The FCC’s New Regulations and How It Effects Ancillary Revenue

The Federal Communications Commission (FCC) recently voted to regulate certain commercial practices between property owners and and broadband providers. These regulations include:

  • Reminders that sale-and-leaseback agreements are prohibited under federal code
  • Requirement to disclose the presence of exclusive marketing arrangements in materials given to current or potential residents
  • Blockage from entering into exclusive revenue sharing agreements

The National Apartment Association (NAA) has pointed out that the FCC did not consider that the newly targeted commercial activities in its ruling support the increase of deploying high-speed and quality affordable broadband connection in nationwide apartment communities.

With the FCC’s new rulings and regulations, this means apartment communities may have the potential to miss out on ancillary revenue. Property managers will now have to look for other forms of ancillary revenue for their communities. Ancillary revenue can come in the form of new entryway technology or partnering with local businesses to offer coupons, both of which Invictus can offer to property managers and current residents. With the adaptation of the FCC’s new regulations, Invictus can evolve and offer ancillary revenue to satisfy both property managers and residents.

What Makes Great Access Control

Having the latest in entryway technology means more than just letting residents into your building. An efficient and effective access control system encompasses multiple features to elevate and empower a multifamily or student living property. Residents not only need access to the main entrance of their building, but also to other access points, such as garages and their amenities areas.

Features such as self-guided touring have also become involved in creating effective access control systems. Pot

ential residents can tour a new property at their own pace, as well as have more flexibility in choosing when they can tour. Property managers benefit from this feature, as they can still have potential residents do tours of their property with social distancing in respect to COVID-19.

A great access control system also protects the resident’s data and privacy. A resident should be assured that their personal information won’t be leaked or hacked into, and that the property manager protects their data at all times. If needed, a resident can also be assured that they can have time-stamped images or videos of someone using their entryway system, provided that it follows the privacy policy of the building. An access control system should be compliant of state and federal rules, while also giving comfort to the resident that safety and privacy is of the upmost priority.

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Source: Latch, “Access Control and the Future of Smart Buildings”

The Top Two Needs of Modern Renters

As the world continues to change in a COVID-19 world, more and more renters are choosing how they move and choose their next place to live in. With changes in moving come new trends in what renters are looking for. According to a recent study conducted by the National Multifamily Housing Council (NMHC) and Grace Hill 2022 Renter Preferences Survey report, twenty-five percent of renters moved in the past eighteen months, and seventy percent predict to be teleworking the same amount or more moving forward.

The recent survey also discovered the top two needs of modern renters as they continue to move:

  • Flexibility: Twenty-five percent of those who said they moved over the past eighteen months also stated the reason for their move was shifting to remote work during the pandemic. The work from home option has given renters the opportunity to have more freedoms in choosing where to live without having to worry about a work commute. Renters have flexibility in being able to move whenever they want and even work out of their company’s state or country
  • Connectivity: Eighty-two percent of respondents stated that they are streaming video daily, while seventy-three respondents said they stream music daily. With the increasing demand for streaming services and requirement of high-speed internet to work from anywhere, renters are looking for places that meet these needs. Renters no longer want slow internet speeds or having to work outside their homes daily if they don’t have to. Connectivity allows renters to continue to have their work tasks completely from any location while also having the option to use entertainment such as streaming to accompany their needs.

Two Ways to Close the Digital Gap for Renters

According to a new study published by Zillow, the percentage of renters who expressed a preference for online payment skyrocketed from spring 2018 to summer 2021. By the fall of 2020, sixty-nine percent of renters surveyed stated they preferred electronic payments. Electronic payments are not the only digital renting aspect becoming more popular, as the use of tools for signing rental leases has also seen substantial gains in 2021. Thirty-five percent of renters currently sign leases online, which is a 5-point increase from 2020.

What this tells property managers and investors is that digital transactions are becoming the norm in renting a living space. And the two ways of doing so is implementing electronic payments for rent and other fees, as well as giving residents the option to sign leases electronically. These two options give residents more flexibility in maintaining their living space needs, as they can sign and pay for their living space from the comfort of their own home. And while it’s important to integrate these digital options, property managers should continue to offer in-person interactions to their residents in order to keep their residencies as inclusive as possible.

How Invictus Fits In

Invictus partners with Heartland payment processing so that residents have the option to complete rental payments through an online transaction. Through our mobile app, residents can view and pay all fees from wherever they are. The Invictus kiosks also offer potential residents the opportunity to view vacancies in whatever property they are interesting in renting that includes the Invictus technology. With Invictus, residents can solve all their needs via the mobile app from any location, as well as have the opportunity to change their living space and enhance their resident experience.

How Proptech Can Enable Brokers

With COVID-19 playing a major role in how people and technology work together in different industries, the future of brokers and real estate has changed as well. Some thought leaders have expressed concern about if AI and other tech innovations could take over human employees and continuing to drastically change the job market.

However, companies such as B +E say that people and technological innovations can work together without one have to completely erase the other. The future of real estate can feature equal collaboration between brokers and modern tools while continuing to retain resident satisfaction. Updated dashboards for property managers can be used to compile realtime data and activity, while giving its users confidence in selling net real estate and retaining residents. When managing larger portfolios, property managers can use technology to analyze how each property is performing and manage all resident needs.

How Invictus Fits In

One prominent feature of using Invictus is the administrative dashboard utilized by property managers. Instead of having multiple single software subscriptions, property managers can access all software and apartment property needs through one administrative backend. With Invictus, property managers can also offer potential residents self-guided tours of their property as well as have direct chat with current residents. Invictus allows property managers to continue to be hands-on at their work place while continuing to utilize technology to elevate their community and keep their residents satisfied.

How Remote Work Impacts Potential Residents

Another one of COVID-19’s many effects on the world was changing the work landscape. Those in the workforce now have the option to work fully remote or in a hybrid setting that includes going into the office 2-3 times per week. According to Apartment List, twenty-one percent of workers plan to be fully remote post-pandemic and nineteen percent expect a hybrid environment.

Over the past year, nineteen percent of remote workers moved compared to the thirteen percent of onsite workers. This shows a new growing trend in how potential residents choose their new living space. Those that work remote have more agency in choosing where to live, as they do not have to worry about a daily commute to and from work. Remote workers may choose to remain close to family, or move to a new state or country altogether, as all that is now needed to work is a laptop and WiFi connection.

Apartment List found several reasons for why remote workers are moving, from finding a more affordable market to reducing monthly costs. Others stated that they are looking to reduce costs in order to save money to purchase a house, and now have the flexibility to move to cities that have a lower cost of living. Overall, the pandemic shows a trend in how residents move and why, and remote work will continue to influence the potential renter’s decision.

How Invictus Fits In

Invictus was designed for the on-the-go resident. With remote work promoting a more flexible and on-the-go lifestyle, Invictus can become an important asset for remote workers. Users have all residential needs located in app that include direct communication with property managers, reservations for apartment amenities, and digital coupons for local businesses. Invictus prioritizes making the resident lifestyle as easy and seamless as possible, which includes having all needs located in one central space.

Two Ways Property Technology Benefits the Workplace

The main purpose of property technology is to simplify the way real estate businesses manage, sell, and rent properties. Although the real estate market has been slow in accepting technological and proptech trends, the proptech industry proved its importance during the COVID-19 pandemic. With less in-person interaction and physical space, proptech tools can help property managers digitize the renting or selling process and make the most of their limited space. The top two benefits of property technology in the workplace include:

  • Reduced physical contact: In an effort to decrease the spread of germs, proptech solutions such as facial recognition and smartphone integration are now used for entryway systems instead of keys or fobs.
  • Space occupancy simplified: People are now finding that there is less space available as they return to the workplace. Through proptech, property managers can digitize and make the most of their space through a digital access system that allows residents to book apartment amenities to ensure their availability.

How Invictus Benefits the Workplace:

Invictus empowers the entryway system and works to modernize the entryway experience. Both residents and property managers are able to access entryway points through our Invictus mobile app, thus reducing physical contact and eliminating the use of keys and fobs. The Invictus mobile app also allows residents to reserve spaces such as an office room in their apartment or multifamily property. This answers the need for making the most of a limited space and ensuring all residents can use all apartment amenities during the time they see fit. With Invictus, both property managers and residents can enjoy a digitized process of renting needed spaces and making the most of a reduced space.

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Kevin DeMattio and the Drive to Create Invictus

With entrepreneurship in his blood and over eight years of sales experience, Kevin DeMattio embarked on his mission to transform the entry experience. DeMattio’s extensive background and passion for the property technology industry led to eventually establishing “Invictus” to achieve his goal of creating a product that puts the resident first. We caught up with Kevin to learn more about the importance of perseverance in entrepreneurship and how that was incorporated into “Invictus.”

  • Could you tell us about yourself and the company? 

I am the son of a general contractor, so I’ve been around or doing construction my whole life. I’ve been working since I was able to pick up a 2×4, which at my size was early in life! My parents were hardworking and driven. In our family, we recognize falling is part of life but getting back up, dusting yourself off, and learning from it is required. I moved away when I decided to pursue my education at the University of Colorado, which meant leaving behind everything I knew and embracing the unknown. I was becoming the master of my own fate. During this time, my new family were the communities I chose to live in, the other residents became friends, and the surrounding businesses became family. I set out to create an experience and create partnerships that really solved a lot of the headaches I dealt with for over twenty years in multifamily living. I integrated familiar technology available today to embrace the evolving UX that matches the desires of our next generation of renters. This took four years of development, surveys, focus groups, and testing, some success and some failure. However, it formed us and shaped us into what I believe is the most accurate representation of what makes resident lifestyle the best it can be:  Invictus! 

  • What motivated you to take on the challenge of entrepreneurship?

I think it was innate in me. It’s always been something I’ve dabbled in with friends in several industries. My father and step-father both were owner/operators, so I got to watch and learn a lot from them as well as my brother Jeff. I like the idea of creation with the benefit of someone else at the heart of it.

  • What is the driving force of your product? 

I really wanted to provide the best experience possible for people like me. I don’t have hundreds of dollars annually to pay for lost or stolen fobs and gate clickers, to buy new bikes because they got stolen, and not save money wherever I can around the local community. I really wanted to bring this all together.

  • Tell us about some of the biggest obstacles you’ve had to overcome?

During this venture, I suffered a broken back in January 2017. This, as you can imagine, set up many hurdles. Pretty much everything hit a pause as motor skills were limited and I was in immense pain. I wasn’t even sure I could work again for the first eight months. We lost traction as it scared the team prospective clients. All the large meetings and work on partnerships stopped, development money slowed as investors bailed, which led to more issues in progressing forward. It was a very hard time personally but at the end of day we made it work. I sold stuff, worked everyday on rehab, and once I could start physically operating semi-normal again, I dusted myself off and started the engine again. I was able to start development to continue our work and win over better investors that had an even bigger vision for the future of this product. Now we have an amazing product and strong partnerships.

  • What has been the most rewarding, exciting Invictus moment so far?

We really enjoy hearing about happy residents. Ultimately, we will be very happy when we reach the point in our venture that we can turn the wheel on our AllHeartFoundation project. We truly have a heart for domestic philanthropy for children.  

  • What has surprised you most in this venture?

I won’t say surprised, but I am proud that after all that we went through, we made it and we didn’t give up. We overcame some really big challenges as a startup. The core members of this team stuck with it and were determined to succeed. They stood firm on their commitment to the vision. I’ve heard of some teams that crumble during hard times but not them. Startups aren’t about money in the beginning. They’re about taking risks that few people are built for because it’s a very scary road unless you have a large benefactor behind you. Our journey really showed the true character of our founding members. 

  • Do you want to be a national brand, or do you hope to go global?

I want to go global. Right now, the entire world is walking around with a smartphone in their hand, which means Invictus can work in any city, state, or country! We don’t have limits for location of installation. Companies like DoorKing and other pioneers set the infrastructure standards; we are simply giving the building a brain. It’s easy to piggyback on the existing wiring. As the world gets older and smaller, we seem to become more unified in our needs and desires. There will always be a need in every corner of the world to feel safer, save money, and to maximize our time through efficient processes. 

  • What are you striving for over the next six and twelve months?

We want to expand outside of the west coast and achieve some aggressive installation goals with our PMC partners.  

  • Can you tell us about your mentors and heroes and their impact on you personally/professionally?

My father and mother will always be my heroes and guiding forces. I pray every night that they walk with me in all I’m trying to accomplish. I see any person that truly loves what they do (a successful pursuit itself in life), and searches consistently for ways to improve in it, as a mentor for me. The key to a happy life is loving what you do because you must wake up every day and do it, believe it, and live it. If I can find a consistent source that I believe can make me a better person in different aspects of my life , then I’ll take as many mentors as possible. 

  • What is one thing that you wish you had known? 

I am glad I didn’t know how hard it would be when I was starting this company. You think you can see and you understand all the twists that can come, but I promise there is no way to be prepared fully. If I didn’t have a strong support system with my faith, family, and some quality friends, I don’t know how I could have accomplished this. 

  • What words of encouragement would you offer to innovators taking the same journey?

Be flexible. Pivot easy. Be resilient. Be brave, be bold, have faith. Celebrate each little milestone, but don’t rest in it. Accept failure but don’t dwell in it. You must learn from it and never quit on your dream!