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STR Keyless Entry Payback Calculator
Keyless entry eliminates key handoff cost, reduces lockouts, and improves guest reviews.
Payback (months)
1.1
Annual savings
$3,689
Annual opex
$96
How the math works
Savings = lockouts × cost + trips × cost. Net = savings − opex. Payback = capex / net × 12.
5 × $85 + 96 × $35 − $96 = $425 + $3,360 − $96 = $3,689/yr. $350 / $3,689 × 12 = 1.14 mo.
How to Use
- Enter capex per property.
- Enter monthly subscription.
- Enter lockout calls saved / yr.
- Enter avg lockout cost.
- Enter trip-saving from no key handoff / mo.
- Enter review uplift revenue / yr.
- Read payback months.
Frequently Asked Questions
Smart lock options?
Schlage Encode ($250-350): standalone WiFi, no hub. August Smart Lock Pro ($250-330): adds Bluetooth + WiFi via hub. Yale Assure SL ($300-450): premium build. Igloohome ($200-300): offline-capable, popular for STRs. RemoteLock ($200-450 + $5-15/mo): commercial-grade, integrates with PMS. Choose by: WiFi reliability, integration, codes per booking management.
Code management?
Static codes: simple but security risk. Dynamic codes per booking: most common. Auto-generate code 1 day before check-in, expire 1 day after. PMS integration (Hospitable, Smartbnb, RemoteLock): automated code creation + delivery. Codes via SMS + email + Airbnb message. Master code for owner. Cleaner code (always-active or scheduled). Emergency code.
Cost-benefit?
Capex: $200-450 per property installed. Subscription: $5-25/mo for cloud features. Avoided costs: $50-150 per lockout call (often 3-8/yr). Avoided trip charges to handoff keys: $50/trip × 50-150 trips/yr = $2,500-7,500. Reduced check-in friction → review uplift typically +0.1-0.3 stars worth $1-5k/yr revenue. Payback: 2-9 months typical.
Edge cases?
Power outage backup: most modern locks have battery + manual key override. WiFi outages: cellular backup or local Bluetooth. Lock not communicating with PMS: manual override. Battery life: 6-18 months typical. Replacement schedule: every 5-7 years. Smart lock failure rate: 2-5% per year requires replacement. Best practice: secondary backup access (lockbox + key) for emergencies.
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