#1 Way To Make EXTRA MONEY Pricing Rekeying Jobs | Locksmith Tips
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- Опубликовано: 16 июл 2024
- Locksmith Tips: Do you lose money when pricing rekeying jobs? PJ and Pete share some locksmith tips on how to make sure you're getting the most profit out of your rekeying jobs. Keys tend to be overlooked when it comes to pricing out jobs, but how much money are you really losing out on? Find out here and enjoy the locksmith tips!
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0:00 - Intro
0:57 - Pricing Rekeys
4:10 - Keys Are An Investment
7:45 - Not Rekeying For Free
8:15 - Overview
8:51 - How To Participate in Our #Lockboss Giveaway
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ABOUT CLK SUPPLIES
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I’m on the other side of the spectrum in this one. I’ve always done a “rekey special” that included 4x keys and a max of 6x cylinders for a set price. My reasoning is that it usually gets my foot in the door and opens the discussion for upgrading hardware. #Lockboss
Hey guys,
Good video, this would of helped when I started my locksmith career. I figured it out though lol, we charge $20 per lock and we give two free keys per job. I don’t use those blanks I use our company engrave keys, I look at it as a way to advertise my business. Additional keys are $3 and DND keys are $4.50 I do buy this crappy .15 keys to give away depending on the job I’m doing. The one thing I don’t like is how some locksmiths use old keys to rekey new locks at homes. And this is something I always wondered when I started locksmithing. How do other locksmiths rekey new locks? What keys do they use? I never really got the answer to be honest so what I do is I make my own key every single time I rekey using my blue punches. If the old keys are available I use decode the key by either looking at the key or a key gauge or sometimes it’s stamp on the key and I move each number up 2 or down 2 depending on the cuts of the key. Well at least it’s what I do when it comes to rekeying locks. #LockBoss
That's why I always say stamping your keys is good advertisement you can do it less expensive if you buy a stamper and a stamp with your custom name on it but you're doing the right thing getting your name out there and that's what counts and never use an old customer's key to rekey new locks to a different customer key always make your keys around setup keys available so you can do it efficiently and making them like you with blue punches just as easy thanks for your question
@@countrylockandkeycountrylo2034 I had a stamp but I really suck at placing the stamp dead center so I got tired of giving crooked stamped keys lol so I just found a company that incises them and embosses them. I get DND embossed keys and regular incised keys for everything else.
So I always say whatever works best for you because our stamp is on always straight either but at least I can identify the keys that I made as you can do it with your keys but I stamp all of our keys just not house keysthanks for replying I always like to hear other people way of doing things too so I always say my way is not always the right way thanks have a good evening
@@countrylockandkeycountrylo2034 lol yeah stamping keys manually requires a steady hand or good eyes which I don’t have lol yeah that’s the cool thing about our trade everyone has their own little things that make them stand out or different from other locksmiths. That’s why I love seeing everyone van setup or the way they do business because you can take a little bit from someone’s way of doing things and implement them to your business.
I charge $ 12.00 dollars per 🔐 and that includes the cost of the 🗝️ per 🔒this way say you do 4 locks The customer ends up getting 4 key's total invoice would be 48.00 plus tax $51.36
Great information give my best to CLK supply and the lock father thank you PJ great video.#lockboss.
Charging for every bit gives you wiggle room to still profit if a customer wants to haggle. I can set locks to any given bitting, with/without a key. #lockboss
You guys make real good points here. I tend to throw in keys more on residential rekeys than I do for commercial. There are a lot of residential customers around here that say I'll just go get some copies at Lowe's which we know can be not so good because the key may not work and they think it's your fault, not the "minute key" machine at Lowe's. But the eventual profit made off the investment of the Box of keys makes a whole lot of sense.
#Lockboss
Very informative. I'm a lockboss prospect😀
Thanks for the video PJ. Thought I might touch on the "big box stores" rekeying. I worked for Home Depot for over 30 yr's and spent many years in the hardware dept. I have rekeyed 100's of locks in my time there and made 1000's of keys ( and NO we aren't lock smiths nor do we claim to be). I guess I can really only speak for the store I worked in as others might be different. We would only rekey locks the where newly purchased at our store and we didn't change extra (in this way we would have the right rekeying kits and wouldn't have to worry about replacing a lock if it blew up while taking it a part, of course this NEVER happen too me lol). 95% of the time we would rekey to a cust. existing key, the other 5% we would use keys that we had save from other rekeys done in the past. I knew this is a lot different from how a lock smith has to work and I hope I don't get flamed for post this, I just want to others see it from a different perspective. #lockboss
Thanks for your answer we always have to compete with the big box stores the locksmith going to compete no matter what and the cost factor is a lot different between a big box store and a locksmith but hey it all works doing it so I appreciate your question and answer have a great evening
For residential and light commercial, I do service call (price depends on distance) and that includes one keyway rekey. Everywhere else a key goes in is $15 for standard, $20 for profile cylinder, $25 for master keying. Customer gets two keys included either way. Additional standard (kw1, sc1, etc) are $2ea.
I give an estimate over the phone, then do a written, set in stone, quote once I'm on-site after a walk-through with the customer.
I've found it's a good compromise between my time/ overhead, and value for the customer...
Also if, once I'm there and they get the final price, of the customer complains about the total, it gives me a bargaining tool ("these are the prices we agreed on over the phone but, I'll tell you what?... I'll throw in two extra keys at no charge")
Of course, what works in ONE service area might not work in others.
This is so true and key blanks don’t all cost the same, so this discussion makes good CENTS haha! #Lockboss
Incredibly useful tip for those of us still learning to become a #Lockboss ! PJ, be sure to thank your dad for his time on this one. Hope to see you next Tuesday afternoon.
For sure!-PJ
Hey Chris! You are one of our winners this week. Email me at sales@clksupplies.com 😊 - Kylie
Dad is the original #Lockboss - He has it figured out after years in the business..
love your channel - keep it up
Definitely useful information since I’ve been doing a lot of rekeys the last month
That is some really good reasoning behind the rekeying pricing. Good to hear the #LockFathers thoughts on it. Thanks Pj #LockBoss have a fun weekend, cheers
The business side of things is definitely something I’d like to see more of. Great insights as always . Thank you! #Lockboss
Thanks for another helpful video. I think charging per keyhole and per key provided to come up with the total cost also helps with dealing with the fact that some keys cost a lot more than others, and some houses have a lot of locks and throwing in 2 cut keys for every cylinder changed can be a lot of keys to throw in when they don't even want that many. #lockboss
Great breakdown, and also describing the opportunity cost of giving away those keys. Separating out the prices for pinning and cutting keys should give you more flexibility and transparency in charging for different jobs too. #lockboss
Good points someone has to pay for your knowlege, time to rekey and the key itself.
this is turning out to be a true locksmithing 101 course! #lockboss
I really like rekey jobs. The cost of investment vs the return of profit can be really good but you have to price it right. I really like to spent a week shadowing the Lock Father just to pick his brain in how he runs his business. I bet he's forgot more than most of us will ever learn. #LockBoss
Good job, good idea. I am guilty of not always charging for the keys. l also get 12.50 to 15.00 for the rekey though. But from now on I will be charging for the keys as well. I want that 500 bucks!! Never thought of it that way. Thanks #Lockboss
JMJ Locksmith
Yes!-PJ
Howdy from TX. Finally got some power here. 🤞 for the rest to get theirs.
Anyways... When I do rekeys at a home I charge by the lock or like you say wherever the key fits. And each rekey comes with a key and any extra cost more. But I charge $12.50 per lock and if they want or need security pins or new drivers and springs it is $20 per.
I started doing it with a key per lock and add the price for said key as it makes it so I sell more keys. Most I had before would do one key to save $ and try to het the hardware store to duplicate some cheaper. And even though they are near same price as us the hardware store gets the key sale.
Great discussion fellas.
#lockboss
I am Steve from Steve's Locksmith shop in Highland Michigan we do the same thing we charge for keys it definitely increases your yearly profit and when customers ask us you can't rekey a lock without keys we explain a lot of customers just want us to key to house to match another existing door in that case there is no keys we also have two reking prices one for if you bring the lock into the shop the other prices for if we come out remove and reinstall the lock after reking if you bring it into the shop we charge $17.50+keys a lock if we come out to the house we charge a $70 service call plus $25+keys per lock that includes removing the lock and reinstalling it on the customer door I love the video don't get to talk to a lot of other locksmith that own shops if you ever want to do a phone interview with me on my pricing that would be great keep up the good videos
We kind of do the same here in CA we charge $85-$95 for our service call but it also depends on where if it’s up a hill we charge $120-$140 or if it’s outside our service area we charge $130-$180 plus rekeying the locks of $20 per 2 free keys and $3 per additional and $4.50 for DND. But our keys are incised or embossed with our company name. I use the .15 keys when I do sub work or trying out a code or something like that.
@@sharkcitylocksmith it is really cool seeing what other locksmith charge I never really talked to any other locksmith in my area greater formation thanks for the reply I'm always looking to tweak my prices to make sure they're in line with the going rate I see a lot of locksmith to keep the same prices for years and years and years and it diminishes the industry talk to you later Steve
@@steveslocksmith211steveslo8 yeah I wish other locksmith would do that. This way newbies can see what they can charge later in their career, I obviously started super cheap build my clientele then raised my prices throughout the years. Good talking to you too!
The LockFather's approach makes the most sense to me. As an example, my condo would involve rekeying 1 cylinder and making 4 keys. My brother-in-law's house would require rekeying 5 cylinders but still only require 3-4 keys. A reasonable alternate scheme would be to have one price for the first cylinder in the job (say $15) and include a key with it and then a slightly lower price (~$10) for additional cylinders with no additional keys. #LockBoss
Given that a customer might want a lock rekeyed to an existing key or want multiple locks keyed to the same keys. So charging a fee for every key and a fee for the rekeying makes sense.
Stamped keys seems like a great advertisement as well.
Great advice from a #Lockboss
I very much agree that you need to charge for those keys. We used to not charge for stamping a key and one day I spent 1 hour stamping over one hundred keys and realized we needed to charge for this lost time now we make nearly $2000 a year on stamping alone. If you are giving something away figure out how much money you are giving away. It’s an eye opening experience.#lockboss
Glad to hear because stamping keys takes lots of time customer just wants one key and wants one letter on it I don't charge but overall we charge thanks for sharing
Very informative. Thank you! I would love to see another video with Lockfather expanding on extra charges. I often spend a significant amount of time doing strike plate and hinge adjustments after a lock replacement or re-key, and that is also labor that we need to charge for. #LockBoss
Interesting. I charge a decent amount per cylinder which allows me to include a couple keys but this is not a bad profit strategy. #lockboss
Great video and insight Gents! Thanks!
Great video and great comments. Thank you PJ, thank you #LockFather and thank you all for your perspective and practices. This is the best forum for learning and sharing! #LockBoss
Well, this changes everything. I've been pricing with keys included, but I see how your method makes so much more sense. Thanks and keep up the great videos #LockBoss
Good info...have to add in use of equipment and supplies...along with labor and experience
These discussions are great, and really important; thanks for doing this PJ (and Pete :) #lockboss
This was a GREAT topic to cover. I charge more per cylinder to rekey, but I include 2 keys with each rekey. If I’m just rekeying just one or two locks to match the homeowner’s existing key, I will discount my per cylinder charge. Thank you, #lockfather from this grateful #lockboss.
We charge more than that $10 that was just an example we charge $15 per cylinder and then $22.50 for master keying or high security rekeys but everybody charges differently all we're trying to do is put an example out there so people can think about not giving the keys away and then if they buy the lock for me I charge them $7.50 to rekey it because of labor rates my guys and gals get paid well but it all depends on every state you live in then the community you live in some communities get paid a lot some don't so base your price off of what you feel is correct for your community thanks for asking
Never thought of it like that! Great pointers for someone small time like me! Thanks for doing this video! #lockboss
You bet-PJ
That's where I'm at, $10/cylinder +keys all though I throw in the first key, I usually end up with their old keys to reuse as setup or scrap #Lockboss
I personally wouldn't reuse a customer's key because they're worn but whatever works for you is great thanks for your sharing
@@countrylockandkeycountrylo2034 it's only if the key is in good shape and checks out on the depth gauge otherwise I scrap them or give them to my kids to play with
Great point of view. This is a good topic #Lockboss
We used to include 2 keys per rekey job. Then I realized that at 1,000 rekeys a year I was leaving $4,000 per year on the table. We also have stupid customers that would misinterpret that the included 2 keys was 2 keys PER LOCK. I had an idiot get super pissed that after rekeying his 9 locks he would not be getting 18 keys for free. Now, I make it clear to each customer that they can buy as many or as few keys as they like, but they pay two bucks a key. It makes me more money and eliminates any potential confusion.
Love this! Great work and thanks for sharing-PJ
Always good to get advice from someone with as much experience as The Lockfather. #Lockboss
Just found this series. Great stuff. I will be checking all the old ones and looking forward to the new ones. Thanks a lot. #Lockboss
Awesome, thanks Steve-PJ
Very good video on pricing. U have to look at the retail value on it all. Thanks pj and pj dad. James estep locksmith in Tennessee. # lockboss.
Very sound wisdom! Glad we can all agree, hourly rates for locksmiths need to increase because each year our operating costs continue to rise at an exponential rate. #LOCKBOSS
I agree with Pete. I have always charged my regular rekeying fee and keys were extra. You have to consider what it costs you and what you want to get back from this work. Thanks for another great video. #Lockboss.
I really enjoyed this video and reading about how everyone is tackling re key jobs! We learn new things every video, so thank you PJ and the lockfather!! Your insight is very helpful for us, because we strive to be a #lockboss!
This is something I have always wondered, being that I am not a locksmith but a lock hobbyist. Thank you, it was very interesting!! #Lockboss
Thanks for info. I charge $15 per lock hole. but I add 1pr of keys pr. rekey job. (most of the jobs are from reused keys) any keys over 2 is $2.50 per key # Lockboss.
Thanks, that will help as I start my bussiness,
It adds up quickly...no doubt. Supply and Demand...#lockboss
If it's a rekey special they get 2 keys included in the price. If it's a non special rekey job we charge pre cylinder and per keys needed. #LockBoss
Nice show, like your Dad, I’m an ole time, been in the Locksmith business on and off for 55years. Still active, 1 man show with van and small shop.
When you take into consideration the cost of keys, the time, and business overhead, approaching pricing this way makes a whole lot of sense. I guess you don't spend 40+ years in the business without learning a thing or two. :) Thanks for sharing your wisdom with us! Anyone who ignores the voice of experience does so to his own detriment. #LockBoss
I personally try to help locksmiths to keep the businesses alive out there we have to make a living and this is my idea but everybody's different and that's fine I have no problem with that I'm just trying to help where I can thanks for your comments
All very good points to bring up !! #Lockboss
Good video! Thank you PJ and the Lock Father! #Lockboss
Love these price videos. Goes from a hobby to a business if you know how to charge. #LockBoss
Love the tip dad said about set up keys!
#Lockboss
Anytime I cut a key, I charge. Great advice! Thanks #Lockboss
Thanks for the advice on pricing. Hate to throw away profit. #Lockboss
That’s some good thought process there and great information on all of your videos #lockboss
Thanks for the perspective, you know it's a good video when people are aging both side of the issue. #LockBoss
Being a very senior locksmith, PJ your Dad and I share alot of the same thoughts. Very reassuring to me.#Lockboss
Great advice always wondered about that is so many different points of view wanted you gave me the right one as far as I'm concerned # lock boss
Great to hear!-PJ
thank you so much for great insight! i am going to rethink pricing. thanks #lockboss
Love your podcasts
Thank you-PJ
That was a great video
Found myself hanging on every word...
#lockboss
I really appreciate this type of topics! I’m new to the profession and always have difficulty with pricing. Thanks #Lockboss
#Lockboss Can't thank you both enough for all the ideas, wisdom and knowledge you share with us all, in hope of helping us to be better locksmiths, and businessmen and women. Great info, keep it up guys 👍
another good #lockboss tip!
Yes this video was helpful, and gave me a some food for thought. Be sure to thank the LockFather for me, and thank you as well. I would definitely be interested in seeing more videos on locksmith pricing and day to day operations.
#LOCKBOSS
Thanks Austin-PJ
I always like to bring the conversation into upgrades since it usually nets me more in the end to just get somebody new hardware. Try to do a set price per piece and see if you can't talk them into the upgrade. I always make more on new hardware. Thanks for the video! #Lockboss
Good idea never thought of pricing that way #lockboss
We charge $15 per keyhole with 2 free keys. Extras beyond that are $2.70 ea for standard key blanks. I usually have precuts (in pairs of 2) that I buy dirt cheap that I use for the rekey jobs. I like them cause they already have the MACS/violations figured out. Thanks for sharing!✌🏼 #lockboss
I'm starting a rekey service, and would never have thought to charge for the keys as well. Thanks! #Lockboss
Nice #LOCKBOSS information, never thought of it this way
in the shop we include one key. in the field we do not.
Ive always done it this way as well. 15.00 per cylinder plus 3.00 per key for standard residential cylinders. Panic bars 20-25. I add for the labor of removing and replacing the cylinder as well.
#LOCKBOSS
See how people could be giving away their business without even realizing it. Very helpful to someone just getting started. #LOCKBOSS
Definitely useful information especially since I’ve been doing a lot of rekeys the last month #lockboss
we give 2 keys with rekey, however your right. throwing money down a rat hole doesn't make sense. I will see if I can get the boss to watch this one. don't know if the shop will go for it, but I am definitely going to try.
Maybe your boss built the price of the 2 keys into the cost of rekeying? That would make sense to me, to do it that way. Customers like easy costs. $15/lock, which includes 2 keys, or would you rather charge $10/lock, and $2.50/key? The less math people have to do, the happier they are.
@@bstrickler no rekey is $10.00 flat. that's with 2 keys. we talk about it all the time raising the price to $12 just haven't done it.
@@lockWK-ij4vu out here it's $15/lock without keys, plus trip charge. That's why I started playing around with the idea of locksmithing. Rekeyed my house myself for less than it would have cost to have them do it.
@@bstrickler no we charge $15-$20 for cores depending on the core, best, sargent ect. people out here would buy new locks before they would pay $15 for residential. we have always got $10 with 2 keys, with service charge. service charge depends on the miles. $50- and up.
It's good to see a different perspective on pricing from someone that has been in the market for 40 years, don't give away the boat.
#LockBoss
Very good info. Thank you. #lockboss
Wow never looked it that way lockfather absolutely right, learned something with every video #lockboss
Great information and I do a lot of re-keying. #lockboss
We charge a service call, $10 per residential rekey (includes first 2 keys) and $2 for extra keys. If we do 10-12 cylinders, we will throw them a couple extras if they ask. #LockBoss
For curiosity are keys taxable or do you throw it under labor because in Idaho keys are taxable labor isn't some state everything's taxable and sometimes it isn't I appreciate your comment have a good evening
@@countrylockandkeycountrylo2034 Everything is taxed here in NY. Gov Cuomo wants his cut of everything we make. We are taxed to death here in NY.
I understand that Washington State taxes everything too cuz we do a lot of work over there and I'm originally from New York suffering county just thought I'd throw that in enjoy your evening
Mind blown by the Lock father. Definitely going to change my strategy.
#LockBoss
Awesome!-PJ
Hey Javier! You are one of this week's winners.😊 Email me at sales@clksupplies.com with your shipping address - Kylie
Very good point about the Key Blanks. Will need to rethink my Rekey Fee. #Lockboss
My company includes 2 keys with a rekey. As long as it’s a pre-cut schlage or kwikset. We have tons of them from lock sets that were master keyed/keyed alike, and therefore the original key was not used.
Great information. Thanks. #Lockboss
Great insight into pricing. #lockboss
Never thought of it like that going to have to adopt this method #lockboss
Very cool!-PJ
Very Good Video on Pricing your Services. This definitely makes us all a more Profitable #LockBoss. Thank You #LockFather (and PJ) for sharing your knowledge about the BUSINESS of #Locksmithing.
Thanks for the information.#Lockboss
Good point when you're in business to make money. #lock boss
Love your videos! Beginner #Lockboss here! Watched all your vids! Very helpful! I’d love to see some more all keys lost both prox key as will as using lishi and even next steps u take if can’t lishi. Also how do I go about setting up an account with u all? Thanks
Hey! Thank you, please send us a email at sales@clksupplies.com-PJ
Another great video with the #LockFather
#LockBoss
Thank you gentlemen for the video and advise. V/r, Father Frank
Thanks to you and your dad for sharing, #lockboss
Interesting!, Gotta keep the #LockBoss job interesting!!
Awesome 👏
Really enjoyed the strategy, it totally made sense. Funny enough, I do part-time locksmithing, & sure have wasted the opportunity to making extra money by giving away keys.
Starting today, I'll follow ur lead on this.
Thank you :)
#LockBoss
Another great video. #lockboss
Great advice one of the many reasons to keep up with this channel #lockboss
Thanks-PJ
people really dont think about how much things coast in the end and why! #LOCKBOSS
I can see giving away _a_ key with a rekey job, and then any additional keys are the normal key-copy price. #Lockboss