Locks and keys are an important topic

Do you have control of your keys? Do you use a master key system? It is the security of your key management process. Where is the industry going with regard to locks and keys? While I typically write about topics that relate more to the strategic operation and return on investment of rental properties, the keys are a topic that deserves attention. Most very large companies have long ago moved away from the skeleton key approach. However, if you are from a smaller property or are considering purchasing an older property, you may be able to find master keys instead. You’re probably already frustrated with the need to replace locks every time a master key is seriously compromised or lost. However, if you are part of the skeleton key properties, your time to deal with the aggravation is almost over. Start planning now to replace master keys with a duplicate key system or, if you have the budget, consider electronic keys. You see that the master keys are not secure. In fact, a master key for any building can be produced in 15 minutes using information that is readily available on the Internet.

So what should we be doing? By now, most properties have moved to a key cabinet process with duplicate keys. These keys are then handed over for work to staff. Unfortunately, this is difficult to manage in the daily routine of a busy apartment community. Quite often, you may walk into an office and find the key cabinet wide open with all the keys exposed to easy theft. Even riskier, but as will sometimes unfold, far too many people end up with access to key cabinets. Access often leads to abuse and abuse leads to theft. As you can see, the current approach to keys also has major weaknesses.

Due to these points, the probability and perhaps the certainty is that the apartment industry will move to a system similar to the hotel business. Electronic locks are likely in and key locks are out. This is good because electronic keys offer other benefits for the functioning of the community. Unfortunately, replacing electronic keys costs about 5 times. However, with master key-driven changes and other regulatory issues driving the need to change locks with a frequency that seems too high, this cost turns out to be relatively modest over the life of the community.