LATCH Smart Lock: Interview, Installation, & M-Series R-Reader Review | YD Proptech Spotlight
Ғылым және технология
Latch is a proptech startup focusing on smart access control hardware and software for multifamily residential buildings. Founded in 2014, they launched the M-series lock in 2017, raised $126m in series B funding last year, and are now going in 1 out of every 10 new multifamily developments in the US (including our retrofit in Brooklyn!). In this YD Proptech Spotlight, we speak with Latch's own Ryan Flynn to discuss their product and future plans, and then we take you on our site in Brooklyn to show you the install and how the product works. (SUBSCRIBE TO SEE FUTURE SPOTLIGHT AND TECH WISHLIST VIDEOS!)
Update: Latch went public via SPAC merger under the symbol $LTCH
0:00 Intro
0:49 Interview with Ryan Flynn Q1: How did Latch get started?
2:40 How many people are at Latch today? How many doors are under management?
4:03 What is the value prop for property owners and tenants?
6:17 What does each product do? (M-Series, R-Reader, IC Intercom, C-Series)
8:23 Are there plans to create a product designed for end users to purchase themselves for their single family homes?
9:50 What's the reasoning behind releasing the Hub and not integrating into Google/Apple/Amazon ecosystems?
10:21 What is the vision of the experience the Works with Latch ecosystem will provide through the Hub?
12:27 Can we get a hint of future product lines?
13:20 Have you noticed any drastic shift in user behavior since the pandemic started? And does any of these changes foreshadow what's to come in the industry?
14:37 How is Latch positioning itself to become a leader in smart access control? And what are Latch's competitive advantages to achieve these goals?
16:14 What does access control look like 10 or 20 years from now?
19:06 Installation in Brooklyn
20:26 R-Reader functions
20:59 M-Series functions
22:13 Latch App and Software
23:11 Costs of hardware, install, and subscription
24:45 Thoughts vs other smart locks
My name is Derek- I'm The Proptech Scout (and a real estate developer). I'm on a mission to find best-in-class proptech that real estate developers and landlords want to use, and I'm documenting it all on this channel and www.theproptechscout.com
Are you a proptech startup founder looking to get more exposure to customers? Or a real estate owner looking to improve efficiency through technology? For 1-on-1 advisory services, reach out to me on linkedin: / derek-hsiang-4576774
#Proptech #LATCH #SmartLock #ProductReview #LatchInterview #realestatedevelopment #NYC #Brooklyn #Manhattan #NewYork #NewYorkCity
Пікірлер: 50
Update: Latch is going public via SPAC merger under the symbol $TSIA
Happy to have found your channel. Thanks for the information! Subbed!
@TheProptechScout
3 жыл бұрын
Thanks and welcome
I like this video and the details you captured. At the time of this video you were doing an install of Latch, any plans to do an updated video on how it is going for all sides using the setup? I'd be really curious to hear the feedback by all.
can you show how to install the M type lock? or do you already have a video of a full install? we getting 46 of those locks to add to existing doors. thanks,
I would really like to see a video/pictures of the actual installation in your development... can we see how it works now?
Great video & product! I'm wondering if Latch depends on Internet access, what happens when operator in the area has disruption in the service?
@TheProptechScout
3 жыл бұрын
The M series uses bluetooth, but the intercom requires internet access. The intercom uses cellular as a backup.
How about making a video on how to replace batteries when they run out of power. Management is supposed to replace as needed, but never do it. Replacement falls on tenants.
How many minutes does it take to install Latch R ? Where do you find the guy to install Latch? Does every handyman capable of installing? Thanx Derek
@TheProptechScout
3 жыл бұрын
The R reader required additional wiring through the door to our IT closet so it was done over the course of a day. Latch can refer you to installers in your area.. I'd recommend sticking with a certified installer because there's a software component as well that handymen may not be familiar with.
where can i buy this door lock for my condo apartment ?
I hope LATCH will enter the SFH market soon, not least of all because I will soon be starting the process of building my own new home!
@TheProptechScout
3 жыл бұрын
I hope so too! The under 10 unit market is massive.
At the 20:47 mark you're showing the wrong reader. You are discussing the R-reader but that appears to be a C reader.
Ok but how I make an account i can’t find a way to make one it just says to log in
Who's here after Chamath's tweet?
What happens to the physical key and lock when your tenants switch?
@TheProptechScout
3 жыл бұрын
The cylinder is standard and can be swapped out if we want to change physical keys.
@kylealexander7621
3 жыл бұрын
@@TheProptechScout but you would have to change the tube every time you had a tenant swap. So there is no cost saved here is there?
@TheProptechScout
3 жыл бұрын
@@kylealexander7621 The cylinders aren't really too expensive vs the total hardware cost. Some can be rekeyed too.
If I’m a resident at a apartment, does the Latch take a picture of me every time I walk in?
@TheProptechScout
2 жыл бұрын
Only if you attempt to the app/keypad and you don't have the correct credentials.
Great video although I was hoping for more depth when it came to installation. Especially power supply / wiring
@TheProptechScout
3 жыл бұрын
We used a subcontractor to do the install, but the M series is actually powered by AA batteries and connects via bluetooth. The R series requires low voltage wiring. From the manual, these are the power supply requirements: - Class 2 Isolated, UL Listed Power Supply - Supply Voltage: 12VDC to 24VDC - Operating Power: 6W (0.5A @12VDC, 0.25A @24VDC)
@BramaKnox
3 жыл бұрын
@@TheProptechScout True, one additional important detail however is the M Series has a optional permanent powering method which can be found in the Installation Guide. This is what actually brought me to this video. I was hoping to see an example of this installation method.
@nickfrezza2976
3 жыл бұрын
True! I was hoping for information...not fluff.
@ricardosalazar3518
Жыл бұрын
what happens when the batteries dies at device when it’s battery operated we are seeing that some we installed are automatically locking
Derek, so labor to install will be 3 guys in 2 Days for 16 units total labor $1,500.00?
@TheProptechScout
3 жыл бұрын
Take it as a guideline. Vendor pricing will vary depending on number of doors and site conditions. For example, our doors had to be drilled, but if we bought new doors with pre drilled holes, install would've been way quicker and cheaper.
@nupenupe1911
3 жыл бұрын
@@TheProptechScout what was the total project cost
I like latch at the apartment I had, the site doesn’t make it clear if you can use it for home use!
@TheProptechScout
2 жыл бұрын
They don't have a single family home version as of now.
Great
We are moving to a new building that will have this not sure how i feel about it yet cause can't these be hacked?
@TheProptechScout
2 жыл бұрын
It's probably harder to hack a smart lock than to pick a traditional lock... until quantum computers destroy all encryption-based security as we know it.
@Nishnigtoo
2 ай бұрын
@@TheProptechScout No, it's easier to hack a Latch. All you have to do is acquire the software/script needed. Especially if the management company did a poor job of configuring it during installation. In order to pick a lock the individual needs to actually develop the skills of lock picking on top of having the right picks. I've unlocked my neighbors Latch on accident, I've never accidentally unlocked the wrong door with a physical key.
Latch locks worst idea for a problem that doesn't exist. My building had these installed and every tenant hates for a variety of reasons. People get locked out of apartments, because they forget to take phones with them, when throwing out garbage. Management doesnt replace batteries when needed, and tenants get locked out.
Latch stock plummeted, I’m thinking about buying in.
@drewtomita1017
Жыл бұрын
how'd you do?
NYC & California? why pay so much in taxes
Wheels ae beyond ancient technology and we use them every day. The design of a basic hammer hasn't changed in millennia and we use those every single day. Sometimes the best technology is the simplest.
@ronniegoldman3995
20 күн бұрын
@@Nishnigtoo put toilet paper on list. If it ain't broke, don't fix it.
Latch lock system suck. They often break with to door remaining open. Bad for security.
Came for the Sam Smith song, this is much better!
Without an intercom system, latch sucks
Latch is garbage. After my apartment complex decided to use Latch a few years ago, I promise I will never live anywhere that has Latch branded locks ever again. In my entire life, I've had a physical key lock fail on me once. Ever. in over 40 years of unlocking doors. Every couple of months my front door decides it doesn't feel like unlocking (always when I have to pee) or it doesn't want to lock when I'm trying to leave and trust my front door to be locked. No explanation, no avenue for support or answers, just try it again and again until it finally decides to work. I've gotten really good at breaking into my apartment through the window, though.
@ronniegoldman3995
20 күн бұрын
Agreed, just horrible for several reasons
latch is defective...phone access quits periodically