Investor · Bellefonte, PA · Member since 2008 · 1k+ posts · 88 votes
Ok here it goes. How do you manage all of those keys? We're starting to get a plethora of keys and I was wondering what others are doing to manage the key system. I also like to change the locks when tenants turn over so figuring out a system to keep track of all the keys has been eluding me.
I want to keep a ring for each property, with one key for each locked door on it (the original keys). But I also one a spare one of these rings, which both are used for my personal use. and I also need a way to keep track of the common keys and the extra keys for the tenants.
I don't have THAT many properties that it's a huge hassle. However, it is annoying whenever I have to change locks. I never throw away old locks. Whenver a tenant moves out, I swap on a lockset which I have in inventory from another property. It minimizes the expense and doesn't negate the new tenant's security by much.
After the locks have been changed, I put a lockbox on the house so that it's easy to be shown. That way my wife or a designated agent can show it. Once it's rented the lockbox comes off. For my problematic properties, I keep a set of keys with me in the truck.
In my experience, most "systems" don't actually address the real world problems of handling LOTS of keys. The emphasis is always on tracking the keys, which ultimately only tells you who to blame when the key is no longer available or is incorrect. One company I worked for even acquired a computerized KeyTrac system when we took over a military housing privatization project. There was no disputing who had the needed key last, but the fact is you still can't open the door! People lose keys, tags come off, they get mixed up with others in the truck, whatever. It happens. Do you want the pleasure of blaming someone, or do you want access? How much time is wasted making trips to get different keys, or driving past a unit to go home and get a key to go back and get in? What's your time worth? What do your contractors charge by the hour?
So, here's my solution:
A) Learn how to rekey standard locks. It is easy, and takes about 50 cents worth of pins and 10 minutes of time per cylinder. Then teach your favorite handyman, highschool kid, or secretary, and tell them how much you will pay per cylinder--MUCH less than the local "locksmith".
B) Standardize the brand of locks you use to simplify A. Kwiksets are a snap, and typically are priced around $10-12 each new. You can order a pin kit through Maintenance Warehouse (Home Depot).
C) Key ALL locks for each individual unit the same, AND "master pin" them. By mastering, you can carry ONE key for access to all properties.
D) When you rekey, keep an ORIGINAL new key for that unit on file, and NEVER let it leave the office. Also indicate the current date on each key. (This eliminates confusion when an old set appears.)
E) Buy a decent key cutter to duplicate keys in the office, allowing D above. Provide duplicate keys to tenant for a price. Provide duplicate keys to the handyman as needed, but NOT the master (your) key.
You do need to be careful to not expose yourself to undue liability by being reckless with the master key. I would never give it out to someone that I did not trust completely. By the same token, if you have your own maintenance crew, it really simplifies access, especially in time critical situations...like water running out the front door etc. Of course, you need to cover the access issue in your lease as well. My preference is to include a clause essentially granting free access by virtue of a maintenance request.
I'm with beachbum on this, although I never had to deal with as many as he did, 16 rentals max for me. I always keyed all exterior locks in a house the same and kept a key on a ring, with a brass tag with the STREET NAME etched on the tag.
I never owned more than one house on the same street so I didn't have to worry about someone finding a lost key and knowing where to break in. I ALWAYS rekeyed on moves, and had the new tenant sign a statement that they had witnessed me doing so. I'm very anal about this!
Instead of repinning I just moved the locks from one house to another by always having an extra set of knobs/locks. It took me until I had about 6 rentals to figure this out, but I also learned how to repin locks. At the time we carried the Ilco/Unican key and hardware line at work so it was very easy for me to do all my own lock and key work.
When new tenants moved in I gave them and had them sign for TWO KEYS. There move in checklist said that there was a $5.00 charge for any key not returned.
How does everyone else handle the key situation? Re-keying every time someone moves out is getting expensive.... any suggestions?
How often are your tenants turning over that's making re-keying so expensive? Most of my tenants stay for over a year, often times several, so the re-keying cost is minute. Plus I re-key myself using a $15 kit, so I always equip my rentals with Kwikset locks (no need to learn another product). BTW, each kit will re-key up to 6 locks, which one of my homes has.
We purchase double lock/bolt sets from home depot for $17 a set (they are keyed the same), and instead of rekeying, my project manager just changes the locks himself.
I keep a lockbox hidden (or attached to the gas meter) on every property with a current set of keys; that way if I need to get into a property, I always have access.
I don't have THAT many properties that it's a huge hassle. However, it is annoying whenever I have to change locks. I never throw away old locks. Whenver a tenant moves out, I swap on a lockset which I have in inventory from another property. It minimizes the expense and doesn't negate the new tenant's security by much.
After the locks have been changed, I put a lockbox on the house so that it's easy to be shown. That way my wife or a designated agent can show it. Once it's rented the lockbox comes off. For my problematic properties, I keep a set of keys with me in the truck.