How does John's Lock & Key set a fair price?
National Average 2022 (large metro area) vs John's Lock & Key
Hourly Rate: $116
Master Rekey: $38
Install Deadbolt: $87
Single Side Key: $4
*Some Exit Devices/exotic locks require more time to access and will be charged at a $50 rate.
So just how does one set a fair price? In terms of the locksmith trade, we have what is called a flat rate manual. This essentially tells us how long it takes to do several common locksmith tasks. All that one needs to do at that point is to plug in an hourly rate and one has their prices. For example, the flat rate manual states that a rekey takes 15 minutes. So, if I plug in a fair hourly rate for my area (say $100 per hour) then I will charge $25 for each rekey. All that really matters in terms of Ethics here is that I keep all of my charges in correct proportion to one another.
A common pricing scam is to advertise a disproportionately low rate for a common service and then charge a disproportionately high rate for all other services. For example, if a locksmith charges $100 per hour then their trip charge should be $80 and their rekey charge $25. What a scam locksmith commonly does is to charge say $32 (a $40 per hour rate) for a trip and then $60 (a $240 per hour rate) for a rekey. And they advertise the low trip charge (a one time charge) and fail to advertise the high rekey charge (with the average job having 4 rekeys). Thus the bill of an ethical locksmith for a 4 rekey job is $180 with the bill of a scam locksmith being $272!
All of John's Lock & Key labor prices are based directly on the locksmith flat rate manual and an $100 per hour rate. We do only charge $60 per trip (rather than $80) and only $30 for a drop by key cutting service. This is because we are a mobile locksmith and want to keep general access to our services affordable.
Hourly Rate: $100
Master Rekey: $30*
Install Deadbolt: $75
Single Side Key: $4