Automating daily tasks, like issuing and tracking physical keys, is important for residential property managers because it saves time, reduces errors, improves efficiency, and boosts productivity. By using intelligent key and asset management solutions, property managers can streamline operations, enhance security, and ensure accountability, ultimately leading to better tenant satisfaction and increased profitability.
Ensure safety and security
Keys provide access to residents' homes and personal belongings. If keys are not secured properly, they can fall into the wrong hands, which would compromise the safety and security of the residents. In addition, misplaced or stolen keys to shared or restricted areas and equipment, such as maintenance sheds and carts, can create a pricey situation should assets be tampered with or disappear from inventory. Assigning keys to specific users and tracking their movement is crucial in maintaining the right level of security to ensure both employees and residents remain safe.
Maintain compliance
Many states have regulations that govern the storage and handling of keys for residential properties. Properly securing keys is necessary to ensure compliance with these regulations. Florida, for example, signed into law SB 898 in January 2023, which aims to enhance tenant safety regulations by requiring property managers to conduct background checks on employees and maintain a log for each residential unit key. The property’s protocols for key storage and issuance and the usage must be recorded and are subject to inspections by the state. Electronic key management allows property managers to maintain policy compliance, delivering accurate, real-time audit reporting on key issuance, returns and authorizations.
Reduce liability
If keys are lost or stolen, the property management company could be held liable for any damages or losses that occur as a result. This could result in significant financial and legal consequences for the property management company. Intelligent key management solutions reduce liability by providing a complete chain of custody for all property keys. Property managers who use intelligent key management systems know the location of each key, the time each key was last accessed, and the person who last accessed it. This knowledge allows you to respond to a variety of common key-related property issues confidently and accurately. For example, property managers frequently hear from tenants who believe something was stolen from their unit, yet there is no sign of forced entry. In these situations, tenants often accuse the maintenance staff of stealing and want to hold the property accountable for losses. Maintenance professionals are rarely the culprit, but without solid proof, a stressful battle can occur. Property managers who use key management solutions can quickly generate a report to resolve accusations, maintain tenant trust, protect employees, and avoid costly legal fees.
Uphold the reputation
If a property management company's keys or other assets are not adequately secured, it may unintentionally damage its reputation. This can result in lower occupancy rates and trouble finding new renters. For instance, one misplaced physical key can result in a security breach, legal liability, and loss of faith in a property, which can generate negative press, expensive lawsuits, decreased sales, and general reputational harm. Building out future occupancy requires tenant trust in the cutthroat multifamily market of today.
Build a stronger community
Securing physical keys in residential property management is crucial for safety, liability, reputation, and regulatory compliance. Intelligent key solutions can benefit property managers, employees, and tenants by improving security, accountability, and reducing costs. Properties using intelligent key management solutions are highly desirable in the current competitive market.