Are smart locks worth the investment?

When considering upgrades for your property—whether it's a vacation rental or a multifamily unit—smart locks offer a compelling combination of security, convenience, and cost-effectiveness. But are they worth the initial expense? Here, we break down the benefits and long-term savings of smart locks, backed by hard numbers and real-world scenarios.

Enhanced security: a key selling point

Traditional locks rely on physical keys, which can be lost, copied, or stolen. In fact, almost 7 million property crimes occur annually in the U.S., and 34% of these involve entry through a front door with a compromised lock or key. Smart locks mitigate these risks by replacing traditional keys with digital access, offering features like temporary codes, smartphone authentication, and activity tracking to keep your property secure.

Modern smart locks often integrate with access control software, enabling real-time monitoring and alerts. For multifamily property managers, this means knowing exactly who entered and when, without the logistical nightmare of managing physical keys.

Convenience that saves time

Imagine never having to fumble with keys in the dark or make an emergency call to a locksmith. Smart locks allow you to lock and unlock doors remotely, share temporary access codes, and even schedule automated locking. For vacation rental hosts, this translates to seamless guest check-ins — no more key exchanges or late-night lockouts.

According to one study, over 65% of vacation rental owners who adopted smart locks reported fewer operational headaches and more positive guest feedback. For multifamily properties, self-service move-ins enabled by smart locks can significantly improve resident satisfaction and retention rates.

Cost efficiency: a long-term advantage

While smart locks may seem expensive upfront, they pay off over time. Let’s break down the approximate costs:

ExpenseTraditional LocksSmart LocksInitial Cost per Unit$30-$50$150-$300+Rekeying (annual)$50 per event$0 Staff Time for Key Issues$20/hour$0 with remote management

For a property with 50 doors, switching to smart locks could save over $3,000 annually in rekeying costs alone. Factor in staff time saved by remote management, and the ROI becomes even clearer.

Durability and Maintenance

Today’s smart locks are built to last, with battery lives of 6-12 months and robust designs that withstand weather conditions. With features like low-battery notifications and remote diagnostics, maintaining a smart lock system requires less effort compared to the wear-and-tear issues of traditional locks.

Real-life success stories

RedPeak, a prominent apartment management company, enhanced its operations by integrating RemoteLock's universal access control system with Yardi Voyager. This integration automated access for residents, staff, and vendors, streamlining unit turnovers and reducing security risks associated with manual key management.

By deploying RemoteLock across 900 units in 15 buildings, RedPeak improved safety and operational efficiency. The centralized platform allowed over 60 employees to manage access remotely, saving time and resources previously spent on physical key handling. This technological advancement enabled the team to focus on delivering high-quality services, reinforcing RedPeak's commitment to excellence in property management.

Integration with smart ecosystems

Smart locks integrate seamlessly with property operations and property management software like RemoteLock, OwnerRez, ChargeAutomation, and many others. This integration allows managers to automate code creation, track access in real-time, and streamline operations. For vacation rental hosts, pairing smart locks with platforms like Airbnb enhances both security and guest experience, making it easier to stand out in a competitive market.

Addressing common concerns

• What if the battery dies? Most smart locks have backup options like physical keys or external battery packs. And with RemoteLock management, you’ll receive low battery warnings well in advance.
• Are they hackable? Leading smart locks use AES 128-bit encryption, the same standard as online banking, to protect against cyber threats.
• Is Wi-Fi required? Some models like Schlage Control work offline, using Bluetooth or Z-Wave technology, making them reliable even during internet outages.

Conclusion: worth every penny

Smart locks are not just an upgrade — they’re an investment in security, efficiency, and user experience. By reducing operational costs and enhancing convenience, they quickly pay for themselves. Whether you're managing a single vacation rental or a multifamily complex, smart locks deliver tangible benefits that make them a must-have for modern properties.

Take the first step toward smarter access control today. Explore our range of smart locks and integrations to find the perfect fit for your property.

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