Suggestions when tenant lost a key during lease?

Question

Have received a notification that one of two tenants has lost her key "when key-chain broke last night". Just want to scratch everyone's brain a little to see how you had deal with this in the past. I am thinking to rekey the door for safety, any one suggest to simply duplicate the existing key?

Comments are much appreciated. Thanks

Comments are much appreciated.  Thanks

Levi T. · Answer

Send a locksmith or whatever, change the lock and charge them for it. We hit them for $250 for new locks, missing keys, failing to return keys, and $125 if they lose the key and want us to give them a new one. No lockout service provided, they can call their own locksmith for that.

Landlording is a 3 part business; you have the asset itself where people pay you to use it according to the terms, you then have the service side for stuff like key replacement, and finally you have collections. The big takeaway is you should make money or at least come even in each section of the business, because if you run it on just the asset side as income, you will lose most of your money to the other two parts of the business over time.

Levi T. · Answer

Single lockset runs in the $30 range, while a double set runs $50's, plus install cost. Most locksmiths we have used, are always $200+ for some reason; new lock, lock picking, or both combined... Our handyman keeps our old locks, you will start to have a collection of locks the more units you have. If you need a lock change, just change it out using the inventory on hand, and toss the really bad ones. Apply the $250 fee to the tenant for a lock replacement, and switch out with your inventory lock. Even if your handyman charges $75 for switching them out, your $175 a head for managing the problem, and if you had a locksmith do it you would be even in terms of cost. It's cheaper than buying a new lock or doing fancy master/landlord locks setup, by a landslide, because you can normally get a lock to last many years or units before it's value has hit zero.

If your lease does not cover what happens with locks, that's okay, because if the tenant did not live there, they would not have broken, damaged, or lost the key, it's covered under normal wear and tear laws.. Normal wear and tear does not mean breaking, damaging, destroying, warn down fastern than a normal lifespan due to abusing habits, like not cleaning drip pans on the stove till they are black and can't be cleaned, that's not normal. Make some standard fees that you would apply to anyone, not just one person, and tell the tenant that's what they owe you for fixing the issue. Just make sure your matching local cost to replace an average lock by a locksmith and the judge will support the charges in our experience. We have found a damage replacement addendum has worked wonders when it comes to disputes; paint a wall x dollar, room x dollar, replace locks x dollars, etc., etc..

*not legal advice, entertainment only*

Jeff B. · Answer

ALWAYS have keys stamped "Do Not Duplicate" (you keep the master, unstamped version).  I have a fixed fee in the lease for not returning the same number of keys as were issued.

Alice K. · Answer

As Levi T. mentioned, I'd charge them if it came from your own pocket. If they're going to keep living there as you mentioned, I wouldn't really care if they're going to duplicate it.

Historically, I've changed locks and my past landlords change them too. It's just good business. As a tenant, I want to be ensured past tenants can't just walk in...

If you don't have a lost key clause in your contract, might be a good one to add for the next time!Sorry for the hassles!

Rick Bassett · Answer

I would first suggest just copping the key. If they didn't feel good about that then I'd probably just go over and swap the locksets out as we keep spares for when people move.

It doesn't cost much for the locksets, 30 bucks for handle/deadbolt combo, but I'd rather have the tenants calling when there are issues and not feeling like they can't call if something major were to happen because they felt like they would be blamed for it (nickled and dimed).

Swapping out the locks is inexpensive but it buys a lot of goodwill .

Deanna McCormick · Answer

One point I think we all should have addressed is that the tenant has a breach of security, or feels they do.

It's their fault give them the choice of what they want done, change the lock or give them a extra key.

Charge for lock change, we usually did $100.00 to change out locks after lost keys or roommate move out. and charge for extra key was $15.00,  but you can charge what you want.

The Do not duplicate keys are a joke,, any hardware store will copy they don't mean much.

And most hardware or lock smith stores will re key a lock for like 5 bucks. you can always call ahead.

JD Martin · Answer

One note: Lowe's, at least, won't re-key a lock unless you bought it there and can produce a receipt. One of the rotation sets, we needed an extra deadbolt for another house that was keyed differently. Brought the whole bundle down there (it was a Lowe's brand - Gatehouse), and they said it was store policy that they would not re-key without a receipt. I told them "It's obvious they came from here, it's your store brand" but they wouldn't budge. Can't speak for HD.

Deanna McCormick · Answer

At least their letting you know, If it was me I have a copy of the key for the lock on the unit, so I would remove the lock take it to Big Box or Hardware store ask them to re-key the lock and give you 5 new keys.. cost is simple, or use it as a swap lock and put on new lock for now,, If you have matching locks take them both off and in for re-key,, the down side is tenant has to be home while your out doing the locks.

I personally don't like the rekey yourself locks, I've done it but timing isn't' always the best to do that. You still need key copies made up usually,.

JD Martin · Answer

Are they staying there or moving?

If they are staying there, and are OK with the current locks, let them get their own copy from the one not lost. If they are moving, do you change the locks between tenants? I rotate locks between houses, so the chances that someone could find a key and locate the house it's on (or it might be in the spare lockset box right now) is almost nil.

If they feel unsafe because of the lost key, then I would charge them for changing out the lockset.

Mike H. · Answer

Levi T. yes, little cost here and there adds up, definitely

Here is an UPDATE, After given the thought overnight, I decided to rekey the entries so I feel better on security and ensure both tenant are well protected.  After I inform the tenants, the situation had a dramatic turn....the Lady who told me she wasn't sure where she had lost the key has magically found it after a trip back to the location where she thought she had lost it.

I like to keep my trust on people, so I won't think too much about this, however will keep an eye on these tenants just in case.

Regards rekey process, I have purchased Kwikset smart key system last year to test out.  This would allow us to rekey in 2 minute and can do it anytime as needed.  For these who might be interested, here is a link for you to explore. So far, they work well for me. Kwikset Smart Lock

Suggestions when tenant lost a key during lease?

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