One of the hot items in the real estate investment industry is what type of locks to use on your property. As technology gets more sophisticated, the number of locks available continues to increase. At the forefront of every property manager’s mind is security – for both the tenants that are inside and the owners of the property if it is vacant. Below, we will talk about two of the most common locks and one that is making its way onto shelves around the country.
First, you have your traditional lock, which operates with a key. This is the tried and true most reliable way to secure a home and it will typically last forever if not abused. There is no arguing that this is the most common way investment properties are secured today. The downfall of the traditional lock is that tenants often lose or replicate keys without notifying the owner or property manager. This allows keys to sometimes get into the wrong hands. So, if you use the traditional lock, which most of us do, we recommend you have a locksmith rekey before a new tenant arrives.
Another lock that is gaining popularity in investment properties is the pushbutton or keypad lock. Once affixed to the door, it allows your tenants to gain entry into the home using a keypad rather than a traditional key. The keypad code can be changed as needed, saving money from rekey fees. Further, the keypad lock is difficult to break. The downfall of this lock is that an experienced “cracker” can crack the code. So, think about this option for your residential property. In the long run, it may be a money saver.
The last lock and newest to the market is the fingerprint lock. As the name suggests, this lock allows your tenants to gain access to the property using their fingerprint. And, since no two fingerprints are alike, this is an extremely safe way to go. In this scenario, there aren’t keys to replicate, there aren’t keypads to be cracked, and there aren’t locksmiths to help. The downfall of this lock is the cost of the lock and the possibility of technological failure. However, one expert said that if you have a home full of valuables, this could be a great way to secure the property.
So, when it comes to locking your property, pick the lock that fits your needs best. Like locks, property management companies differ too. To learn more about Real Property Management of the Rockies and our property management services, please contact us today. We would be honored to serve your property management needs in Fort Collins, Loveland, Wellington, Windsor, Timnath, Greeley, and the surrounding areas.