TABLE OF CONTENTS
General Information
Key management is an important every day task that you will be doing throughout your Property Management journey. Managing keys accurately is not only important for property security but it can also cause further issues such as tenant disputes or an incurred cost to the owner.
Issue & Track
You must ensure you record all key check-outs and returns in a log. This log should contain details on the recipients, the dates & the purpose. It is also recommended to have the recipient of the keys sign for them but it is not mandatory.
If you don't keep a log of key check-outs and returns, this can lead to keys being lost & the property no longer being reasonably secure for the tenant.
Secure Storage
Keys should be stored in a locked cabinet or locked storage box with restricted access.
Identifiers should be used on labels on each set of keys. An identifier may be a combination of numbers or letters, you will have a separate log showing what identifier belongs to which property address. The label should also have your agent contact details on it, in case they are lost & found.
PLEASE NOTE: The property address should never be labelled on a set of keys. If the keys are lost, someone may find the keys & they will be able to easily identify what the keys can access.
Key Handover to Tenants
What You Must Provide to Tenants
You must provide each tenant listed on the agreement with their own set of access keys. You must also provide them with at least one key for other purposes such as a mail box key. If you do not have a sufficient number of keys, you should seek the owner's approval to have copies cut by a locksmith at the owner's expense.
You should keep a minimum of one set of access keys so you are still able to access the property or provide keys to a contractor if required & allowed.
You must also provide a sufficient number of garage remotes in line with the amount of car spaces in a garage. (e.g. if the garage has 2 car spaces, you should provide the tenants with two remotes unless it is a single tenant)
You should also keep a minimum of one remote as an agent set.
Labelling the Keys
It is considered best practice to label all of the keys with their purpose. This is often done as part of the Entry Inspection process.
You should be testing every key is working & labelling it's purpose (e.g. 'FD' for Front Door, 'FS' for Front Screen etc.). You can purchase sticky dots for a small price - these can be stuck onto the keys & written on.
This will assist you in evaluating what keys are required & what is handed over to the tenant.
Tenant should sign a Key Sheet
When handing over keys to the tenants, you should have the tenant sign a key sheet/acknowledgement that they have received the keys & remotes. This key sheet should show the exact keys & remotes provided via photo reference. This sheet should then be kept on file and referred to upon the tenant's vacate to ensure they have handed back all keys & remotes.
Emergency Access
If a tenant is locked out of the property by fault of their own, it's recommended you allow the tenant reasonable access to your agent set of keys only for the purpose of re-accessing the property. If access is not able to be provided, the tenant will need to engage a locksmith at their own expense.
If they have lost the keys, the tenant is responsible for the cost of replacing them and/or the cost of replacing the lock if the security of the property is considered to be at risk.
Audit Regularly
You should be performing regular audits of your held keys at least once a week. You should ensure all keys are accounted for. If the keys are not present, you should ensure they are not yet returned for a reason or follow up with the recipient of the keys to have them returned.
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