Rental Property Investor · Columbus, OH · Member since 2015 · 120 posts · 99 votes
I am not trying to deal with a bunch of metal keys or 12pm lockouts. I AM trying to be a higher tech and automated property manager. Therefore, I plan to phase-in smart locks for all my units.
Question: Which smart locks would you recommend? I don’t want to have to rely on local internet connectivity. I do want to assign access codes to tenants and contractors.
Thanks BP!!
Real Estate Agent · DFW, TX · Member since 2016 · 44 posts · 24 votes
8y
i use erentallock.com on mine. they dont require wifi, or internet. they use mathematic algorithms to spit out a code based on the time of day and length of stay. theyre typically used for VRBO but i use them on my rentals. codes are good for 2 years max. At that point if the tenant is still there, you just reissue a code for them. They can change their 10 digit access code down to a 4 digit 'short code' with instructions provided. They are kinda pricey, but my rentals are all in houston, and im in DFW, and they dont get keys. I tell them to change the batteries when i send them the lease renewal or else theyll get locked out. seems to work well so far.
Investor · Philadelphia, PA · Member since 2014 · 133 posts · 49 votes
8y
This is probably more of a low-tech answer than what you're expecting, but I use these Smartkey door knobs and deadbolts for my rentals. They are easy to re-key (takes less than 30 seconds) if the tenant gets locked out or moves out.
Also, I have a lockout addendum in my lease, which is specifically signed by my tenants, that states that the tenant is required to have a locksmith open their door if they get locked out.
Specialist · Carrollton, TX · Member since 2016 · 145 posts · 100 votes
8y
@Harv Yergin IV My rentals are as high tech as they get ( video doorbells, smart thermostats, water leak detection etc.,) but smart locks weren't good ROI for me.
Real Estate Agent · DFW, TX · Member since 2016 · 44 posts · 24 votes
8y
i use erentallock.com on mine. they dont require wifi, or internet. they use mathematic algorithms to spit out a code based on the time of day and length of stay. theyre typically used for VRBO but i use them on my rentals. codes are good for 2 years max. At that point if the tenant is still there, you just reissue a code for them. They can change their 10 digit access code down to a 4 digit 'short code' with instructions provided. They are kinda pricey, but my rentals are all in houston, and im in DFW, and they dont get keys. I tell them to change the batteries when i send them the lease renewal or else theyll get locked out. seems to work well so far.
Lexington, KY · Member since 2018 · 169 posts · 77 votes
8y
If you don't want to deal with lockout simply replace the door knob with a latch that doesn't have a lock (just a doorknob) and keep the deadbolt the only lock with a key on the door. They would need the key to lock themselves out.
Specialist · Carrollton, TX · Member since 2016 · 145 posts · 100 votes
8y
@Hubert H Byron III There are 3 types of smart locks from the landlord perspective. Assume all of them have remote lock/unlock feature.
Type1: Keypad access w/ physical key backup
Type2: No keypad access(Bluetooth only) w/ physical key backup
Type3: Keypad and/or Bluetooth without physical key backup.
I would only use type 1 in my rentals as I don't want the tenant to be dependent on the phone having a charge to open the door. No one carries backup keys once they get used to the alternate way of the opening door.
I need to replace 2 locks per unit, front and back. That would cost at least 300. It might not sound like much but my entire smart home system as it is currently installed (video doorbell, smart thermostat, smart fire alarm, and 2 water leak sensors) is 300. I get extra rent of 25 for this system. I don't think my tenants will pay much more if I add smart locks to the package and double my cost. They are used to carrying keys anyway as they are all car-dependent commuters. There is also additional issue of someone watching the code when a door is being opened and they have the keys! Video doorbell mitigates this problem but that adds to amount to automation needed.
I am sure there are places smart-lock makes sense ex: city apartments and STR.
Rental Property Investor · Sunnyvale, CA · Member since 2018 · 17 posts · 1 vote
8y
@Krishna Chava, thanks for the thorough response. This is really helpful and makes sense based on how you describe your market characteristics. I've heard that if you change the lock over to the smart locks, you don't have to change locks when there is turn-over, just change the code and use the quick re-key system. If this is the case, based on how much it cost in the Bay Area to change locks using traditional/non-smart systems, that would be like $120-140/per door vs. a one-time install and then never really having to do it again. I was reading that the national avg for for apt turnover was something like 52% so if you had a 100 unit place, change doors would be about $6200/year vs. pretty much zero because re-keying doesn't require a locksmith.
For your smart home systems, are they wifi-based? I heard from one of my buddies who used to work for Analog Devices that there are new systems that use cell towers instead of wifi so work even if there is a power outage - that would've come in handy for me when the power went out for our whole block and no one realized it until the next morning.
Rental Property Investor · Columbus, OH · Member since 2015 · 120 posts · 99 votes
8y
@Krishna Chava thanks for the info. Do you mind sharing the name/brand of the system(s) you use for video doorbell, smart thermostat, smart fire alarm, and 2 water leak sensors?
Specialist · Carrollton, TX · Member since 2016 · 145 posts · 100 votes
8y
I will share some of the information in the public forum as well since several people showed interest. For a landlord, smart home tech is not attractive if it's a bunch of devices tenants uses and the landlord has to service them for a small extra rent. That's why we put in smart smoke/CO detectors, water leak sensors, smart thermostats and video doorbells in our units (connected by a hub). Each of these devices sends constant stream data. By curating this data, we can have peace of mind that a property is performing without having to do frequent walkthroughs. We can spend time visiting properties that seems to have flags, not visit all the properties.
Some of this can be done in a DIY fashion for someone inclined to try. Keep in mind that most smart home tech is not made for landlords, so you have to look at the usability of a device before you even look at features.
Rental Property Investor · Sunnyvale, CA · Member since 2018 · 17 posts · 1 vote
8y
@Krishna Chava, one thing you mentioned that is very interesting is the incremental increase to rents of $25 - are there other operational advantages to having this technology installed like any Op Ex savings or change in vacancy rates?
Specialist · Carrollton, TX · Member since 2016 · 145 posts · 100 votes
7y
@Hubert H Byron III I don't have enough data quantify OpEX savings (Know before AC breaks, etc) or lower vacancy rates. I believe there is an advantage and soon we will have data to prove it. Right now, getting stats about a property without visiting the properties saves time.