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To use a Lockbox or not?

I got a call from a local realtor yesterday asking me for a showing on my listing. She said that all of the other properties that she was showing her buyer were on lock box which was more convenient for her and her buyer which I can understand. Did I have one too? I politely said no. Oh she said then maybe we could see it on another day after I show her all of the lockboxes?

To me I can do a better job than any lockbox or other agent who has never seen my listing and may not have even read the listing (if she had read the listing she would have known that I didnt have a lockbox!). A lockbox can do a disservice to a seller. Ive know many a seller who has changed realtors because of agents leaving on lights and doors wide open after getting access to a lockbox. I prefer to meet the agents and their buyers in person to do my job, which is to screen buyers, show and sell my sellers home to the best of my ability.

Well hopefully I will show my listing in a day or two to this agent. But then again, this same realtor called me months ago about this listing and never did show it?

Posted by Stephen D White, E-Pro, ABR Cape Cod Realtor® on 04/29/2008 10:03 AM

Comments (38)

lock boxes, falmouth, cape cod, single family homes, real estate agents

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38 Comments on To use a Lockbox or not?

APR

2008

Ha..As A Real Estate Investor, I've found that lockboxes make life a lot easier for everyone involved. Then again, I'm a pretty lazy guy.:)

Stephen, I personnaly like the lockbox. I can not be at each listing. Going without lockbox method is good if you have a small inventory.

I strongly oppose the use of lockboxes.

When a Seller is paying a "Professional Fee" to to their Realtor they are entitled to expect their Realtor will meet prospective Buyers and their agents and show them the property at which time various features can be specifically pointed out and explained.

My opinion is that lazy Listing Agents use lockboxes!

Stephen, I would disagree with you about lockboxes. I think you are doing the best for the sellers when the property is available to be shown as frequently as possible. Do lights get left on & doors unlocked sometimes? Absolutely, but with the Spra lockboxes we use we are able to see which agent was in the property and "talk" with them about it.

Thanks for letting me disagree with you.

Brian Bartley

I guess it depends on the area, in my market the listing agent never comes to the showing except in rare instances that the seller has asked them to, and then they stay well out of the way and just make sure everything is closed up afterwards. When showing several homes its hard to know just when you will arrive at a given location, that's why we put in timeframes and unless your listing was convenient to put at the beginning of the tour, it would be hard to plan to meet up. For us lock boxes are the norm, I know some agents won't even show a home if they have to go to the listing office to pick up a key first, too inconvenient for them. Because of that I make sure mine all have lock boxes, I'd hate to lose a showing because of a lazy agent.

Hey Stephen~You are a rare breed amongst Realtors and I admire your dedication to your Sellers. More Agents should follow your example rather than look down their nose at you for not following the status quo

First thing we thought to ask, is how is that working for you and are you getting a lot of showings?

We have found that without a lockbox unless you are always available the buyer will generally pass on coming back to see it. If buyers are not comfortable with the owners of the home being home why would they be comfortable with the sellers agent being at the home?

Like Beth, must be an area thing? The listing agent there when a buyer's agent shows their buyer - hardly ever! I've never had it happen, actually. As a buyer agent, dunno if I'd want the listing agent there to gauge my buyer's interest. What if she is obviously ecstatic about the home - will the listing agent know that and compromise her negotiating position?

All mine have lockboxes - it's the norm here, and well, I just can't be in all places all the time. How much would I be able to get done if I was constantly meeting other agents to show my listings? I'd never have time for anything else. And finding a time when I and another agent are both free at the same time? Let's say I'd rather have MORE showings for my seller and get them more buyers in the door than to limit it to what times 1 particular person could be there.

here in Las Vegas, if a property does not have a lock box-it probably won't be shown. There are so many listings out there. It has to be easy for the agent- too difficult to make appointments-time schedule, etc. Our lockboxes-we are able to see who the last person was in the house...nothing to worry about...hope this helps.

thank you for your comments and yes we can agree to disagree. I didtn realize that this was such a hot topic! Yes Im getting plenty of showing because my listings have multiple pictures and are marketed correctly. I would rather show up at my listings and sell it then leave it to another agent whom may not know how to sell it. I prefer to do my job and make my seller see that Im doing my job the way its supposed to be done. Thats what Im being paid for! My sellers know that Im doing my job and I tend to keep their listings and get MLS extensions much easier if needed.

If an Agent has too many Listings to be at a showing, or doesn't have a partner or an assistant who can attend the showing, perhaps that agent has too many properties listed to do justice for each Seller.

If I were a Seller and my Listing Agent wasn't present to actively show and highlight the benfits and features of my property, why would I agree to pay a full commission?

I'd want my Listing to be that important to my Agent that he or she (or their assistant) would be deicated enough to attend all appointments.

Stephen, I must agree that I too prefer properties with lock boxes...they are easier to access and quite frankly I do not want another agent messing up my presentation with my customer. Plus makes alot of customers uncomfortable when their is an unknown person around. (That is also why I tell my sellers to skedaddle whenever a showing is happening on thier home...ugh!!!)

If the agent is worth their salt, they will have done research on the property and be very aware of how to sell it. They can also contact you prior to showing to ask you any questions that may assist them. Work smarter not harder...is what I live by.

On many of my listings, I do have a lockbox for easy access, but do require they call me before showing. Real Estate agents are a rare breed and will usually always take the path of least resistance...LOL present company excluded of course :-)

The key(no pun intended) thing that you said was "do my job". People sell or buy property and although I can respect the lock box system, I can totally RESPECT a realtor who puts the human element first. You can see your clients property better than anyone and if you've got the people skills you could be a property selling sniper. One client one sale.

Stephen,

I had a lock box on a condo once, the Realtor showed the unit and never put the keys back. This forced the owner to have their locks changed, and asked for the removal of the lock box.

As you can read on this post, there are good and bad points about using lock boxes. But to ensure the property is taken care of i.e. lights out, doors secure and listing agents doing their job to sell it correctly I dont use lock boxes. I can see if an agent has so many that they really cant service their listings the way they should personally then a lot of them will use lock boxes. My feeling is that listing agents who have way too many listings and cant service them the way they should shouldnt have too many listings that they cant service!

A lot of agents do look down their nose at agents not using lock boxes and some even prefer not to show properties not on lock boxes. As they say in sales " They come and go and some will and some wont!" If I was a seller I wouldnt want agents who they didnt know and didnt have an understanding or a contract with walking thru my property. Of course some of the better lock boxes identify agents who have used them. Ive seen a lot of agents leave their business cards for the seller after theyve been in the home.

MAY

2008

The agent who called me and initiated this post in my head never did call me back and show my property but Ive had several very good showings lately and am hoping for a "Real" real estate agent (one who actually sells real estate) who's not afraid of showing a listing with the listing broker in person and allowing him to do his job.

Cape Cod Realtor

MAY

2008

I can see both sides of this question, I do like to use a lockbox, I just don't want my seller to lose a potential buyer. in the Nashville area your home would probably never get shown it it did not have a lock box.

MAY

2008

I respect your desire to give the best possible service to your client. However I have always put lockboxes on my listings. I feel that it will give the most exposure to the home, many agents sad as this is, will not show a listing if they have to go out of their way to schedule a time that works for you. I once had a listing where we put a lockbox on the house but only I had the key to the huge shop in the back of the home. This was great because they had the privacy to view the home at their leisure and speak freely but when I arrived to show the shop I could point out all the beautiful history about the property. With the amount of inventory available in our area I think it would be in the sellers best interest to make the property as available as possible.

MAY

2008

Of course, the best way to show the home is through the listing agent - s/he should make him or herself available and be there for all showings. But, in the real world, it's not always practical.

Statistically speaking, I believe that only 1% of the listings are sold by the listing agent. That means 99% of the listings are sold through the Buyer's Agent. So, to provide maximum exposure opportunity and the maximum traffic for your listing(s) as well as maximize the potential of getting an offer, you should use a lockbox.

MAY

2008

Lewis thanks for your comments. I know that you are a mortgage guy not a real estate agent. Where did u get your stats? are they off the top of your head or from a reliable source? Ive met a great deal of buyer agents that are not ASR- actually sell real estate!

Cape Cod Realtor

Lewis - in California the statistic is definately greater than 1%.

I've read it's more like 15% of properties are sold by the Listing Agent.

I think the same is true in Massachusetts that listing agents sell far more than 1% of homes.

Cape Cod Realtor

Stephen: Perhaps it is convenient for you to show all of your listings in person, but I think my spread out sales territory, that would pose a serious problem. A lockbox is convenient, and in today's world, I want to make it as easy as I can for people to view my listings.

On the other hand, I admire your commitment to your clients. I'm glad it works well for you and your sellers. There are too many agents that don't know the first thing about their listings. Are they being kept up? Are they out of flyers? So I guess I can see both sides of this one.

Thank you Chris Ann and good luck to you! Thanks for adding me as your associate! I have reciprocated as I should have!

Cape Cod Realtor

Steven,

I prefer to use lock boxes. I believe that not using lock boxes limit the number of potential agents or buyers that are able to view the property. When I pre-tour (viewing properties without my client), I will not pre-tour a property that doesn't have a lock box. Hopefully, I will have seen it on broker's tour, but there are way too many properties to see.

Unfortunately, if your property didn't have great photos and a full description of the property, the chances are pretty good that I wouldn't see your home.

If your worried about the buyers agent missing important details, ask them to call you before showing. You can highlight the important items. Agents that don't secure one of my listings will get a message from me to their broker. I do pay attention who opened the lockbox and I expect the agents to be professional.

JUL

2008

I am realtor in Downtown Vancouver which has a very high population density and is very compact geographically. It takes no more than 10 minutes to drive from one point to another in Downtown Vancouver. The use of a lockbox in this market is to me a sign of a lazy realtor. We get paid to show and explain out clients properties.

I guess to use or not to use a lockbox, first depends on the seller, and then the agent.

Some sellers don't want us to use lockboxes (they all have their different reasons). In our current market, it would be almost impossible to be at every listing, for every showing, that didn't have a lockbox. One of my clients and I sat at a listing the other day, for about 25 minutes, waiting for a listing agent who forgot?? was late???? don't know... he didn't show up for our appointment, and that made us late for the next two.

Also, in this current market, our listings sell very quickly, and they have 20-100 showings - within 2-10 days - in some cases. If I didn't have lockboxes in certain locations, showing ONE property would be my full time job... and although I believe I have to do a great job for my seller marketing the property, I always explain to them that in this market, a buyer needs to see the property quickly, before someone else does, and I can't always get there when it's more convenient for them, and it would not be in the seller's interest to lose showings.

As far as turning off lights and locking doors, we put a note on the inside of the front door (or all doors), asking them to double check lights and locks. We don't usually have issues with that.

In rush hour, where I live, it can take me an hour to drive 5 km. (assuming I can find parking, where the car won't be towed). If your market has 10-15 buyers fighting over the same property within a one week period, it is in the seller's best interest to allow those buyers in the house at a moment's notice; and that is sometimes only possible with a lockbox.

JUL

2008

I agree with Sylvie, the use of a lockbox is up to the seller first & foremost, and the price point plays are role in this too. Price aside, in my experience the use of a lockbox greatly increases the number of showings the house receives. I showed 10 properties yesterday to a couple just moving in from Okinawa and all were on lockbox. I have included Appt Only homes in past tours when they met my clients needs, but trying to estimate at what time we will arrive at house #8 of the tour with DC traffic and how much time a client will spend in each house is challenging. The best part is when the Appt Only agent gets testy because we're asking for a 1 hour window for showing, rather than a set time. Twice in my memory, the agent insisted that we make our showings around their schedule, since they couldn't waste so much time waiting for us. Additionally, as a buyers agent, I don't want the listing agent giving us a guided tour of the property. Kindly provide access to the property, maybe give a 2 minute highlight talk or sheet with improvements and then go away. You're not there to show the property to my buyer, don't hover over our shoulder and make comments in every room. If you want to talk like that, hold an open house.

However, I have to disagree with Stephen in that it is my job to screen my buyers, not his. I have there approval letter in my file, so I know what they can afford and I'm not sharing that until I make an offer.

In our area, lock boxes are not really the norm but I do use them for convenience to the Buyer's agent and for properties that are off the beaten path or vacant. I agree that many agents would not show the properties without them. Also, it is amazing how many keys go missing without lockboxes! That would be my worry for my Sellers. There are a few listing agents that insist on opening the homes themselves to allow them to usually double-end the sale due to Buyer's agents not wanting them present and cancelling the showing. It is usually the same agents who price the property well below market to get a Buyer before the listing gets into the system. Again, double-ending is the result but the Seller ends up the loser.

Stephen, I am not saying that is what you are doing but there are many that do. Your dedication to your Sellers is admirable.

Speaking strictly from the perspective of a seller, I think that when an agent is available to do a showing is more beneficial then placing the home on lockbox. Even though special features can be listed on the MLS, not everyone will read this. Speaking with a prospective buyer directly can direct the listing agent to point out features that might be important to them.

I understand that it is unfeasible to always be available to present a showing. One of the reasons that I would choose a local realtor is because I want someone who is an expert in my neighborhood to sell my home. Someone who lives in the community, networks in the community and will present the community well because it is their home too.

I am by no means against the use of lockboxes. I agree that if the home is not available to show, the buyers would just go to the next house. But part of me admires and respects the human side of the buying/selling process.

thank you Joanna for your comments

Great post. So many pros and cons with validity to most. However nothing much I can add, just that the post has got me thinking. I must say I admire your commitment to your clients and if doing what you are doing works for you, then more power to you. Enjoy the cape, no oceans here in Oklahoma, love Oklahoma, but miss Mass, and Maine where I spent most of my life.

I don't know about other markets, but in our market, and within our rules, the listing agent CANNOT speak directly to the buyers. That is called interfering with a contract. If the buyer is being represented by a buyer's agent, the listing agent - even if available to open the door - cannot have a conversation with the buyer about the house, nor can he 'qualify' them. We do NOT share our client's qualifications with a seller's agent. How can we protect our client's best interests and put in an offer that is fair to our client, if the seller's agent has certain information ahead of time? Here, it is our responsibility to qualify our clients, and we can be sued if we share that information with the other side.

Buyer's agents want to sell the best house to their buyers, that their buyers can afford, so they will not 'forget' to point out all the pros and cons about the house. It is in our best interest, when representing our clients, to ensure they have all the facts, so they can make an informed decision. It would be very sad and totally unfair to our clients, if we expected, or relied on the seller's agent to do our job for us.

I guess in the end, we all want what's best for our clients, without stepping on each other's toes.

JUL

2008

thank you to all who have written comments and read this post!

JUL

2008

Stephen,

I find that it is a double edge sword dealing with lock boxes. I feel if I am showing someone else's listing I prefer not to have a lock box because my clients and I can feel free to talk as well as really poke around a listing without showing our overall interest. On the other hand I feel if it is my listing I am doing a disservice to my seller by not being there to educate prospective buyers on the idiosyncrasy's of a home.

Ted thanks for your comments. I agree that If I want to provide the best service for my seller that I would personally show the listing and answer any and all questions to try my best to sell the property. Many times if I use a lockbox I find I leave the home with more questions about the property that need to be answered which could have been answered if the listing agent were there at the time of the showing. But I know of too many sellers who have cancelled listings and changed agents because of the use of lockboxes where other agents would leave doors open and lights on after a showing!

MAR

You hit a nerve! I like to be present, but I'm shopping for lock boxes because 2 sellers requested them. It's great to hear all sides of the argument.

thanks for your comments Maya. its always good to hear both sides! And I like the new photos so you can actually see who is making comments! Puts a face to your posts!

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