Pros and Cons: Keyless Entry and Smart Locks for Rental Properties | Think Realty | A Real Estate of Mind
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Pros and Cons: Keyless Entry and Smart Locks for Rental Properties

When it comes to your rental property, there are a lot of decisions that need to be made to make the home as appealing as possible to potential residents. One of the most important decisions is whether or not to install keyless entry or smart locks on the doors. There are pros and cons to both options, and it can be difficult to decide which one is best for your situation. Here’s what you should consider.

 

What are keyless entry, or smart locks?

Smart locks are electronic and eliminate the use of traditional metal keys. Instead, they can be opened using a code, keycard, smartphone, or fingerprint. They are often used in rental properties to give residents convenient access to their unit. Smart locks offer several advantages over traditional locks, including increased security and convenience. Additionally, they can be integrated with other smart home devices, such as security cameras and doorbells. As the market for smart home technology continues to grow, smart locks will become more popular.

 

Advantages of installing smart locks

Smart locks offer several advantages making them an ideal choice for rental property owners. They provide a higher level of security. Smart locks use encryption to protect against picking and other forms of tampering, and they can also be equipped with features like biometric authentication. This makes it much harder for intruders to break in, giving you peace of mind. In addition, smart locks are more convenient than traditional locks. You or your resident can use your smartphone to unlock the door remotely or give temporary access to guests without having to make copies of keys. It also saves on the expense of rekeying a property when a resident moves out, since you can change entry codes yourself.  You save time and stress, especially if you have a lot of turnover at your rental property.

 

Downsides of installing smart locks

While smart locks have a lot of upsides, there are also some potential downsides to consider if you’re a rental property owner. One of the benefits of smart locks is that they can be controlled remotely, which gives you the flexibility to let people in and out as needed. Additionally, smart locks require batteries, which means that there’s a potential for them to die at inopportune times. Finally, smart locks are more expensive than traditional locks, so you’ll need to weigh the pros and cons carefully before deciding and model out the cost of adding them taking into consideration the expense of rekeying a property for a new resident.

 

What about video doorbells?

One of the biggest advantages of video doorbells is crime deterrence. Criminals are less likely to target a property that has a video doorbell, knowing that their actions will be caught on camera. This provides peace of mind for both you and your residents. Video doorbells can also be used to screen visitors and package deliveries. If you’re not home, you can still see who is at the door and decide whether to allow them access.

Downsides to consider include expense. Video doorbells require an ongoing subscription to keep recording. This increases monthly expenses, so weigh the cost against potential benefits. Video doorbells can be tricky to install, so you’ll need to pay for professional installation or be comfortable with do-it-yourself projects. The equipment itself can be expensive, so do the math to determine if it’s worth the investment.

Smart locks and video doorbells offer several advantages for rental property owners. They can help to improve security and convenience, while also deterring crime. However, it’s important to weigh the pros and cons carefully before deciding. If you’re not quite sure whether keyless entry, smart locks, or camera doorbells are right for your rental property, consider hiring a rental property expert like Real Property Management. Our local property management professionals can help you make smart decisions about your investment property, not to mention optimize your rental income. Contact your local Real Property Management office today to learn more.