If you’re debating your next home upgrade, you may want to contemplate the benefits of swapping your traditional lock and key for a smart one. When many landlords think of renovating their rental, they typically focus on aesthetics like repainting your home. Security is a major consideration for most tenants, and savvy landlords know that prioritizing safety upgrades can put them ahead of the competition. We’ve put together this article to help you decide if smart locks are truly worth the investment for your rental property, without their drawbacks.
Key Safety Features of Smart Locks
Keyless Entry
One of the most prominent features of smart locks is that they offer occupants keyless entry. Your tenants will never have to bother digging through their bags or getting locked out, when they can simply input the authorized code. Some smart lock systems even support biometric entry using fingerprint or facial recognition technology. Besides, the lack of a physical key also gives you the ability to digitally change codes between tenants with ease. That means there’s no need to call a blacksmith to change your locks just because a renter is moving out and you’re worried they might have made copies.
Remote Access
Another high-tech safety feature of smart locks is that they often come with remote access. That means you can let a guest, prospective tenant, or workman into the house without being physically present. Since many smart lock companies come with apps, you can also monitor the entry and exit of people with your smartphone. For tech-savvy renters, remote access is also a major plus, so invest in your home security system to attract long-term tenants.
Added Convenience
Synchronize your smart locks with other smart home devices to improve your tenants’ comfort and convenience. For example, you can link your smart lock with your home’s lights and set them to come on when the door is unlocked. You can also set the property to auto-lock after a certain period when guests leave the premises, so the property is secure. Buying a smart lock can make your check-in and check-out process a lot simpler by eliminating the need for a physical key exchange.
Potential Security Concerns with Smart Locks
Risks of Hacking
Hire a rental manager in Northern Virginia to discuss privacy concerns from tenants. After all, internet-connected devices all come with the risk of being hacked, no matter how small. For instance, if someone gains access to your Wi-Fi network, they could change the password and lock you out, or monitor who comes and goes with a linked camera. While security companies often have strong encryption in place to prevent such scenarios, it would still be worthwhile to ask them about their control measures and keep your software updated.
Lock Out Risks
Despite the convenience of keyless entry, smart locks still come with the risk of being locked out of the house. Most smart locks are powered by batteries, so if you forget to change the batteries when they’re low, your tenants could be stuck outside till there’s a replacement. Technical glitches from the company’s end could also cause malfunctions that prevent entry due to an unresponsive lock. However, most smart locks still work with a traditional key, so you can use that as a backup.
Privacy Concerns for Tenants
Installing a smart lock often means consenting to sharing personal information with the service providers. Most smart locks collect information about entry and exit times, and could potentially sync that with data from video doorbells and other smart devices in your home. Since you can rarely opt out of the data sharing option, smart locks may be a major privacy concern for some tenants.
Are Smart Locks Worth It for Rentals?
No one answer fits all when it comes to deciding if smart locks are worth it for your rental. Ideally, your decision should depend on factors like your budget and the type of tenant you’re looking to attract. Short-term guests and younger tech-savvy renters would appreciate the added convenience of such a modern upgrade. It could even increase tenant satisfaction in the long run, increasing your occupancy rates and profit margin. On the other side, older tenants or those with major privacy concerns may not enjoy the switch, especially if your security system is prone to frequent glitches. Thus, it’s essential to consider these factors before upgrading.
Conclusion
Modernize your rental by opting for a smart lock that offers guests the ease of keyless entry. Besides needing only a code, most of them come with apps that grant users remote access, giving you more control wherever you are. On the other side, there’s a slim chance your renters could get locked out by a hacker or technical glitch. Some tenants also have privacy concerns regarding smart home technologies. As a result, you need to weigh the pros and cons carefully before making the switch.
