ARE SMART LOCKS A SMART CHOICE FOR MY RENTAL PROPERTIES?
We live in a time when everyone is connected via one smart device or another. We have smartphones, smart cars, smart TVs, and even smart houses, all of which are designed to make our lives easier. It stands to reason, then, that smart locks can do the same thing. But, are they a smart choice for rental properties? Let’s find out.
THE BENEFITS OF SMART LOCKS FOR LANDLORDS AND PROPERTY MANAGERS
The benefits of smart locks on rental properties go beyond just making life easier and more secure for you and your tenants. Smart locks give you total control over the comings and goings of the property.
For example, if there’s a faulty appliance in one of the units that needs your attention, the tenant doesn’t even have to be home in order for you to enter and make the repairs. Another benefit of having smart locks is that you can get text alerts with timestamps of the people entering and exiting the property, giving you complete visibility and knowledge of what’s happening when you’re not around.
Finally, when a tenant moves out, rather than having to replace the locks as you used to have to do, you can simply re-program the smart locks before the next tenant moves in. This, in and of itself, is a huge time and money saver.
MORE BENEFITS OF SMART LOCKS ON YOUR RENTAL PROPERTIES
If you install smart locks on your rental properties, you may be able to charge higher rent, especially if you have other smart devices installed that work with them. Tenants don’t mind paying more if they can control their apartment’s features from their phones. Things like thermostat control, lighting control, and lock control are tech features that many people enjoy and are willing to pay more for.
Almost every landlord has dealt with a problematic tenant, but with smart locks, you can keep an audit trail of things like maintenance visits. Should a tenant claim you didn’t tend to his maintenance request, you can track vendor visits and have fact-based proof that you did.
Today’s younger generation dominates the renter’s market and technology is an integral part of their lives. In the years to come, it’s likely the younger generations will be even thirstier for advanced technology, so you can’t go wrong with installing smart locks on your rental properties.
While the initial cost of installation may be high, the added security and your ability to charge more for rent are worth the expense.