Borrowing Keys - Keep Credit Card as Collateral

When allowing a prospective tenant to borrow a key for a vacant unit, is it advisable for the leasing office to keep the prospective tenant's credit card as collateral (until the key is returned)?

I would say holding anyone's credit card is a very bad idea. With all the cc fraud out there you certainly don't want that liability. If a resident loses their key they should be made to pay whatever your replacement cost is. Prospects IMO should never be given keys to start with. Our job is to sell our community and we can't do that if we just send the prospect along with a key to a model or vacant unit.
Several years ago I worked for a company that had model/guest apartments. The model could be rented out for guests. Anyway the unit had been rented out over the weekend but they failed to relay this information to the weekend staff. That Sat. the leasing consultant was busy so she gave the keys to the apartment to a prospect. Not only did she not know the model was occupied, but there was a large dog staying there too. The prospect opened the door and was attacked by the dog. It was really bad and cost the company a very large cash settlement.

There are times when you have a new resident who wants to come in and measure for furniture placement, window treatments, etc. We have all the measurements for them and even provide them with a furniture cut out and room scale which you can get for free at homeexpo.com. If they insist on going into the unit we accompany them, and if time permits stay while they measure, otherwise we unlock the door for them and go back to lock it when they are done.

Giving keys to anything to anyone is usually not an acceptable practice in property management. I agree with Stephani; our goal in leasing is providing a personal experience with the Prospect in order to build the relationship. The leasing professional should always go with the Prospective Resident and the only thing taken and left in the Office is the photo ID. Great idea about the scaled floorplan with furniture cut outs! For vendors, you usually have a sign-out sheet for cleaners and carpet cleaners before they are given a key.

I would never hand keys to a prospect. All prospects get the whole tour experience from yours truly.

With vendors, if there is no staff member available, I will give them the key to a vacant unit. But since I am the one who plans and schedules the turnover, it's not usually difficult to make sure someone will be available to escort them.

One of my comps has a model unit upstairs from the office, and the manager hands out the key to all prospects. I would not personally want to be accountable for holding a credit card, but our company policy is to leave the prospects I.D. in the office during the tour.

Why on earth would you be handing a vacant key to a prospective customer to begin with? Absolutely not! You should be guiding the tour and going along with them to show them the feature and benefits of the community. You should, however, for your personal safety, have a safe place to keep their photo ID while you are away with them. Everyone in your office should know where this safe place is.