Real estate investors deal with a lot of keys. Every property has doors and keys to unlock those doors. Whether you are wholesaling, flipping or renting, you will have to keep a bunch of keys to get in your properties.
With all those keys, it is very easy to lose one. When you have new tenants, or have just bought a property, most investors want to change the locks. If you don’t throw away the old keys, now you have even more keys to deal with.
Up until now, if you lost your keys, you had to track down someone with a spare set. Or worse – call a locksmith. Locksmiths sure can cost a lot of money to come out and visit your place, sometimes upwards of $200!
Not anymore. Technology has come to the rescue in the form of a neat little app called Key Me for Apple. The app is not available for Android yet, but you can go here to sign up for an email alert when the app is developed.
Store Your Keys in the Cloud
The idea for the Key Me app is that you can take 2 pictures of your keys, and store the key pictures in a cloud storage area. Then when you lose your keys, you have several options. (More on that in a sec.)
Just set your key down on a white piece of paper and take a picture of each side, using the app. From the picture, the app gathers two pieces of information - the key type and a series of numbers that serve as the depth cutting instructions for any locksmith. The data is then stored in your digital ‘keychain.’
The first option is to visit one of the Key Me kiosks. Unfortunately they have not built too many kiosks. As of this lesson, they just have kiosks in the greater Manhattan, New York area. You can find a map of them here. One nice thing about the kiosks is that the key data is stored in the cloud, not at the kiosk. Accessing the cloud requires finger print identification so your data is pretty safe.
If the kiosk thing doesn’t work for you, you can have a new key sent in the mail. You just request one on your phone and Key Me will mail you one in about 4 business days.
Don’t want to wait for snail mail? You can bring the pictures of your key to your local locksmith. The app puts together some information that your locksmith will understand and can display it on your phone. Then the locksmith can easily make you a duplicate at a lot less cost than breaking and entering to your property.
Forgot to take a picture of your key? Your roommate/business partner/contractor/realtor/tenant can get this app for their phone, take a picture and email it to you.
Having pictures of all your keys and passing the app to your real estate associates can be very handy. Say your realtor wants to show a house you are selling. You can just send him a picture of the key on his phone. Then he can head down to the local locksmith and have a key made himself.
How Much Does It Cost?
Anyone with an app, or proximity to a Key Me kiosk, can scan their keys for free. Then you can print a key at the kiosks for $19.99. You can also make a duplicate of your key when you scan it at the kiosk for only $3.50.
Prices on other duplication services really depend on who you go to in order to have a new key made. You have to pay $9.99 on the app to unlock the information on your key + whatever the locksmith will charge you.
If you want to order keys through the mail, it will only cost you $6 per key.
You can duplicate most house keys, but Key Me is not so good at duplicating car or mailbox keys. It will also not duplicate keys that say ‘Do Not Duplicate’ on them.
Key Me is a little different than apps like SticknFind that helps you locate lost keys. Key Me is designed more for those who don’t have a key at all or may have locked it in their house but can’t reach it.
Organize, Organize – Real estate moguls control or own a lot of assets. Those assets come with accessories. To avoid going crazy, implement some programs and processes to make your life simpler.
Consider Different Keying Systems – Some landlords have taken advantage of the ability to open every lock on every unit’s doors with one key. Locksmiths can do this for you. Simplifying in every area really helps.
Download the App – It’s free after all. That way you can store your keys and maybe never need them. But you don’t want to be locked out of your place when a very important buyer is stopping by.
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.