HeyBryan Disrupting Service Installers as Smart Homes Industry Reaches $53 Billion

March 19, 2020 - Baystreet.ca


Smart home technology, which allows for remote control and monitoring of connected home devices through applications, has taken off in recent years, generating substantial tailwinds to keep it going for years to come. Homeowners can now change climate, lighting, entertainment, security, appliances and much more in their house with the tap of a smart device.

Thing is, proper installation and coordination with other smart devices in the home isn’t always the most user-friendly proposal.

Vancouver-based HeyBryan recognizes this and has stepped to the plate, adding smart home installation and repairs to the services on its HeyBryan app. Launched in 2019, the app up until Tuesday has been focused on more traditional household tasks, such as handyman services, furniture assembly, plumbing, electric, yard maintenance, cleaning, painting, etc.

Nest, Ring and Sonos Emblematic of Smart Home Value

HeyBryan, the peer-to-peer app named after Canadian HGTV contractor star Bryan Baeumler that connects vetted “Experts” to consumers, is affixing its position in a smart home industry estimated by Zion Market Research to grow from $24.1 billion in 2016 to $53.5 billion by 2022.

Brands like Nest (acquired by Google (NASDAQ: GOOGL) for $3.2 billion in 2014), Sonos (NASDAQ: SONO, $1.5 billion valuation at IPO in August 2018) and Ring (acquired by Amazon (NASDAQ: AMZN) in 2018 for $1.0 billion) have become household names in the smart home market. These companies all demonstrate the value and advantages of early movers in the industry.

Technology is great, but it is by no means perfect. For consumers, there is absolutely nothing more frustrating than purchasing a new device (e.g. a smart thermostat) that is supposed to make life more convenient and not knowing how to install it properly. Homeowners can turn to services such as Best Buy’s (NASDAQ: BBY) Geek Squad, but that means either paying a higher install fee or an annual subscription (and then smaller one-off fees for in-home work).

Inexperience hearkens many daunting questions, such as: Is my HVAC system compatible with the smart thermostat? How do I get low voltage to my smart doorbell? Can I tie new speakers in with existing ones? How will I know if my new product is defective out of the box?

The HeyBryan app will makes the installation and repair processes more efficient and much simpler by presenting consumers choices of seasoned contractors interested in providing the service at a fair price.

Solving Problems, Creating Jobs

HeyBryan CEO Lance Montgomery founded the company after realizing that there was no simple process to locate and feel comfortable with a repairman for an appliance in his own house. HeyBryan conducts thorough background checks before designating “Expert” status and allowing a contractor into its program, giving its users peace of mind.

As it expands into the smart home market, the company is actively recruiting and vetting potential Experts for install and service of smart technology such as doorbells, locks, lighting, security cameras, thermostats, plugs and switches.

“While some [smart home devices] are fairly straightforward and are essentially ‘plug and play’ items, many do need professional installation to ensure that they are configured correctly and work properly and safely,” said Montgomery in a news release.

Montgomery is savvy enough to recognize a growing workforce being available as a result of a changing household dynamic. The legacy television industry is collapsing as cord-cutters increasingly select alternatives. Traditional home security systems have felt the pain of less-expensive, IoT (Internet of Things) options. According to the HeyBryan chief executive, smart home technology putting pressure on conventional services “has left an incredibly talented group of individuals who can transition their skills to the smart home industry.”

Embracing the role in the space and what it means for jobs, Montgomery added, “We are excited to be a part of enabling that transition.”

These workers are part of what has colloquially become known as the “gig” economy, where individual workers are paid per task, rather than an hourly wage. Companies like Uber (NYSE: UBER), Amazon Flex and Fiverr International (NYSE: FVRR) are some of the companies at the forefront of the movement, which HeyBryan can call itself a part of as well, although much smaller in scale and market capitalization.

Legal Disclaimer/Disclosure: While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our article is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. Furthermore, it is certainly possible for errors or omissions to take place regarding the profiled company, in communications, writing and/or editing. Nothing in this publication should be considered as personalized financial advice. We are not licensed under any securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this article is not provided to any individual with a view toward their individual circumstances. Baystreet.ca has been paid a fee of forty six thousand dollars for HeyBryan Media Inc. advertising from the company. There may be 3rd parties who may have shares of HeyBryan Media Inc. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this article as the basis for any investment decision. The owner/operator of Baystreet.ca holds shares of HeyBryan Media Inc. and does not intend on selling any shares within 72 hours of this updated publication date after such point we reserve the right to buy and sell shares in the open market, no further notice will be given. By reading this communication, you agree to the terms of this disclaimer, including, but not limited to: releasing Baystreet.ca, its affiliates, assigns and successors from any and all liability, damages, and injury from the information contained in this communication. You further warrant that you are solely responsible for any financial outcome that may come from your investment decisions.