Want a way to entice prospective tenants to your properties? Consider incorporating smart locks for your apartments. Smart home technology, like smart locks, is a great way to differentiate your properties from other competitors and something most tenants could appreciate.
No matter the type of property you own, smart locks could be a great investment. But before you make the decision, learn the pros and cons of smart locks for apartments.
What are Smart Locks?
The last thing you want as a landlord is that dreaded 3 a.m. phone call from a tenant who misplaced their keys and is unable to enter their apartment. With smart locks, you can make those late-night calls a thing of the past, as tenants no longer have to worry about carrying keys around.
Smart locks are a broad term to describe any locking mechanism that’s connected to the Internet. They allow tenants and landlords alike to enter the property via a keypad or smartphone app. There is also a wide range of smart locks available on the market, so you can find one that fits your needs and budget.
Single-Family vs. Multifamily vs. Rental Properties
Landlords can use smart locks for a variety of different applications. For starters, single-family homes can get smart locks with a single access code. Residents can even create temporary access codes that they can share with guests, so they can enter the property. However, it’s important to emphasize being cautious about sharing access codes (even temporary ones) with individuals who don’t live at the property.
If you own a multi-family home or apartment complex, you can create unique access codes for each unit, so tenants never have to worry about others having the same access code as them. Smart locks are also great for vacation properties or short-term rentals because you can create temporary access codes that expire after a certain amount of time.
Remote Access for Contractors
Another useful feature is you can unlock properties remotely to allow access for plumbers, contractors, delivery drivers, etc. You can even pair your smart locks with a smart doorbell to confirm whenever these individuals arrive and leave the property.
NOTE: Being able to remotely lock and unlock properties might be something prospective tenants aren’t comfortable with. The best thing to do is to mention this feature to them while viewing the property and also include it in the lease agreement before they formally sign.
Smart locks can also assist with showings of available units, which can result in quicker occupancy. Potential residents can view properties at their convenience using a temporary access code that gives them an appointment at a time that fits their schedule. It also helps property owners who work other jobs who may not be able to make the viewing during the workday.
Not only do smart locks simply scheduling, but you’ll also gain insights such as which units the prospect is interested in, which units they viewed, how long they were in each unit, and other beneficial data. This valuable information can provide relevant touchpoints for the property manager during follow up.
As with any piece of technology, there are some safety concerns attached to smart locks. Because smart locks are connected to the Internet, there is a slight chance a would-be burglar could hack them to enter the property. However, it’s more likely that they would enter by brute force or another entrance, say a window.
The bigger safety concern is sharing access codes. If an access code were the end up in the wrong hands, that person could infiltrate your property without sounding an alarm or raising any suspicion. That scenario puts both your property and the tenant in danger.
The best thing to do is to make sure the tenant understands the dangers of sharing the access code. You could even put a clause in the lease that indicates that only individuals living in the unit are allowed the access code, or they could be subject to a fine or eviction.
Smart locks are not a one-size-fits-all type of security solution for property managers and landlords. To learn more about smart locks for apartments or any one of our other security solutions, talk to an expert at Calgary Equity Security today.