Lockboxes are a convenient way for property managers and landlords to provide secure access to rental properties, but they are not immune to theft. If a lockbox disappears from one of your rental properties, it could indicate a potential security risk. Here’s what you should do to protect your property and your tenants.
Rekey the Property Immediately
If a lockbox goes missing, the most immediate step is to have the property rekeyed. A missing lockbox means someone may have access to the keys, posing a potential security risk. Unscrupulous individuals can steal lockboxes, take them home, and break them open with tools like sledgehammers to retrieve the keys. Rather than taking any chances, it is best to err on the side of caution and rekey the property as soon as possible. Many property management companies follow this best practice to ensure continued security.
Understand That No Lockbox is Completely Secure
While high-security lockboxes exist, none are completely impervious to theft. Criminals equipped with bolt cutters can cut off even the most secure lockboxes and access their contents. Therefore, relying solely on a lockbox for security is not advisable. Property owners and managers should always be prepared for the possibility of lockbox theft and have a plan in place to address it swiftly.
Implement Additional Security Measures
Beyond rekeying the property, consider implementing additional security measures to deter criminal activity. Installing an alarm system and security cameras can help protect vacant rental properties. Visible security measures serve as deterrents, reducing the likelihood of break-ins. Additionally, regular inspections of vacant properties can help property managers identify any signs of tampering or suspicious activity before a serious security breach occurs.
Lockboxes are a useful tool for rental property management, but they come with inherent risks. If a lockbox goes missing, immediate action—such as rekeying the property and enhancing security measures—is necessary to protect the property from potential criminal activity.