notice the effects. If these sensors can give you a heads up on even one potential water-damage disaster, the device will clearly have paid for itself.

It appears that smart home devices could be worth the investment, although it’s important to note that these devices are notoriously insecure. While you may save money on your utilities, one bad hack could easily cancel out these money-saving benefits.

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