Lockboxes Rock
If it hasn’t happened yet, it’s just a matter of time. Eventually it happens, some day, your tenant will have a problem that using lockboxes could solve, or at least help with. A washing machine will break, a dishwasher will quit or some type of maintenance will be required for your property.
Ideally the tenant can be on site to meet with the repair person, but often it’s not the case and now you have to fit meeting a repair person onsite into your schedule. Introducing the lockbox from Masterlock, a new best friend!
I have one of these installed at every single property and each lock has a key to access the property inside. In the case of up down units, I have keys to access both units plus outer doors keys all nicely labeled.
These units are about $40-50, and you can find two styles. One has the loop , which allows you to attach them to door handles, railings, posts or fences.
The other version requires large screws to secure it to the building. These screws are installed when the unit is open and require a flat sturdy surface to secure them. This isn’t always available, which is why I prefer the loop. Whatever your choice they work great.
Now when I need to arrange a contractor or repairman to visit a property, it’s a matter of passing on the code and away you go, and you can customize the code for each property. That means that if someone knows the code they won’t be able to access your other properties. as well. An important addendum to add to this is, we only do this with trusted contractors and repair people. Not everyone gets the code!
It’s Not Just For Tenants
The other place this can be handy is if a tenant locks themselves out. Some tenants do not understand it’s not your responsibility to go unlock their door when they lock themselves out. They can hire a locksmith to let them in, but this can also be a solution if you don’t want them breaking doors or window to get in. Just remember if you have multiple keys for multiple units, this is not an option.
My favourite use for this though, is during my initial renovations and setup. Often there is no need for you to be onsite to have your painter stop by or your contractor to hang a door or any other myriad of times people you have working on your property need to drop by. Especially when you are first starting out and likely have a day job that you juggle while renting out your property.
By installing one of these units, dropping the appropriate key in and providing your contractors with the code, you can be sitting at your desk while they are working diligently on your property and getting everything ready for you. I’ve recommended this to multiple investors over the years and it’s often one of their favourite tips as it can save hours of time, especially if the property is across the city from you.