Master key for apartment building - Good idea?

[Neil1]

Hi Everyone,

A friend received a quote from a key company to replace all locks, then prepare a master key for all units.

He is a bit surprised quote came at around $4000.

Is it a good idea to change all tenants locks in an apartment building and then prepare 1 master key to provide the owner or property manager?

Is $4000 reasonable for this work?

Thanks,

Neil

 

[Thomas Beyer]

Like many good ideas it is smart in principle, until the onsite manager gets arrested for drug use and the master key is lost. Hence more common, and more cost effective is the good old system of three keys per door, two to tenant and one in the office.

 

[tkjca]

How many doors?

 

[Neil1]

[quote user=ThomasBeyer]Like many good ideas it is smart in principle, until the onsite manager gets arrested for drug use and the master key is lost. Hence more common, and more cost effective is the good old system of three keys per door, two to tenant and one in the office.



Thanks,

Neil

 

[Neil1]

[quote user=tkjca]How many doors?


20

 

[tkjca]

20 doors X 3 keys each X $4 per key = $240.



What other tangible and intangible benefits do you get from a master key? Is the benefit worth the extra $3,760?



For me, I can save $3,760 or spend it on a key that if I can't find it, there goes my $3,760!



Alternative, it costs me an extra $4 to replace a key I lost.



The decision is now up to you.



TJ

 

[Neil1]

Just to add their 4k work also results in getting rid of the handle locks. Meaning when this company is done, you are left only with dead bolt locks. The company explained the benefit is (with a deadbolt lock only) tenants will never again lock themselves out by mistake. Therefore, the landlord or PM will not be bothered by such calls, ever again.


Still, I tend to agree with the above suggestions - it just does not make sense to pay thousands in order not to get say 2 such calls a year.


Thanks,


Neil

 

[kfort]

...and are you currently having a ~$4,000 problem with tenants locking themselves out...? If so, make tenants put the key on a string like moms do with mittens.

 

[Neil1]

[quote user=kfort]...and are you currently having a ~$4,000 problem with tenants locking themselves out...? If so, make tenants put the key on a string like moms do with mittens.


You are correct

Thanks,

Neil

 

[Thomas Beyer]

[quote user=tkjca] 20 doors X 3 keys each X $4 per key = $240.



What other tangible and intangible benefits do you get from a master key? Is the benefit worth the extra $3,760?



For me, I can save $3,760 or spend it on a key that if I can't find it, there goes my $3,760!



Alternative, it costs me an extra $4 to replace a key I lost.



The decision is now up to you.
Well stated.



A $4000 solution to a $200 problem. Effective: yes. Efficient: no !

 

[Neil1]

[quote user=ThomasBeyer]

Well stated.



A $4000 solution to a $200 problem. Effective: yes. Efficient: no !





Thanks,

Neil