Real estate investors can spend a lot of time in their cars. Whether it’s looking for deals, coordinating a rehab project, networking, meeting potential buyers or a host of other activities… investors can really rack up the miles.
The actual driving is not a very valuable activity. It’s the destination that matters. That’s why it’s important to minimize the driving time.
These days, there are a lot of technology choices to help you cut down on your drive time. From the basic GPS on your smartphone, to Google Maps, to MapQuest, there are several easy options to find your way.
Many of these applications have options to give you traffic reports and road construction. But they are generally not in real time or very accurate. That’s because they don’t have a real-time reporting function to provide up-to-the-minute coverage. There’s not a great single source for letting everyone know about road conditions and the best way to reroute your drive, should you need it.
Driving Socially
Instead of a single source, such as the local transportation department, what if we could receive real-time updates from other drivers?
As they are driving by the scene of an accident… or a water main break… or other hazardous conditions?
It would be like a social network for drivers. Well, there is such a thing.
It’s called Waze.
The company has been around for a while. They started in Israel and have expanded to the United States. In 2013, Google bought them for over a billion dollars because they are that popular.
Waze works on the same idea of other social media sites. Users can update local road conditions or receive messages about conditions coming up. Waze will then let you know the best way around the problem to arrive at your destination.
Users can also report speed traps to help you avoid a ticket.
Waze can customize the settings you would like to see with the information that works best for you. For instance, the fastest reroute may take you through all sorts of backstreets and turns.
You may want to opt for the shortest route distance-wise, instead.
Besides the shortest or fastest route, Waze can also display several other route options so you can pick what works best for you.
Waze has its own maps rather than relying on Google or MapQuest to provide the mapping data. Users can edit the maps to help others see the latest updates to road changes. As you edit more and more on the maps, your credibility as a trusted source for the edits improves.
If you work with other people in your real estate business who have Waze on their phones, the social aspect can improve even more. You will be able to receive updates through the Waze app on when other people will arrive to meet you. That way, you won’t have to wait for other people if they are running late.
Is it Safe to ‘Waze’ and Drive?
The Waze app has a power button that can be turned on and off. When the power is on, Waze is automatically uploading traffic info based on your location and speed as you drive.
You don’t have to do anything. This can be a bit of a battery drain on your phone (not to mention potential privacy issues), so they do give you an option to turn it off.
Waze has also made it easier to report traffic on the app without having to push buttons on the phone screen. There is a proximity sensor on your phone to determine if your face is close enough to the phone to make a call...
Waze has tied the app into this sensor. When you wave your hand over it, a voice prompt pops up and allows you to give speech updates into the app.
Some police and transportation departments around the country still caution about using your phone while driving. Of course we all want people to be safe out there, but lots of people use the GPS on their phone without consequence.
Both Apple and Android phones have apps for Waze. The app is free to all users. Waze makes its money by advertising local businesses to you as you drive with the app open.
It seems to be the experience of many users that Waze is a lot more useful in denser areas such as major cities, which makes sense. You don’t have a ton of traffic jams on backcountry roads. Sometimes the road construction can get to you everywhere, though.
To see more about what this app can do, here is a short video overview.
And to get more into the map editing features and social aspects of Waze, they have a whole YouTube channel on how to work with Waze. We suspect that most investors will just be interested in finding the fastest route to their destination. Even so, Waze can be a very useful tool to help make your real estate business more productive.
Worked with Waze?
Tell us about your pros and cons with Waze in the comments section below.
Cut Down on Low-Value Activities – Find ways to get activities that don’t make you money off your plate. Concentrate on the deal-making.
Help Others – Sharing traffic information is one way on Waze. But offering help or connections to others without any expectation of payback is a great thing to do. And what goes around, comes around.
Don’t Text and Drive – Navigating is important, but don’t get wrapped up in your phone.
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.