Key Management

Purpose

Proper management of property keys is essential for maintaining security, tenant trust, and operational efficiency. This document outlines best practices in key management for property managers, ensuring they are handled securely, accurately tracked, and effectively organised.

1. Key Issuance and Return Procedures

• Issuance Documentation: Each time a key is issued, document it in a key log or digital tracking system. Record the following details:

  • Property address
  • Key identifier (e.g., serial number, unique label)
  • Date and time of issuance
  • Recipient’s name and contact information
  • Expected return date (if applicable)

• Authorisation: Only authorised personnel should handle and issue keys. Require a signature or electronic acknowledgment from the recipient as proof of responsibility.

• Return Procedures: When a key is returned, verify it against the key log to confirm it’s the correct key. Mark the return date and time in the log and have the receiving staff member document the return.

2. Secure Storage Practices

• Key Cabinet or Safe: Store keys in a secure, lockable key cabinet or safe. Cabinets should be mounted to prevent unauthorised removal and positioned in a low-traffic, restricted area.

• Labeling Keys: Avoid labeling keys with property addresses. Instead, use unique identifiers linked to an internal key log to ensure security even if a key is misplaced.

• Access Controls: Restrict access to the key cabinet to authorised personnel only. Use digital key cabinets with access logs where possible, allowing you to track each access point.

3. Key Tracking System

• Digital Key Management Software: Consider implementing a digital key management system for streamlined tracking. Many systems allow you to log, assign, and monitor keys through a central dashboard.

• Daily Key Log: For smaller operations, maintain a daily key log to track who accessed keys and which keys are out. Update this log at the beginning and end of each day.
  
  

• Audit Schedule: Conduct regular audits to reconcile the physical keys with the key log or digital records. Monthly or quarterly checks can help catch any discrepancies early.

4. Tenant Key Management

• Tenant Key Issuance: Issue a primary set of keys to tenants at the start of their lease. Ensure they sign an acknowledgment form detailing the number and type of keys issued (e.g., front door, mailbox, common areas).

• Lost Key Replacement: If a tenant loses a key, require them to report it immediately. Charge a replacement fee as outlined in the lease agreement and, where applicable, arrange for lock rekeying to ensure security.

• Key Return on Move-Out: During the move-out inspection, collect all keys from tenants and update the key log to reflect the return. Ensure each returned key matches those issued at the lease’s start.

5. Emergency Key Access Protocol

• Emergency Access Policy: Define a clear protocol for emergency access (e.g., tenant lockouts, property maintenance issues). Only designated staff should have authority to access property keys during emergencies.

• Authorization for Emergency Use: Require written or electronic documentation for any emergency access. Have the staff member document the reason, date, and time of access, and notify the tenant if access was unplanned.

• Tracking Emergency Access: Include emergency access instances in key audits to ensure all uses are accounted for.

6. Key Duplication Control

• Duplication Restrictions: Only duplicate keys when absolutely necessary, and keep a record of every duplication, noting the reason, date, and authorizsd personnel.

• Vendor Access: If vendors (e.g., maintenance or cleaning services) require keys, ensure they sign them out individually. For ongoing work, create a temporary vendor key, which should also be tracked and returned.

7. Security Breach Protocol

• Lost or Stolen Keys: Immediately report any lost or stolen keys to management and consider rekeying affected properties to prevent unauthorised access.

• Unauthorised Access: If unauthorised access is detected, document the incident thoroughly, notify relevant authorities, and update the key log accordingly. Assess and implement security enhancements if necessary.

• Incident Review and Policy Update: Review each incident to identify gaps in the key management protocol and revise policies if needed to prevent future breaches.

8. Key Handling Etiquette and Communication

• Professional Conduct: Handle keys with care, keeping them secure and organised. Avoid leaving keys unattended or in view of unauthorised individuals.

• Tenant Communication: Communicate key policies clearly to tenants, explaining their responsibilities and the process for reporting lost or damaged keys.

• Staff Training: Regularly train staff on key handling protocols, emphasising the importance of security, responsibility, and adherence to the documented procedures.

9. Annual Key Management Review

• Conduct an annual review of all key management policies and protocols to assess security, track compliance, and address any observed weaknesses in the system.

Summary Checklist

•  Document key issuance and returns
•  Store keys in secure, restricted access locations
•  Use a tracking system for real-time updates
•  Ensure tenants understand key responsibilities
•  Follow strict protocols for emergency and vendor access
•  Regularly audit and review key handling practices