Unlocking Wealth: How Smart Locks Could Be Your Unexpected Financial Guardian When Crisis Hits

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You ran the numbers. You raised the rent. Not only that, but you upgraded the unit. But you forgot one thing: security.

Now your cap rate is bleeding from a $30 lock you haven’t thought twice about since the tenant moved in.

The Cost of Poor Access Control

On paper, the numbers looked great: cash flow, capex, projected ROI. But when access control is overlooked, hidden costs start to creep in—and they hit harder than most landlords expect.

That’s when things get expensive.

Lost rent during evictions

If a former tenant hands off their key to someone else, or you forget to rekey between leases, you may unknowingly allow someone to stay in the unit without a lease or legal right.

At that point, you can’t just knock on the door and ask them to leave—you’re dealing with a full eviction process. That means court filings, legal fees, sheriff scheduling, and weeks or even months of unpaid rent. And since the person occupying the unit may not be who was screened or approved, you’re facing increased risk across the board.

Property damage

Unauthorized occupants often treat your property with far less care than someone who was properly vetted. You might walk into a unit post-move-out and find damaged floors, holes in drywall, broken appliances, or worse. 

If access wasn’t properly controlled and the lock was never changed, you could also be on the hook for break-ins—and insurance companies aren’t always quick to reimburse when the issue stems from negligent security. 

What seems like a small oversight can quickly lead to a full-blown rehab that eats away at your annual returns.

Tenant complaints and liability

Tenants expect their home to be private and secure. When contractors or vendors show up unannounced, or if a tenant believes someone entered their unit without permission, it can spark complaints or, worse, legal action. 

And if you don’t have any kind of audit trail or digital access log to back you up, it’s your word against theirs. That kind of uncertainty opens the door to liability, damages, and a tarnished reputation.

Limited visibility and control over access

Traditional keys offer zero visibility. You have no idea how many copies exist or who might be using them. 

With smart locks like the Schlage XE360, you gain precise control. You can grant one-time or time-limited access to vendors, cleaners, or team members and see exactly when they enter and exit. That level of oversight reduces liability and improves accountability. No more worrying if someone left a door unlocked or returned after hours. You stay in control, no matter where you are.

Inefficiency during turnovers

Every day a unit sits vacant is a day of lost revenue. Waiting on a locksmith to rekey a unit adds unnecessary delays—especially when turnovers are already time-sensitive. If a vendor can’t access the property because they’re waiting on a key, your make-ready timeline slips. Compound that across several properties, and your vacancy losses start to snowball. 

Smart access allows you to streamline the process by resetting access remotely, coordinating vendor entry more efficiently, and getting your unit rent-ready faster.

These aren’t just minor inconveniences: They’re silent profit leaks.

Security might not be the first thing you think about when analyzing a deal—but if you get it wrong, it’s the very thing that can quietly eat away at your margins, create unnecessary legal risk, and undermine the trust you’ve built with your tenants. Prioritizing access control isn’t just a defensive move—it’s a smart, scalable system that protects everything you’re working to build. It can even add to your property’s value!

Lost Keys = Lost Control

It’s easy to underestimate how much damage a single bad actor can do, especially when the door is wide open for them. Whether it’s a key that’s never returned or a mechanical lock that hasn’t been updated in years, you’re rolling the dice with every turnover. What’s worse is not having any record of who accessed the property and when.

With today’s smart access systems, you can finally take back control.

Why Smart Landlords Are Upgrading Their Locks

A modern portfolio needs modern protection—especially if you’re self-managing small multifamily or light commercial properties. Wireless commercial-grade smart locks with cloud-based access control are no longer reserved for high-rise buildings or corporate portfolios. They’re affordable, scalable, and built with independent landlords in mind.

With solutions like Schlage’s keyless locks and Zentra’s cloud-based access management solution, landlords gain a higher level of control, visibility, and flexibility across their rental portfolio. You can remotely rekey locks between tenants in seconds—no need to schedule a locksmith or worry about physical keys changing hands. Every access event is tracked with detailed audit trails, so you’ll know exactly when a door was opened and by whom.

This kind of transparency not only improves security—it also protects you in the event of tenant disputes or liability claims. You can issue one-time or time-restricted access to contractors, cleaners, or maintenance workers, ensuring they can only enter when permitted—and you’ll be able to monitor when they arrive and when they leave. And because everything is managed digitally, you can instantly revoke access if needed, without driving to the property or replacing locks.

It’s not just about keeping bad actors out—it’s about building a smarter, more secure operation that protects your tenants, your team, and your bottom line.

Security Is an Investment, Not an Expense

The irony is that the landlords who say they can’t afford to upgrade their locks are often the ones who pay for it in far more painful ways—through denied insurance claims, tenant disputes, extended vacancies, or legal trouble. A $300 smart lock might feel like an unnecessary expense when you’re focused on cutting costs, but that perspective shifts fast when you’re staring down $3,000 in damage from an unauthorized occupant or weeks of lost rent due to delayed rekeying.

When security is treated as an afterthought, small oversights snowball into expensive problems. But smart access control gives you the tools to prevent issues before they start. You set clear boundaries, control who enters and when, and gain proof to back you up if something goes wrong. It keeps honest people honest, helps prevent the wrong people from slipping through the cracks, and ultimately protects the cash flow your entire investment strategy depends on. 

Because the cost of prevention is always less than the cost of fixing what went wrong, smart locks aren’t a luxury, they’re a line item in protecting your ROI.

Protect your properties before the next turnover

Take control of your property with Schlage’s smart, secure access control solutions that were built for multifamily properties, their owners, and their residents – and protect your bottom line and investment.