When you first began your Riverdale rental property journey, you likely had one piece of real estate, and with it, one set of keys to manage. And maybe you even developed a system for changing locks between tenants that worked well for a time. But like most property investors, you look for new properties to add to your portfolio. And as the investment portfolio grows, so does the number of keys on your keyring.
There are some ways the most organized landlords stay on top of keys, and in turn, reduce their overall risks associated with poor key management. Here are a few simple to implement suggestions to consider should you feel you need to improve your key management strategy. Never lose those keys again, and minimize your rental property management risks in the process!
Don’t Be Lax About Key Management
It can be more convenient sometimes to just hand over a master key in the moment or to put off changing locks until next week. But to really reduce your risks as a rental property owner, you’ll want to maintain a strict policy about your property keys. Keep them secure, away from public access. Document every key transaction with proper ID to ensure record-keeping. And stamping “do not duplicate” on your keys won’t be enough of a security measure between tenants. Don’t get in the bad habit of cutting corners when it comes time to cut keys. Otherwise, you could be putting your investment at risk of theft, damage, or worse.
Look for More Efficient Ways of Changing Locks
You can call a locksmith every time you need to change locks. But that can become inefficient and costly if you’re managing multiple Riverdale properties. Consider better ways of managing locks, like installing the self-changing locks that reset the tumbler internally and with a master key. Password keypad locks can also be convenient ways to take swift action for tenant turnover and renters who call after being locked out on accident. And if you do still feel you need to rely on the locksmith for now, do your best to negotiate reduced rates for ongoing work.
Digital Key Management Systems
Old-fashioned keys may become a thing of the past. Many Riverdale rental property managers are finding great success with digital key management systems. Digital management allows cloud backup and remote operation, perfect for dealing with property showings, contractors, and deliveries. Lock and unlock your properties digitally and maintain detailed documentation of every access attempt.
Communication Is Key (See What We Did There?)
Managing one set of keys may not be difficult. But keeping track of several sets of keys can become especially challenging. The best investors will tell you communication may be your best line of defense. Make sure you stress the importance, verbally and in writing, of keeping track of keys at the renter level. Consider implementing cash for keys programs or other incentives to prevent key loss. And be clear about communicating to your Riverdale tenants about the process for reporting lockouts, lost keys, and replacements.
Let a Professional Manage Keys for You
When your keyring, and the process along with it, get too heavy, you can always work with a professional to help you with key management. Working with a rental property management company means having a dedicated partner to handle all of your key transactions. And you’ll always have an added pair of expert hands to help you stay on top of proper key oversights and permissions.
If your portfolio is expanding, you’ll have double the keys to supervise. Consider some of these tips and best practices to help improve your key management process. And when you’re ready to explore your options with a Riverdale rental property manager, contact us!
