Every lost a master key? Every had that floor-dropping-from-under-you feeling while sitting in a chair on the phone? Master keys are necessary, they are also, truly, the keys to the kingdom of any property. Losing a single master key costs time and money. Immediate action is required. The exposure can be tremendous.
First and foremost, anyone in possession of a master key must be made fully aware of its significance. This responsibility is not to be taken lightly. Is there a "Smeagol" in your ranks? I have questions:
• How many master keys do you have out?
• Where are they- each and every one?
• Does each key have "Do Not Duplicate" stamped in it?
• Is there a plan in place for loss of a master key?
• How long until you will be using key-less locks
There is many a hundred year-old house in Europe with keys like those in the photo above. For most of us, we have keys from manufacturers like Diebold, MasterLock, Schlage, Weslock, Yale, Weiser Locks, Sentry and American Lock.
Fission technology may replace gasoline as our primary power source in the future. But when? Like gasoline based products in use for transportation, we may still be using brass keys twenty-five years from now, but they will represent the minority. Technological advances in locking "systems" are becoming less expensive and easier to install.
Silicon Valley is working on your future keys today. Future keys, or entry systems, will have components that include voice recognition, eye or fingerprint scans. Consider that in the future a small set of servers will process and maintain perhaps a billion "keys".
We will have keys that unlock doors and open windows based on pre-programming or "presence" (read facial recognition) similar to how motion lights work today, but with military technology upgrades a thousand times smarter than your current smart phone.
Locking systems are in transition. The futurist Kaku was asks in a recent interview if all this "futurist stuff" was really possible. His response was: "one hundred years ago rapid transit was when your wagon was not stuck in the mud and mass communication was yelling out a window (American Airlines Magazine).
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Multifamily Insight is dedicated to assisting current and future multifamily property owners, operators and investors in executing specific tasks that allow multifamily assets to operate at their highest level of efficiency. We discuss real world issues in multifamily property management and acquisitions. This blog is intended to be informational only and does not provide legal, financial or accounting advice. Seek professional counsel. For more information, visit: www.MultifamilyInsight.com