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Invest in Grenada’s local economy to become a citizen of the world

Sam Allcock
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Invest in Grenada’s local economy to become a citizen of the world

For some entrepreneurs and high-net-worth individuals, the citizenship with which they were born somewhat restricts their ability to do business or invest globally. As a consequence, the last three decades have seen a growth in savvy high net worth individuals seeking alternative residence and citizenship options.

Far removed from traditional ideas of residency and immigration, the era of globalisation has created a new class of ‘citizen.’ Economic citizenship, otherwise called citizenship by investment, is an immigrant investment opportunity. Through economic citizenship programmes, an individual is granted citizenship after completing the legal process of naturalisation and having made a financial investment in a country’s economy.

While economic citizenship programmes (or ECPs) exist in countries all around the world, they are very popular in the island nations of the Caribbean, where citizenship comes with a range of benefits including increased international mobility.

 

Grenada Welcomes Investment in its Emerging Economy

In recent years, Grenada has been making conscious efforts to encourage national economic growth by way of its economic citizenship programme. The Government intends to secure a stable economic future using such investments to support the financing of growing sectors, such as tourism and construction as well as smart energy solutions.

One way this is made possible is through the island’s National Transformation Fund (NTF). The Government makes use of money from the NTF to transform the local economy. A donation to the NTF is one of two paths to Grenadian economic citizenship, and gives investors a true sense of having contributed to their new nation’s wellbeing.

Across the country, there’s also a tangible commitment to make Grenada an international business and investment hub, with non-restrictive trade. Economic citizenship-funded initiatives are in the rare position of being able to operate debt-free going forward, which is a major economic sustainability factor.

Economic citizenship is a valuable source of foreign direct investment. In St Kitts and Nevis, for example, the citizenship programme was projected to generate roughly EC$200 million Eastern Caribbean dollars in 2015, which equates to nearly a third of the Government’s revenue.

 

The Island’s Real Estate is Fertile Ground for Investment 

Alternative routes to economic citizenship in Grenada include making an investment towards one of the island’s many approved real estate projects, including hotels, villas, and resorts. Investment in tourist infrastructure is incredibly popular, owing to the exponential growth of Grenada’s tourism industry in recent years. 

Private investors are able to purchase real estate at such developments as the Point at Petite Calivigny, a boutique residential development on the island’s blissful southern coast, and the Mount Cinnamon luxury resort and beach club.

As Grenada’s tourism sector expands, so do the number of approved real estate development proposals, including, for example, the Kimpton Kwana Bay resort, a new 146-key resort that is expected to open in early 2019.

The economic citizenship programme is expected to continue to bring a considerable number of new real estate-based projects to Grenada, with a strong positive impact on the Grenadian economy and other positive spinoffs.

This makes for particularly fertile ground for both budding and seasoned entrepreneurs in Grenada, and widens their scope to do business internationally. It’s no wonder the past few years have seen a fast-growing economy that today draws high-net-worth investors from around the globe.

The Trump and Brexit Effect Upon Global Foreign Exchange Markets

Sam Allcock
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0
The Trump and Brexit Effect Upon Global Foreign Exchange Markets

In terms of politics, it appears as if we have entered into a brave new world. The events which have taken place during the past 12 months solidify the fact that business as usual is no longer an applicable term. Two shining (and somewhat disconcerting) examples include the actions of the Trump administration and the inevitable Brexit from the European Union.

What have we learned so far in regards to how these situations have impacted the global foreign exchange market? This is an important question, for the actions of today will have an undeniable impact upon the investor sentiment of tomorrow.

The Brexit Conundrum: For Better or for Worse? 

Although investors have been aware of the Brexit for some time, the activation of Article 50 cemented the fact that there is now no turning back. Politics within the United Kingdom have become strained and the calling for a snap election by Prime Minister May has certainly not helped to placate speculation.

The main issue here is that the markets are still concerned about the value of the pound in relation to other benchmark currencies such as the euro and the dollar. Indeed, this is no surprise and major institutions such as Deutsche Bank are predicting that a parity will eventually be reached. Although this may seem damning from a domestic point of view, we need to look at such a movement from a broader perspective.

Should the pound continue to fall, exports will naturally rise and this could actually benefit the United Kingdom. From a Forex perspective, many investors will be looking to take advantage of short-term movements that may be generated by this approach towards parity. Either way, it is a foregone conclusion that the pound will remain in the doldrums for some time.

The Trump Effect 

Many have referred to Trump as the “elephant in the room” in regards to currency trading, and for good reason. Very few analysts are willing to speculate on what his next move may be and as he has already negated some of his campaign promises, we are beginning to wonder how far he is willing to take his “America First” slogan.

Still, it is critical to point out that Trump alone cannot decide upon fiscal policy and the United States Federal Reserve is well aware of this fact. The main takeaway point here is that uncertainty continues to dominate the global foreign exchange markets. This has caused many investors (particularly those who are politically opposed to Trump) to take a back seat for the time being. On the contrary, many international Forex traders are looking at the bigger picture and realising that there are plenty of opportunities to capitalise upon the movements of the dollar in relation to the pound.

This is particularly relevant due to the fact that the gap between these two currencies is narrowing to a nearly unprecedented level.

Different Trading Strategies 

If there is one observation that analysts can agree upon, it is that traders are taking a much more risk-averse approach. They are now looking to supplicate one-off positions for more conservative stances. Investors are learning about spread betting and similar strategies in order to minimise potential losses while still remaining active within a liquid marketplace.

We can see that there are a number of variables that Forex investors are watching closely. What is arguably the most interesting takeaway point is that we have entered into entirely new territory and we are simply unsure of what may be looming around the next corner. It is likely that the global foreign exchange markets will reflect this fact for some time.

Little-known ways to save money on insurance for listed property

Sam Allcock
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0
Little-known ways to save money on insurance for listed property

A building doesn’t have to be a national landmark to achieve listed status. As more and more people are discovering, investment in listed buildings can be rewarding, whether you take up residence there yourself, or rent it out to others.

Perhaps surprisingly, the exact number of listed buildings in the UK is unknown. Historic England estimates there are around 500,000 in the country, but that doesn’t cover the many listed properties of Scotland, Wales and Northern Ireland. However many there are, one this is for certain—they can be very expensive to insure. But they don’t have to be: here are several ways to reduce the cost of your listed property insurance.

 

  1. Get specialist advice 

Some properties, such as those with historic significance or rare architecture, do not qualify for standard insurance. These listed buildings require highly specialist maintenance services and insurance cover. Many details of listed property construction, from the artisan design features to the unusual construction techniques and materials, make the buildings more vulnerable to damage and much more expensive to repair.

For these reasons, listed property owners must seek specialist advice on insuring their building to protect themselves from huge, and sometimes unexpected, maintenance and repair bills.

One of the most important factors, as highlighted by The Listed Property Owners Club, is calculating the correct cost of rebuilding your home. This is the cost against which your home is insured, so an accurate valuation will prevent you overpaying—or worse, underpaying and being left to face a huge construction bill. It’s also important to recalculate your rebuild cost with every listed building insurance renewal. Over time, material and work costs can fluctuate, impacting on the total rebuild cost of the property.

 

  1. Invest in a keyholding service 

Keyholding services are widely used among those with high value properties, but the practice is still considered fairly obscure. Keyholders are professional to hold a spare key to your home. It’s what keyholders can do with this key that makes their services so appealing to insurance providers.

Once keyholders have your spare key, they can respond to any alarms that are activated at your listed property, giving you an extra level of protection. Many residential and commercial security services offer to send mobile patrols to carry out routine visits of your property, ensuring it is safe and secure on a regular basis.

As Go Compare observes, property protection decreases the chances of needing to make insurance claims in the first place, thus reducing the costs of deductibles, etc. More importantly, some companies may offer you better deals on your insurance if you inform them of your stringent security practices, for the very same reason that your property is better secured and less likely to be damaged.

 

  1. Increase your security as much as you can 

Most insurance companies stipulate the use of strong door and window locks for full coverage. As stated on The Crime Prevention Website, insurers usually require the final exit door to be secured with a five-lever mortice lock. But for bigger insurance discounts, more security measures are needed.

Stronger doors and thicker windows are welcomed by insurers looking to offer lower prices, but as any listed property owner will know, there are often strict rules in place about modifying listed buildings in this fashion. Often, the outward appearance of a Grade I or Grade II listed building is statutorily protected, meaning owners have to apply for planning permission to alter then in any way.

For insurance-lowering and safety-increasing reasons, it is definitely worth looking into getting permission to replace your current doors and windows with more secure, reinforced alternatives. But if you can’t (and depending on the building and area, it is quite likely that you can’t), you can invest in other home security measures such as CCTV cameras and motion-activated burglar alarms. Inform an insurer of these measures and they are likely to work out a deal.

All of these things will bring your home insurance down and likely keep your home safer. If you really want to save money, it could also be worth lowering your deductible level. This in turn means that insurers will offer you a lower premium for coverage, because they know they will not lose as much in the event of a claim.

Homeowners rarely file claims on their insurance; by one estimate, the average homeowner makes a claim every ten years. This means that the odds are in your favour should you choose the financially riskier option of purchasing insurance with a higher deductible, but a lower premium.

Whichever of these methods you try, you are sure to get better value for money for your insurance.

Small shareholders brushed aside in Pallinghurst’s Fabergé corporate play

Sam Allcock
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0
Small shareholders brushed aside in Pallinghurst’s Fabergé corporate play

Research shows that Pallinghurst Resources Ltd, the private equity firm started up by the former boss of BHP Billiton Brain Gilbertson, has palmed off Fabergé by selling it for $142 million in shares to its own London AIM listed gemstone miner Gemfields plc (LON: GEM). This when Faberge had already clocked a $58 million loss over 4 years from 2009 to 2012, thus severely hurting minority public shareholder interests.

Palinghurst, listed on the Johannesburg Stock Exchange, is the investment vehicle set up and run by Brian Gilbertson, the savvy South African who master-minded the creation of the world’s largest mining company by merging South Africa’s Billiton, which he ran, with Australia’s BHP in 2001. Anointed CEO of the enlarged BHP Billiton, but ever yearning for more corporate deals and a tendency to play his cards too close to his chest led to an alleged falling out with his board and ultimately his ousting from the role less than two years later.

Here’s how the Fabergé deal unfolded. Pallinghurst bought the Faberge brand in 2007 for US$38 million from Unilever, which had focussed Fabergé mainly on perfumes. Pallinghurst, more interested in mining, intended to relaunch Fabergé as a luxury jewellery maker, using gemstones sourced from its other investments. But unfortunately the high-end jewellery maker never turned a profit under Pallinghurt’s management.

Gemfields, which mainly mines emeralds and rubies, was seemingly lulled into the mistaken belief of much upside in the misperception of a “mine to mistress” approach, meaning stones can go directly from the ground to jewellery- something that has turned out to be far from the truth.

Fabergé under Gemfields ownership continues to bleed cash. From the time of the purchase in 2013 to the end of 2016, Fabergé has lost a further $58 million according to publically available financial information.

The value of company is usually calculated by applying a multiple to the share price-earnings ratio. Yet in the four years since the purchase, it has had an average operating loss each year of $12.4 million. Under Pallinghurst’s direct control, inventory built up from $15.5 million to $34.2 million, suggesting the stock was not selling. There have been rumours last year that Gemfields in turn was looking for a buyer to offload the beleaguered jewellery maker on to. So far without success.

The stock market may now be onto this business misadventure. Gemfields’ (LON:GEM) share price has shrunk by 22% since early October last year and is trending down. It has underperformed the S&P500 market index by 32.7%.

Also there are some very disgruntled minority shareholders in Gemfields, who feel like they’ve been treated shabbily and unfairly carried the burden of the debt. Pallinghurst is the only entity that comes out of this – so far – with few consequences. The whole saga appears to be a gem of corporate arrogance at best.

How to honeymoon on a budget

Elliot
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0
How to honeymoon on a budget

Want a luxurious honeymoon but don’t want to spend a fortune? Then think outside the box and you could find a perfect getaway that doesn’t break the bank.

 

The penny-pinching gurus at PromotionalCodes.org.uk have compiled some of the best budget honeymoon destinations for couples who are looking for both luxury and affordability.

 

The list includes the pricey costs of some of the most popular locations, whilst offering brilliant alternatives that are a fraction of the cost.

 

They include swapping Mexico for the white sands of Fuerteventura, Barbados for an affordable yet luxurious holiday to Cambodia and Mauritius for the rich history of Malta.

 

Darren Williams from PromotionalCodes.org.uk said: “Honeymoons are an essential part of getting married, and heading to tropical destinations in the Caribbean or America are now becoming a popular choice.

 

“But these holidays can end up costing a fortune. There are places in the world that are much cheaper to visit but are just as beautiful.

 

“The suggestions in the list are suitable for any type of honeymooner. Whether you’re looking to sun yourself on a white beach, go and explore historical ruins or even hit the mad-rush of a city, the swaps on here will certainly cover you.

 

“Everybody wants to have a romantic getaway for their honeymoon, but just because you want to have a nice holiday doesn’t mean you should break the bank doing so.”

 

Here are Promotional Codes’ best budget honeymoon destinations:  

 

SWAP Mexico – £2,008 for two FOR Fuerteventura – £950 for two  

It costs on average, £2,000 for a one week holiday for two to Mexico. So why not swap it for an equally-exotic holiday to Fuerteventura, Spain? It’s the second largest Canary Island and has warm temperatures all year round.

 

The sand is just as white as Mexico’s meaning that the long walks on the beach will be as equally romantic for you and your other half. You can explore the Betancuria town, windsurf to your hearts content and hit up one of the islands famous carnivals for half the price of a Mexican getaway. You can find luxury all-inclusive hotels with flights included for around £500 per person.

 

SWAP Barbados – £3,234 for two FOR Cambodia – £1,600 for two

Slash the cost of a Caribbean holiday by half and opt for a South-East Asian adventure instead.  You can sleep in a luxury accommodation with flights for around £800 per person.

 

There’s so many things to do in Cambodia, including visiting the world heritage site of Angkor Wat and the Floating Village. You could even slash the cost of travelling even further, by staying in hostels and travelling around the country. Food and drink is incredibly affordable too, with draft beer costing 70p and a meal in a restaurant around £3.50.

 

SWAP Mauritius – £2,106 for two FOR Malta – £692 for two

Head to a different island with your newly-wed and pay a third of the price. There is so much rich history and culture in Malta and it costs just £1 for a beer. Be sure to visit the Vittoriosa backstreets, take a dip in the Blue Lagoon and of course, visit St. John’s Co-Cathedral.

 

SWAP New York – £2,166 for two FOR Bangkok – £1,650 for two

If you’re looking to do a city break after your big day, why not try an alternative to the Big Apple? With the average cost of a beer being at around £5.00, a different and more affordable alternative would be to hit up the sights of Bangkok, Thailand.

 

You can get beers in the bars for around 50p, and there’s plenty to do. Some great ideas include hitting up the Khao San Road for a fun evening of drinking and dancing, having a romantic boat ride along the Chao Phraya River and taking strolls around The Grand Palace.

 

SWAP Jamaica – £1,960 for two FOR Kos – £426 for two

Instead of flying 10 hours to get to Jamaica, why not opt for a much more easy and affordable version? The Greek island of Kos is full of sunshine, culture and delicious food.

 

It’s also an incredibly affordable holiday destination which makes it perfect for a budget honeymoon. Some of the activities you can do on the island include snorkelling at Magic Beach, exploring the streets of Pyli and visiting the Castle of the Knights of St John.

 

ENDS

 

*All prices are based on a holiday for two including flights from 18th-25th June 2017

Things to Think About Before Taking a Loan

ABC Staff
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0
Things to Think About Before Taking a Loan

Loans are a great way to get the money that is needed right now. There are things to think about before taking a loan. The first step is simple. Everyone knows that they must consider these things and decide if taking out a loan is the best personal decision to make. While it is nice to have the money for that new shiny item, a nice wedding, or even an unexpected expenditure, there are some things to consider first. Here are a few things for anyone considering getting a loan.

Is the money truly needed right now?

If not, then a loan should be avoided. If the money is for an essential need in life, though, then it might be a good decision. The decision is up to the borrower. The question is about need versus want.

Could a Less Expensive Purchase Work?

If the purchase is truly a need verses a want, then a less expensive purchase should be considered. That way the person get their needs met, but they don’t need to take out a loan to do. If the loan is more than they can afford, then that is the best option.

Are the Payments Affordable?

The payments on a loan must work with the future, budget for the loan to be the best choice for a person. Just because someone can get a loan does not always indicate that they can actually afford to repay it in full. Failure to repay a loan can cause damage to the future credit of the person that applied and liens can be placed on assets that are already owned. It is very important to consider the payments before taking out a loan.

What is the Interest Rate?

The interest rate is part of the life of the loan. Over time, there are interest charges that are due to the lender once a loan has been taken out by a borrower. Those interest rates can be really high. That increases the cost of the repayment of the loan, and it can cause problems paying the loan back. Even if the borrower does pay the loan back in full, it can cause the original amount of the loan to be quadrupled. While there are some laws in place to control this, many lenders are allowed to charge what they want to lend money to a borrower. The interest rate is based on how much of a risk the borrower is on the loan.

Timeframe for Repayment

This is really extremely important because, in some cases, the timeframe that is required for repayment can cause the original loan to be quadrupled. If the timeframe for repayment is shorter, then the payments will be larger, but save the borrower money in the end in interest charges.

The What Factor

What if something happens after taking out the loan? Things can happen in life. When they do, it’s usually not to the borrower’s advantage. That can have some serious adverse consequences for people. To avoid this, most people expect to take out no more than one paycheck’s worth of money. Some even cut that into halves. That way, if something does happen, the borrower can manage a payback schedule which can be set up with the bank. That is why borrowers should carefully weigh the what would happen if factor. What if they lost a job? What if a medical emergency happened? What if a car accident happened. The answer to those questions are important. A safety net is always needed just in case.

 

What does the future hold for London’s Silicon roundabout?

ABC Staff
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0
What does the future hold for London’s Silicon roundabout?

Silicon Roundabout, a term coined in 2008 to refer to the small cluster of tech and design companies around Shoreditch’s Old Street Station. It was once thought to be the UK’s answer to California’s Silicon Valley, but today the future of the startup hub is at a crossroads.

In 2010, there were 85 tech startups in the area. By 2015, the number of tech firms in the area reached 5,000. More recently, however, the proportion of tech startups setting up shop close to London’s Silicon Roundabout has fallen by more than 70% in the last year, according to the latest data published by accountants UHY Hacker Young.

Business rates, Brexit and extortionate rents are forcing many startups out of the area, whilst low internet connectivity in the area has made some tech firms look elsewhere. This begs the question, is the Silicon Roundabout still as popular with startups as it once was? And if not, what does the future hold for the UK’s tech startups and the area in general?

 

How the Silicon Roundabout became unfriendly to startups

Long before the area earned the moniker Silicon Roundabout, startups flooded into the area due to the comparatively low rents in this once-unloved border of London’s Square Mile. Unsurprisingly, the rents in the area have shot up, and the number of startups starting up in the silicon roundabout continue to decline.

But as rents have been increasing for a number of years, rising business rates from April may just be the straw that breaks the camel’s back. The 2017 business rates revaluation saw some business in the areas rates rise astronomically. Hackney Councillor Guy Nicholson said of the rates revaluation: “It is quite extraordinary that a Conservative Government, having promoted the growth of Tech City, is now setting about dismantling it.”

Experts in business rates have argued that the rate revaluation constituted “the largest, most redistributive changes to the business rates system in decades, and have been a major cause for concern for companies across the UK.”

And the problem is not confined to the immediate area surrounding Old Street Station: London may not be as attractive to startups in a future where the UK is no longer a member of the EU and startups no longer have access to the European market. A survey of over 940 startups companies conducted by Silicon Valley Bank found that 16% of startups are thinking of relocating outside of the UK as a direct result of Brexit.

 

Berlin could be an alternative to the Silicon Roundabout for startups 

Those startups looking to leave the country, not just Shoreditch, may well think of heading to somewhere on the European mainland. Many cities have been courting London businesses, however, Berlin seems to be the destination of choice for a number of startups.

The German capital didn’t wait long to go about attracting startups. A German political party sent an ad van through the capital after Brexit in 2016, adorned with the tagline ‘Dear startups, keep calm and move to Berlin’.

Berlin is home to over 2,500 startups, who collectively raised €2.4 billion in venture capital funding in 2015, more than London’s small businesses managed.

Rents have risen in Berlin too, but are far lower than those in London, and the proficiency of English in the city has made it attractive for startups that may not speak German. Of course, most startups won’t be deterred enough from Brexit to immediately think about setting up in Germany. For these, areas elsewhere in London and the UK are proving attractive.

 

The future of Old Street startups and the end of the Silicon Roundabout

For now, the jury is still out. The Shoreditch postcode still carries weight for startups looking to benefit from the incredible networking opportunities, but other tech hubs popping up throughout the capital that may well rival the area in coming years.

City Road, located just to the north of Old Street, has become increasingly popular with startups. Perhaps that’s because of the proximity of the are to Old Street, but the slightly cheaper rents. A recent report by advisory firm JLL also found that businesses are looking further afield in London afield to cheaper locations such as Hackney Wick, Stratford or Canary Wharf.

Colin Jones, partner at accountancy firm UHY Hacker Young, said in a statement: “Silicon Roundabout has fallen off the top spot in terms of new business creation, it is a victim of its own success. Now that rents have soared, the area has lost its competitive advantage.”

Gerard Grech, CEO of Tech City UK, believes the spreading out of tech startups throughout London and the rest of the UK is a good thing, and does not represent the decline of the Silicon Roundabout as a startup hub. Grech stated that “Anybody trying to build a negative argument about the relative performance of a single postcode in East London is seriously missing the point and in danger of talking down one of this country’s great global strengths.”

Regardless of whether the area around Old Street remains attractive to startups, one thing is for certain, Silicon Roundabout will be no more: Transport for London plan to transform the roundabout into a pedestrian and bike-friendly square by 2018.

The 12 hardest UK universities to get into

Elliot
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0
The 12 hardest UK universities to get into

This awesome infographic will take you through the 12 most competitive universities in the United Kingdom, based on the average total UCAS points that new undergraduates possess. School PR specialists GK have included universities such as the university of Bath, University of Oxford and the university of Cambridge. Please see the infographic for the full list of universities.

What does the GDPR Mean for Businesses?

ABC Staff
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0
What does the GDPR Mean for Businesses?

In April 2018, businesses will have to meet the requirements of the General Data Protection Regulation (GDPR).  The European Parliament and Council have agreed the GDPR will replace the existing Data Protection Directive to make Europe fit for the digital single market. The introduction of the GDPR will increase harmonisation across countries, by providing one law for the protection of data applicable to all businesses within the EU.

Coming into effect next year, the GDPR will change the laws controlling how users give consent to having their data stored by businesses. Silence, pre-ticked boxes or inactivity no longer counts as consent, making providing more information about the terms of data collection a requirement of data management. Profiling customers and direct marketing will subsequently be monitored; so what does this mean for businesses involved in marketing, advertising and social media?

Impact on marketing

The GDPR will affect all businesses involved in direct marketing.  Marketing specialists such as Romax, who made the following comment outlining how changing data policies in line with the GDPR regulations is a critical process.

COMMENT:

“All businesses hold and use data captured from their clients to both understand the market and to understand how they can attract similar clients. The GDPR adds an extra layer of security but also an extra layer of complication to that process. Not abiding by the new regulations is not an option, so getting up to speed now is vital. If you want to maintain a marketing return legally, then demonstrate to your clients that you have their best interests at heart, and be proactive about the change”

The GDPR presents four new categories of personal data definitions, which affects online businesses because this categorisation introduces new requirements of targeting online identifiers. This category will be treated as personal data under protection of European law, thereby meaning companies will need to update policies, procedures and systems, ensuing additional costs.

Risk of penalties and fines

To guarantee businesses adhere to the GDPR and protect sensitive data, greater penalties for not meeting GDPR legalisation will be implemented. If a company breaches any of the components of the regulation they will have to pay 4% of their turnover, alongside suffering damage to their reputation. To ensure businesses do not find themselves in trouble, detailed research into the legalisation should be carried out, and evidence should be provided to prove the internal protection of customer data meets the requirements of the regulation, in case of inspection.

Greater customer trust

According to a recent survey, “two-thirds of Europeans stated they are concerned about not having complete control over the information they provide online”. The GDPR will allow individuals easier access to their own data, the right to be forgotten when they no longer wish to have their data processed, and concise information on how businesses will collect and use their information.  This reshuffling of data protection policies will give customers a greater sense of security, helping to develop a longstanding, trustworthy, relationship between businesses and customers.

Manage a holiday let or Airbnb? It’s time to throw away your keys

ABC Staff
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0
Manage a holiday let or Airbnb? It’s time to throw away your keys

We’re hearing a lot at the moment about the advantages and disadvantages of smart door locks, over key fob electronic door entry systems. Smart door locks supplement or replace your front door lock, but do much more than lock and unlock your door without a key. Most smart locks let you track who’s entering and leaving your home, send digital ‘keys’ to designated people, and remotely lock and unlock your door when you’re away from home.

Now, smart lock use is being driven largely by the Airbnb craze. Property managers demand a solution to the hassle of arranging for keys to be passed back and forth, and controlling exactly who has access to their properties and when. These are all reasons to invest in smart door lock technology.

Duplicated keys are a concern for property owners

For Airbnb and holiday rental hosts, giving keys to a renter and retrieving them at the end of their stay can present a logistical challenge and warrant undue hassle. There have long been solutions for these issues including outdoor mini key safes and keypad locks with a combination that can be changed on demand, but these are sometimes considered unsecure given the opportunity it affords guests to duplicate keys or share codes.

It’s a particular concern for landlords, who cannot always be sure how many copies of keys to have been duplicated for guests, contractors and to replace keys that have been lost. Even keys stamped ‘do not duplicate’ are duplicated all the time, but there are options available for high-security locks with keys that can’t be replicated at a hardware store.

London-based security company Banham have been leading providers of high security door locks since 1926. Their unique key registration system ensures that only the registered homeowner is authorised to obtain copies of keys. This helps property owners maintain peace of mind whenever keys are out of their hands. But this isn’t the only solution for preventing duplication of keys. An answer lies in smart door locks too.

Smart door locks don’t require keys

Smart door locks negate the need to share keys to your property at all, granting access to a property by electronic means, such as a smartphone app or biometric data recognition. It means guests don’t need to worry about losing keys and getting locked out either. This is a far better solution than keypad access, which is a security risk as holiday guests often write down (and then lose) codes they find difficult to remember.

Kwikset’s Kevo smart lock is a hardware that lets property managers grant and revoke access to guests with a smartphone app. Authorised users can simply point their phone at a door lock to gain access, and only that specific smartphone user will be able to gain entry. There’s another advantage to smart door locks that use smartphone integration, as they also work as a security doorbell that allow property owners and guests to view video of callers and grant access remotely.

Of course, most smart door locks can be overridden by a master key, which allows the property owner to maintain access to their property in the event of an emergency such as a power cut that might disable the electronic smart door lock system.

Smart door locks allow for time-limited authorization

Many smart locks are able to let landlords remotely grant and restrict entry to their rented premises on a use-by-use basis. This allows property managers and hosts to schedule access to a rental property for a limited time, which is perfect for the high turnover of guests in holiday rentals and Airbnbs.

Smarke is a smart door lock solution that uses biometric and facial recognition data, to grant entry to specific individuals at specific times. Specific ‘users’ can be programmed into the central control system, and property managers can designate specific dates and times during which that person will be granted access. It could cover a week or two for each holiday guest, or an hour window to grant access to a cleaner or service provider.

There are even now options for apartment owners, who often find installing a smart door lock on their property door is redundant because of a buzzer-controlled shared outer door. Iki Lock works like a remote doorman that can remotely trigger a building intercom to open the outer door.

It’s difficult to see how smart door lock technology can improve from here, given the complete control already afforded to property managers by the examples given above. Of course, the uses aren’t limited to holiday lets and Airbnb properties. Smart door locks let any property owner grant time-limited access to visitors, children, trusted service workers or guests as and when needed. It might just be time to throw away your keys for good.

Pic Credit – Scott Lewis, Flickr, Creative Commons

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