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October 2004 

 

Amazon Book - The Landlord's troubleshooterLiz Hodgkinson on what to do with all those keys

Your property portfolio is growing nicely. You have found good tenants who pay their rent on time and you are pleasantly discovering that buy-to-let is everything it promised to be.

Except for one thing nobody ever mentioned to you, which is: what the hell do you do with your ever-proliferating sets of keys? Where do you put them and how do you label them so that you, but not a burglar, can instantly locate and identify them? How many sets of keys should you have for each property? And who do you entrust with spare sets?

Although I am a long-time landlord, I have never satisfactorily solved the key problem, so I consulted the experts, people who have to deal with hundreds of sets of the things.

Specialist letting agents Leaders, with seventeen branches, are at any one time responsible for about 10,000 sets of keys. “That’s not just ten thousand keys, but ten thousand sets,” says senior director Alan Thurloe. “A set can be anything from two to nine keys.

“At worst, that could amount to 90,000 different keys. As we have to keep track of so many, we have an efficient database system. For computer-minded people, Excel and Microsoft have special programs whereby you can input a five-digit code number for each key. Then you write this code number on the key tag.”

If a computerised system seems too much trouble, you can do it the old-fashioned way with a notebook and pen. “Privately, I have a portfolio of ten properties, and have devised a system which works for somebody simple-minded like myself,” Thurloe adds.

Liz Hodgkinson is a prolific author and journalist contributing to many publications. She has written over 40 books on a wide variety of topics and has a background in national newspapers. She now falls into the 'later-life' age category and in recent years has started writing for this 'older' market, and contributes to Saga magazine, among others.

Liz has two sons and four grandchildren. She is divorced and now lives in London and on the SouthCoast. She has written three books on property matters and her interests include snooping round other people's houses and viewing showhomes.

Step by step key system

  • Have a decent key ring with a plastic tab for every property.

  • Write a number on each key and transfer it to a small notebook.

  • Keep this notebook, which contains the actual addresses of the properties, locked away.

  • In a separate place, have a key box with a lock. Treat this as a wall safe.

  • You can get these key boxes from most stationers, and should make sure they have enough hooks for your purpose.

  • Underneath each hook write the code number of the set of keys. This ensures that you know which hook to hang them on.

  • Keep the key box somewhere accessible like inside a kitchen cupboard so as to be able to locate it at short notice.

 

 

“The secret is to devise a system which enables you, but nobody else, to access your keys”, says Thurloe.


It has to be impressed on tenants, he adds, that they must never change the locks themselves, and that they must return all sets of keys on check-out. If they fail to do this, the locks must be changed, instantly, by the landlord.


“At Leaders, we’ve had instances where tenants say they have lost keys, and then broken back into the property after checking out. Once they are back in, as squatters, it can be difficult to remove them right away. Another point is that if any of your properties use electronic keys, the batteries only last for two years, then go instantly, as with a watch. So spare batteries are essential.”


How many sets of keys?


Super landlord Greg Shackleton owns fifty properties and has five sets of keys for each unit. He reckons this is the absolute minimum necessary. “I give three sets to the agent and keep two sets spare,” he says. “People do lose keys, and you may need them at short notice for an electrician or plumber.”


Greg puts a code number on each fob, then transfers this to his key book. “For instance, 42 London Road may be coded ‘Ia’, 28 Brighton Road coded ‘1b’ and so on. I can’t guarantee to remember all the codes, so they have to be written down. Then I keep the actual keys in a key safe which is always locked.”


Agents will only keep keys if you have signed up for full management. Even so, they are only open during office hours, so absentee landlords should nominate at least one keyholder, preferably somebody in the building, and give this information to both the tenant and the managing agents.
Alternatively, there may be a company that will hold keys for you. The London Keyholder Company will hold keys for landlords.


“We have a facility room where we keep hundreds of keys under secure conditions which we can release, twenty-four hours a day, seven days a week, on quoting the password,” says director Geoff Davies.


The London Keyholder Company: 0800 587 7091


 


 

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