The Benefits Strategy Best of Smart Locks
By Operations Team. For more information, contact Robert Parmar
Physical keys and locks will become increasingly obsolete over the next few years with the growing prevalence of relatively affordable smart locks. A smart lock allows a resident to open their door with a PIN code or an application on their phone.
Smart locks allow residents to provide service providers easy remote access and are quickly becoming a preferred amenity with renters. We have seen various studies that suggest smart locks are one of the most desired technology amenities for today’s Renter.
We believe properties that implement smart locks will attract a greater volume and higher caliber of Tenant than ones that do not thus improving the overall rate of return by reducing vacancy loss and generating more income.
Our Strategy for Smart Locks
The benefits to property management and ownership seem significant. We believe a good strategy is to offer it as an optional amenity for an additional monthly charge. This allows you to monetize and track your return on investment in this technology as a separate income category. On-site staff values their convenience: smart locks enable them to conduct self-guided tours, eliminate the need for rekeying doors, and allow them to provide remote access to third-party vendors.
Some of the best brands and models we have researched for apartment properties are Schlage Encode Smart WiFi Deadbolt, Halo WiFi-Enabled Smart Door Lock, Schlage Connect Smart Deadbolt, and Lockly Secure Smart Locks. Important to note is no matter what type or brand you choose your smart lock will require a wireless connection such as WIFI or Bluetooth to work and the tenant must have a compatible smartphone.
Summerfield specializes in the management of apartment properties that are approximately 125 units or larger, and is licensed to manage in Washington, Oregon, Idaho, Florida, Georgia, & South Carolina.