Reducing Lock and Rekey Costs
We use a key/lock system from [LandLordLocks.com which utilizes a key replaceable key core. We also replace thumb locks and remove digital pads. See the image below.
Below are more details.
When it is necessary to rekey a lock, the property manager simply removes the current core with a special and inserts a different core, that has a different tenant key. See the image below. This effectively reduces rekey cost and time to zero.
Lockouts are usually caused by a tenant accidentally locking themselves out when they exit a "knob lock" (or spring lock) door, without the key. Or, the hit the close button on a digital garage door pad. To eliminate this scenario, we remove all thumb locks and replace them with what are called "pass knobs", like the one show below. So, the only locking mechanism is the dead bolt. The only way a tenant can lock the door is with the key. Second, by reducing the number of locks on a typical property from four to two, you reduce costs and simplify key management.
Tenants Duplicating keys
Normal door locks have 6 pins. All the big box stores offer key duplication services and can quickly duplicate any standard key. Landlord lock keys are 7 pin. Stores do not have the necessary blanks to make duplicates. So, if a tenant needs another key, they will have to obtain it from the property manager, which keeps the property manager in control.
Tenants replacing Locks
It is not uncommon for a tenant to remove the current lock and install their own. This prevents property manager access, which can be critical. We use special screws (also from Landlord Locks) that prevents tenants from removing locks. See the image below. The bit required to remove the screws is only available from Landlord Locks.
Digital Key Pads
Not only can tenants easily lock themselves out, these have to be reprogrammed for every tenant turn. An unnecessary expense. We remove such digital locks.
The cost to rekey a single lock is about $60. If, like many properties, there is dead bolt and thumb lock on the front door and the door to the garage, the rekey all four locks will cost about $240. The cost to replace deadbolts with replaceable core locks is $120/lock. The cost to replace thumb locks is $50 each. So, assuming 2 deadbolts and two thumb locks need to bre replaced, the cost would be: $120x2 + $50x2 = $340. So, converting to this system will cost about $100 more in this scenario. However, the next rekey will be zero. Plus, you retain control over property access..
Reducing your overall costs is the easiest way to increase return. The key/lock solution we use reduces your lifetime operating costs as well as keeping control of the property.