As mobile phones became more and more popular, the watch industry started taking a bigger and bigger hit. Why wear a watch when you can just look at the time on your phone?
Now watches are making a comeback. Just as mobile phones turned into smartphones, watches are turning into ‘smart watches.’ Smart watch manufacturers are pushing the idea that watches can provide almost all the information you receive from a smartphone, much more conveniently.
Do you absolutely need a smart watch to run your real estate business?
No.
However, just like a lot of technology, you might find the convenience of a smart watch hard to resist.
What You Can and Cannot Do with a Smart Watch
Smart watches operate in a very similar manner to smartphones. They have an on-screen display that is customizable.
Just like a smartphone, you can also:
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Download a ton of apps
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Set notifications for emails, texts and incoming phone calls
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Receive turn-by-turn directions through its GPS
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Send and receive emails and texts
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Pay for stuff at checkout counters by just swiping your watch
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Track your fitness efforts, which includes a heart rate monitor
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And yes (believe it or not), tell time with the device
The restriction on smart watches is that they pull their information from your phone through a Bluetooth signal. That means your phone has to be in Bluetooth range of your phone.
Many smart watch companies are working to fix that restriction, and one has already come out with a watch that has a built-in cellular connection: The LG Urbane Watch 2nd Edition.
Besides having a name only an engineer could love, the LG watch really works well away from your phone if your phone is on a Wi-Fi connection, regardless of its location. If it’s not on Wi-Fi, the watch will not function nearly as well. But at least it’s trending in the right direction.
Here’s a video review of the watch that explains how it works and the data pricing plan you have to sign up for to have this cellular connection.
The other smart watches such as the Apple Watch, Android Watches and watches like the Pebble, all use the Bluetooth system from your smartphone. Although it means you have to have your smartphone with you when you want to use the watch, you won’t have to pay for extra data on the cell network.
Convenience Factor
The major reason people like smart watches is the convenience.
When you receive an alert such as a new text or email, it is a whole lot easier to simply turn your wrist to see who it is than to reach for your phone. This is especially true when you’re talking to other people.
Smart watches are also more convenient when driving.
You can easily (and safely!) ask for directions, tell the watch to ‘phone a friend’ or dictate an email or text to someone. Once again, doing all these actions just requires a turn of the wrist, rather than digging out your phone and taking your eyes off the road.
Whether the convenience of looking on your wrist versus pulling out your phone is worth $100 - $3,250 is up to you. As with most technology, the prices and capabilities of these watches will go in favorable directions as time goes on.
The other question to ask is how smart watches will affect your ‘cool factor.’
Sure, it’s okay to ask your watch for directions when you’re all alone and looking for wholesale properties... it’s another to be in a crowded place talking to your wrist making a phone call.
Maybe Dick Tracy could make it look cool, but not so much for the rest of us?
Speak Up
Have smart watches helped you in your business and personal life? Let us know in the comments below.
Determine if it’s Cool or Necessary (or Both) – Technology is great, but it can be costly and distracting. Only you can determine if it’s worthwhile for you.
Actively Listen – Motivated sellers and buyers will offer clues to you on how to sell them your services. Listen to what they have to say. Don’t be looking at your technology while they are talking!
Buy Wholesale – Just like you do with real estate, do the same with other stuff, especially technology. See what other sellers have on Amazon, Craigslist and eBay.
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.