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Handling Clients' Keys
Not only does being asked to permanently keep a customer's key mean they like and trust you, it also decreases the amount of time you (and your customer) will have to spend picking up and returning house keys. However, there is increased responsibility and liability involved when you permanently keep someone's house keys. You'll want a formal system in place that encourages clients to become regular clients and that also enables you to keep the keys organized and secure while in your possession. You'll need a permission slip signed by the client allowing you to keep the customer's house key in your possession.
To sign up for the Ready-Key program, Moran created forms that stated the customer was authorizing her company to keep two house keys on file (one for the office and one in the possession of the assigned sitter) so that pet-care visits could be made with minimal notice. By keeping one key in the office, she could always get into the client's home - even if the regular pet sitter was unavailable due to a scheduled vacation, illness or emergency. (Accidents do happen, so obtaining two sets of house keys is an ethical and sound business practice.) The client was charged a nominal $5 to enroll in the program, which helped cover the program administration expense.
Fortunately, a burglary never occurred and the Ready-Key program became very popular with customers. Moran even received a couple of calls from Ready-Key customers who had locked themselves out of their homes. (Calling their pet sitter to let them inside was less expensive than calling a locksmith!) For this service, Moran usually charged the basic pet-sitting fee for one pet, because taking this time for an "emergency visit" may have prevented her from making another visit. If it was a regular client, Moran or the pet sitter could choose to waive the fee as a courtesy. However, most clients locked out of their homes were only too happy to pay a fee, plus an appreciative tip!
When a Ready-Key client terminated service and requested that their house key be returned
Source: Pet Sitting for Profit by Patti J. Moran
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One of the highest compliments you can recieve as a pet sitter is a customer asking you to permanently keep a house key on file. This means they are pleased with your service and plan to use you regularly. It's repeat business like this that helps your business become successful.
PSI president Patti Moran developed a key-retention program for her pet-sitting service that she dubbed "Ready-Key." Her company promoted it as a convenience to busy clients who frequently had to travel on a moment's notice and as a time-saving method for customers who didn't want the inconvenience of meeting their pet sitter on each assigment for a key exchange. 
Each enrollment form was then coded with a number that was also attached to the customer's house key. An index card was also used to record the client's name and Ready-Key code number. The enrollment forms were then filed alphabetically by customer name. The index cards were filed in another secure place by code numbers. The coded house keys were kept in a locked key cabinet. Thus, only Moran and her office manager knew where each of the keys were stored. If her office was ever burglarized, it would be very difficult to match up house keys with addresses!
or destroyed, it was preferable to return it to them, have them sign a receipt, and then let the client do whatever they wanted to with the key. The signed return receipt was always kept on file.