Smart Key Management System: What Is It & Why Do You Need One?

 

 

Offering a secure key storage solution is a must to successfully manage access at your property. Smart key management systems empower tenants to store keys when they’re away from a building. They ensure that authorized guests have easy access to approved spaces without needing assistance from staff.

In this post, we go over what smart key management is, including prices. Then, we outline the advantages of smart key management systems. Finally, we go over the four main types of key management systems on the market.

This post covers:

• What is smart key management?
• The advantages of smart key management systems
• Key management systems: smart vs. physical

 

What is smart key management?

A smart key management system is a device or collection of devices that stores and tracks physical keys. Part of a larger key management system, smart key storage tracks keys for all types of rooms throughout the property. This includes resident units, amenity spaces, offices, and show units for tours.

Key management solutions can be used by both residents and staff to ensure their trusted guests can retrieve keys to unlock doors and gain access.

They’re usually a locker, safe, box, or other storage space with one or multiple compartments where staff and tenants can safely leave keys, fobs, or keycards. Then, guests must use a credential to retrieve a key. Typically, key management solutions require visitors to scan a QR code or enter a unique PIN code to unlock.

What’s more, the best smart key management systems pair with software, through which property managers can keep an eye on the whole system.

 

 

How much does a smart key management system cost?

The price of key management solutions varies depending on the vendor you choose and the system you opt for.

On average, complex electronic key management systems cost between $200 to $3,0000 for multi-compartment key storage.

On the other hand, simpler key management systems like key lock boxes cost between $10 to $40 each. However, this solution can store only one key at a time.

 

What does a smart key management system do?

Smart key management systems empower tenants and staff to store physical keys in a secure place. Then, guests can use the system to retrieve keys and gain access to the property or the rooms inside.

What happens when you implement a smart key management system:

• Tenants can leave keys for family or friends, and even service providers like house cleaners or dog walkers.
• During self-guided tours, prospective tenants can retrieve a key and access showing units.
• Store keys for third-party property maintenance and service providers.
• Security is boosted because residents don’t lend their keys out indefinitely. Instead, the status of the keys can be checked immediately. Plus, if they’re lost or stolen, you know who had them last.

 

Watch how ButterflyMX works:

 

The advantages of smart key management systems

A smart key management system is a great investment for multifamily properties, gated communities, and commercial offices. Furthermore, smart key storage solutions benefit property owners, managers, and tenants.

Here are the top benefits of implementing smart key management systems:

• Save time for building staff. Investing in a smart key management system eliminates the need for building staff to oversee visitor access 24/7.
• This frees up their time to work on more important projects.
• Easy visitor management. Visitors and guests can retrieve keys without bothering other residents or staff.
• Improve security. Smart key management systems store keys in a secure location. So, only authorized visitors can access the system and explore the property.
• Put visitor access into the hands of your tenants. Empowering tenants to easily provide keys to visitors will streamline your building operations. With a smart key management system, they can provide keys to pet sitters, house cleaners, family members, and other service providers without needing to be home. This is easier and safer than leaving a key under their doormat or lending out a key indefinitely.
• Offer simplified self-guided tours. Prospects can tour your property on their own time without needing an on-site staff member to grant them access.

 

 

Key management systems: smart vs. physical

A physical key management system is typically a single-compartment key storage solution that can hold keys for visitors. While they put visitor access in the hands of your tenants and can simplify self-guided tours, they don’t bolster security the same way that smart key management systems do.

Here are a few examples of physical key management systems:

• Key lox boxes
• Key cabinets
• Key safes

The hallmark of physical key management solutions is that they aren’t electronic. Conversely, smart key management systems are electronic and typically pair with software.

As a result, smart key management is significantly more secure and convenient.

 

 

The best smart key management system

Say goodbye to traditional metal keys and switch to smart locks that work seamlessly with a robust access control system like ButterflyMX.

ButterflyMX, a cloud-based access control solution, is trusted by more than 15,000 buildings and has amassed over 20,000 reviews. Our system integrates effortlessly with smart locks, allowing you to replace old-fashioned keys with convenient mobile access.

With ButterflyMX, your staff, residents, visitors, and service providers can enter the property using just their smartphones. Our solution provides complete access control, covering everything from the front entrance and gates to elevators, amenities, and even individual units.

No more managing bulky key rings. ButterflyMX simplifies key management with our intuitive operating system, accessible through a mobile app or online dashboard. From this centralized platform, you can track access logs, manage user permissions, and integrate smart locks for a streamlined, easy-to-manage experience.