Rekeying Properties for Security, Liability Protection, Peace of Mind
I've never subscribed to this philosophy and I know few property managers who do. REkeying properties should be done on a case-by-case basis - I had 4 done this year after move-outs BECAUSE 2 tenant re-keyed a door lock from the key in my file and 2 were tenants moving from very messy divorces.
To subject owners to an unnecessary expense for peace-of-mind of the property manager is ill-advised.
In over 45 years of the business, I have NEVER had a prior resident come BACK and break into a property....IT JUST DOES NOT HAPPEN....past tenants would be in my file and their names given to the police....
Most property management companies have a policy in place to ensure every property is rekeyed before new tenants take possession. Ever wonder why? Well, as professional property managers in Highlands Ranch, Colorado, we at Blue Olive Properties believe we have a fiduciary duty to reduce liability risks for our owners, and an obligation to provide tenants with peace of mind. Rekeying a property, is essential in providing security and protecting both owners and tenants.
Ensuring Proper Safety
Many homeowners have several keys to their house floating around out there. Owners give keys to relatives, neighbors, cleaning crews, contractors, pest control companies, and real estate agents. If you think about it, I'm sure you could add to this list. There may even be keys hidden around your own house under bricks and rocks, or hidden in the garage. The problem is, we forget where we have hidden all these keys and end up hiding another one when keys just won't turn up.
Can you imagine renting your home and having a relative or neighbor let themselves in a month after your tenants move in? Other companies have told stories of relatives unlocking doors and walking in on tenants. Imagine somebody walking in on a resident sitting on his couch watching TV in his boxers. What a surprise. Embarrassing maybe, but potentially very dangerous too. What if that particular tenant strongly believes in our Second Amendment rights and has a gun sitting next to his chair?
Fewer Keys to Manage
Many homes have multiple door locks and deadbolts that have been added to the property over the years and often these locks use different keys. It is not uncommon to receive three to six keys to a home when we take on management of the property. When we rekey the locks, our locksmith always rekeys every door to one key, making it convenient for everyone involved.
Fixing Unusable Locks
Many homes have locks that have not worked for years. Owners may tolerate not having a key to a door lock, if the deadbolt works. Some Owners use one door to access the property and can’t find the keys to any of the other doors. Owners tell us “We've lived here without keys to that door for years, why can’t the tenants just make do without a key?”
When a house is rented, and that home has locks on doors, it is required that they all work properly. If they don't, and an intruder gets in, the tenant may sue the manager and the owner for failure to provide usable locks with keys. Renting a property requires the owner to provide the safety of working door and window locks at all times. What an owner lived with is not acceptable when renting the property to another person.
Limiting Owner Access
Some Owners do not understand that when they rent their home, they have transferred right of possession and are promising quiet enjoyment to the tenants. These legal terms have consequences and are not to be taken lightly. We have heard of owners who have actually entered properties when tenants were in possession, causing major problems. Rekeying the locks helps protect owners from themselves, and offers tenants the same peace of mind that you would want at your own residence.
What About the Cost?
Owners must pay for this service, true enough. But as we all know, real estate as an investment does require basic maintenance. Rekeying locks is a basic required service that will help keep the property safe and protect the owner's investment. Besides, any such cost is a small price to pay for this reduced liability exposure. The total cost of rekeying a property depends on the number of locks, deadbolts and entry doors. Larger homes, with six entry doors and multiple deadbolts, obviously will cost more to rekey. But regardless of the size of the home, this simple, quick and relatively inexpensive service will provide owners, managers and tenants the peace of mind we all deserve.
Kevin Mackessy, Broker-Owner of Blue Olive Properties, operates a full-service property management company in Highlands Ranch, Colorado, serving the south Metro Denver area. Kevin can be reached at 303-956-3507 or kevin.mackessy@blueoliveproperties.com. He works with new and experienced investors, and home owners, offering professional property management solutions. Kevin is also a proud NARPM member.
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