Real estate companies new target markets for smart locks

Smart lock company Latch is focusing on real estate developers instead of selling to consumers.

January 26, 2017

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Smart lock company Latch is focusing on real estate developers instead of selling to consumers.

The Latch smart lock can be used by landlords to manage and monitor access to apartments.
Image Source: Latch

Smart locks were one of the earlier smart home products to appear on the market. The utility of a smart lock made sense to many consumers. They could do things like monitor who entered the home and change combinations remotely from a smartphone app. Now some companies are starting to look beyond selling to consumers. Apartment complexes are a big opportunity for certain kinds of smart home devices, locks included. That's why one company, Latch, is promoting its $399 smart lock to real estate developers. The lock first launched a year ago and is now available to any enterprise customers. The price includes two years of service. Latch isn't being sold directly to consumers yet.

For apartment complexes built by companies, as is common in the US, rules often prohibit tenants from replacing the locks. The Latch lock is a way for landlords to maintain and control access to an apartment and monitor activity. This can save on costs in the long run by making it easier to remove access when a tenant leaves. It also allows companies to keep their facilities modern by introducing certain smart home elements.

Latch is already being adopted in New York City. The CEO of Corgin, a real estate company using the locks, told Digital Trends that it expects to expand its usage of the locks because "they offer technological ease, digital access and building security."

For now, Latch has no plans to sell their locks to consumers through retail outlets. The website suggests that this is coming in the future and allows people to sign up to be notified when the lock is being sold to individuals. Selling to businesses seems to be lucrative enough for Latch right now, though.



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