Back to: Landlord Success: Proven Strategies & Practical Advice for Stress – Free Property Management
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CHANGING THE LOCKS: Always change the locks between tenants and when you purchase a new property.
- There are numerous products out there that allow the owner to change the locks themselves.
- Check out the Weiser Smart Key System.
- Whenever I purchase a property I install the Weiser Smart Key Locks on all doors, they cost just a bit more than regular locks, but save you money in the long run not having to pay a lock smith to change the keys each time.
- When you change the locks, keep the old ones with the key taped to it in a Ziploc bag (with all parts and screws); just in case you need to do a quick change, so you have a spare deadbolt set or two readily available.
- If you do want to have a professional re-key the locks it is less expensive to take the locks out of the door and take them to the Locksmith than to pay for a service call to have the Locksmith come to the property.
- When purchasing multiple locksets for a property, check on the outside of the box as there is a key code. Purchase different key codes (that means different keys), so you get more master keys that way. Then re-key all the sets together to one master so you only need one key to enter all doors of the home.
- If you have a large building, the professional locksmiths can create master keys for you, where one master will open all locks in the building. Great idea but more costly.
- Anytime you re-key a lock use the master to re-key. Do not use a copy.
- I always purchase the same lock color (silver) for consistency.
- When you purchase the Weiser Smart Lock dead bolts or handsets, always check the package at the store to make sure it has not been opened. Check how the contents are packaged in the box and compare to the others on the shelf. Make sure the parts have not been removed and re-packaged. During the re-keying process, if you do not know what you are doing it is possible to render the lock unusable. Some people just put everything back in the box and return for a refund, and the package ends up on the shelf. When you start your install process, take out the key and try to open the deadbolt before you start the install. There is nothing worse than getting it installed and having to uninstall and then return it. If you have a long drive ahead of you, test it in the parking lot.
KEY MANAGEMENT: Keep track of your keys, there is noting worse than getting to the property and finding out you have the wrong key.
- Get a key storage box that you can mount on the wall to hang your sets of keys in. If you travel frequently, purchase a box that locks or store in your safe at home or office.
- Always label each set of keys for each property. Keep all the keys for one property in that set.
- On the label do not write the full address in case you lose them, or they get stolen. I will just write the street name (Main, 26 AV) or the building number (3719) so it is easy to identify. Also use the colour coded key labels in same color for each building. It is better to not use the building number in case you lose the keys on that street or outside the property.
- Always have 2 complete sets of keys for each property. Leave one set at home and take the other to the property, it is amazing how fast the first set can vanish in the truck or in a toolbox.
- If it is a multi-unit building; for example, 4 units (4-plex), I will use one common key for the exterior door and a different key for each unit. The main set ring will be labelled with the building street number and each key will be labelled with a unit number.
Re-keyable keys
- Every time I purchase a new re-keyable lock set I keep the original keys that comes with the set as a master.
- I take the 2 original master keys and tag them both ‘Master A’ with tape. This master goes on to a separate key ring for the A keys. The second master keys are tagged ‘Master B’ and the next is tagged C and so on. Each one gets their own key ring.
- Only use the Master keys for cutting copies and re-keying the locks.
- I then have 5 or 6 copies made from each master. The A copies go on the A ring and the B copies go on the B ring etc.
- When the tenants move in, they get 2 Keys off the ring. Only give tenants the copies.
- I put all of the sets of A, B, C, D key’s together on a large ring referred to as the ‘home key ring’.
- This ‘home key ring’ never leaves the house or office. If you are going to cut or re-key A keys, just take the A sub ring with you. When you are done, put the A ring back on the home key ring and they all go directly back to the key box.
- For Example. With a 4 Plex I would use the A key for the exterior doors and the tenants will each get an A and they will also get a B, C, D, or E for their unit door.
- When B moves out, I re-key the unit door lock immediately. I will re-key the door to an F. I get the 2 original B keys back from the tenants (and any others they may have made). These returned keys go back onto the B ring, new tenant gets 2 F keys off the F key ring.
- You could use the same keys on other multiple properties units. I generally rotate them around.
- I never tell tenants about this key structure and try not to tell the tenants about other properties. When in doubt, always change the lock.
- I always keep an A key on my personal ring, that gets me into 75% of my properties and garages.