Over 1500 key exchange locations nationwide
How to Choose a Key Management System in 2024: A Comprehensive Guide for Property Managers
Imagine a scenario where a key goes missing, and nobody from your team claims they have a copy. The immediate question that arises is: why did this happen? Without a Key Management System in place, finding the answer might be a challenge.
If your property management business deals with more than a dozen keys, you likely need a Key Management System to smooth out your day-to-day operations. Efficiently organising keys for your rental properties is a crucial task. A well-organised key inventory not only saves you time but also relieves the stress of dealing with missing keys or chasing people who forgot to return them to the office.
In this article, we explore the importance of key management, the considerations for choosing the right system, and a comparative analysis of two prominent solutions: Keytrak and KeyNest Pro.
Main Reasons For Implementing a Key Management System:
Keeping track of key inventory - it’s easy to keep an eye on the key status when it’s all updated on an app or website.
Specific key access control - giving access to specific people or groups of people.
One-time access capabilities - as easy as you can grant property access, you can also restrict it - and take a person off the access list immediately.
Simpler property viewings - without the need to install a problematic lockbox (these little key safes are being banned from more and more cities nowadays).
Increased accountability - knowing who has the key at all times.
What Are The Myths Related To Key Management Systems?
Only for Enterprises:
Many professionals often assume that Key Management Systems are designed exclusively for larger enterprises, believing that small and medium-sized businesses can't effectively use them. This assumption is a misconception!
Managing keys successfully can be challenging, regardless of the quantity - even if it's just a handful, say 40-50 keys. Unforeseen circumstances can arise, making it impossible to predict potential challenges.
The reality is that a simple act, like someone taking keys from the office without notice, can have significant consequences. Picture realising a key is missing just as you're about to pick it up to pass it to a guest or tenant! This can lead to delays and conflicts among the staff, and harm the business's reputation, causing confusion and lost productivity.
Busting the myth of manual Key Management Systems:
A prevalent myth regarding key security is that manual management using Excel or paper-based registers is more reliable than automated systems. While manual methods may seem dependable, they are prone to human errors and can jeopardise security.
Contrastingly, logging a key with Key Management Software takes just one second - a simple tap of the fob on the back of your phone, much faster than navigating an Excel sheet!
Considerations When Choosing a Key Management System:
Automation vs manual management:
Automated systems reduce human errors and enhance efficiency, but also cost more.
Traceability and transparency:
Technologies like NFC provide key data tracking in seconds, only accessible to specific users. Look for systems that provide an easy-to-view dashboard showcasing key status in a glimpse, that can be downloaded or printed for reporting purposes.
Budget number of keys, and current setup:
Consider your budget and key volume for a suitable solution, whether complex electronic storage or a budget-friendly online tracking system. If you’re unsure how to organise keys in your office, read this article.
Options in the Market: Keytrak vs. KeyNest Pro
KeyNest Pro: A Modern Solution for Today's Property Managers
KeyNest Pro (click here to read more) is the only app-based Key Management PropTech Solution on the market, and keeps your staff informed on where any keys are, who has them, and when they are due to be returned
Pros:
Seamless integration with existing key cabinets; no additional hardware required
Simple onboarding with KeyNest fobs; no setup costs
Flexible pricing based on user count, allowing scalability
Remote key management features for complete control
24/7 customer service; phone and chat support available
Free trial for testing before commitment
SMS alerts for timely key returns
Global availability for property managers worldwide
Cons:
Slightly slower browser version
No key cabinets are provided; users need to use own key storage system
Pricing:
Explore KeyNest Pro here or email oscar@keynest.com.
Keytrak: Enhancing Security Since 1987
Keytrak's electronic Key and Asset Management Systems have been enhancing operational security since 1987. Offering customizable drawer-based or wall-mounted systems, Keytrak ensures total accountability and control.
Features:
Access controls/permissions
Check-in/check-out
Overdue tracking
Wall-mounted or standing key storage cabinets available
Pros:
Structured in-person onboarding with Keytrak's trainers
Fingerprint login for ease of access
Comprehensive and fully customisable system, adjustable to your organisation’s needs
Cons:
Non-transparent pricing; quotes must be requested
Customer service challenges reported by users
No free trial available
Software issues reported, varying with machines used
Pricing:
Not available online, but historical data suggests costs ranging from $5,000 to $10,000 or more per key tracking device, plus subscription fees, depending on the system's capacity.
In conclusion, choosing the right key management system is pivotal for property managers. Whether opting for the modern KeyNest Pro or the established Keytrak, understanding your specific needs will guide you towards a solution that streamlines your operations and fortifies your property's security.
Frequently Asked Questions:
What specific features and functionalities does KeyNest Pro offer for remote key management?
Real-time Tracking: KeyNest Pro allows property managers to track the whereabouts of keys in real-time through its app-based platform. This feature enables managers to monitor key movements, know who has them, and when they are due to be returned.
Remote Access Control: Property managers can remotely grant or revoke access to keys using KeyNest Pro's app. This functionality provides flexibility and security, allowing managers to manage access permissions even when they are not on-site.
SMS Alerts: KeyNest Pro sends SMS alerts to remind users to return keys on time. This feature helps ensure timely key returns and minimizes disruptions to operations.
Seamless Integration: KeyNest Pro offers seamless integration with existing key cabinets without the need for additional hardware. Property managers can easily incorporate KeyNest Pro into their current key storage systems, eliminating the need for costly upgrades or replacements.
KeyNest Fobs: KeyNest Pro provides KeyNest fobs for staff members, simplifying the onboarding process and reducing setup costs. These fobs facilitate easy access to the KeyNest Pro system and ensure smooth operations.
How does KeyNest Pro ensure seamless integration with existing key cabinets without the need for additional hardware?
Current key cabinet can be kept as is, thanks to KeyNest’s signature green fobs. Fobs are fitted on each key in the cabinet and allow for easy key scanning and tracking, while still using the same key storage system.