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Toor, New Lockbox Gives Buyers Access Without Agent

By
Real Estate Agent with Atlanta Communities Real Estate Brokerage GREC #208281

Just saw an article on Inman News about a new lockbox that is being developed with Kickstarter funding that could have a big impact on buyer agents.  It's called Toor.

It's an electronic lockbox with an easy to use app that allows anyone to make a showing appointment  with their phone.  The system then allows you to access the key in the lockbox during those scheduled times.

For sellers and agents who might be aghast at the thought of having an unescorted buyer in their home by themselves, the app has an Uber like part to it that allows a buyer to be able to select an agent who is close by to come and be their escort for the showing.

I guess they would sign up agents into their program and charge some kind of fee.

I'm not sure what I think about it yet.  

Probably would work for vacant homes.

Would theft be a concern?

I guess it would depend on how well you can screen the buyers ahead of time.  Maybe it would let you look up their Facebook page or something like that.

Maybe it would be good if there were several cameras throughout the house in order to be able to record the showing in order to deter theft.  I don't know if that would then make buyers feel uncomfortable.

What are your thoughts?

 

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About the Author:  Tim Maitski has been a full time Realtor since 1999. He has sold several hundreds of homes in areas around metro Atlanta.  Tim started with RE/MAX Greater Atlanta and is now with Atlanta Communities Real Estate Brokerage.

 

Along with blogging on ActiveRain, he provides one of the best real estate websites in Atlanta at www.HomeAtlanta.com .

 

His proprietary  "Maitski Line Reports" chart out the absorption rates over the past 14 years in 37 different market areas.  Know when it's a good time to buy or a good time to sell.    

 

His online Property Tax Calculator allows you to compare property taxes in many counties and cities around the Atlanta area.  He provides the Atlanta MLS Power Search Tool that allows searches of homes using over 35 specific criteria.

 

Over the years, Tim has optimized his business so that he now can offer a huge 50% commission rebate to his buyers.  The more experience one gets, the easier the job becomes.

 

Tim also has a "Five Days to Sold" System that uses an intensive marketing blitz to create a showing frenzy that creates urgency and offers.

 

Tim is always looking to LinkIn with anyone who is interested in building their social network.

 

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Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

I have not heard of this...I am with you, unsure about it yet!

Aug 09, 2016 10:34 PM
Tim Maitski

Thanks for stopping by.

Aug 10, 2016 01:44 AM
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Perhaps this is the next step in eliminating buyer agents down the road.

Aug 09, 2016 10:37 PM
Tim Maitski

Thanks what I'm trying to noodle out.  

Aug 10, 2016 01:45 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

If we're finding abuses of Pokemon Go, you can rest assured that this system, public-facing, would be rife with abuse.  Very scary.

Aug 09, 2016 11:32 PM
Tim Maitski

I agree.

Aug 10, 2016 01:50 AM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Tim Maitski I see this Kickstarter project failing right from the start. Listing agents will not allow this device to be placed on their listings, the public has much to fear with the access portion, and it tried to skirt the protections afforded consumers through the use of liucensed, insured agents.

Aug 10, 2016 12:31 AM
Tim Maitski

I think that a seller might be able to require that a buyer  use one of the agents in their network that they have on stand by.

Aug 10, 2016 01:52 AM
Kartik Subramaniam
Adhi Schools, LLC - Rancho Cucamonga, CA
Market Analysis--Educational Content, Adhi Schools

I think that there are always risks with letting someone in your home. If the seller is comfortable with it, it doesn't really matter what other people (i.e. us) think about it from a risk perspective. You're probably right in that a seller would only allow access to someone that showed up with one of the agents in the network. This may actually help buyer's agents. 

Aug 10, 2016 09:16 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Not sure I like the idea of someone with no consequences (like losing a license to do business) going into a home unattended.  

Aug 15, 2016 08:34 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Pretty soon everybody will be using eye fingerprint recognition. That'll be an interesting day when that happens and I kind of the forward to it. You

Aug 26, 2016 04:42 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I definitely say that it's going to take time for the system to be perfect, but once it happens, everything will be fine for the most part

Aug 26, 2016 04:43 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

That comment was definitely for Chris. Keep up the good work and believe that you can do these great things as well!

Aug 26, 2016 04:44 PM
Lynn B. Friedman CRS Atlanta, GA 404-617-6375
Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Tim Maitski 

In Atlanta, where many Sellers won't even allow lockboxes at certain levels and above, unlimited access with no accountability seems unlikely to be a popular Seller option.

The agent aspect reminds me of R - ooops - probably better not say the company name.

While Vacant Properies may benefit from using TOOR, it still seems risky for the Sellers to me. You mention theft, but I can think of other unsavory uses flourishing as well.

All the best - Lynn

Aug 26, 2016 09:40 PM
Tim Maitski

Lynn,  I don't think it's unlimited access.  You have to call the owner and then they set the time when you will be given access to it.   I'm pretty certain it's a one time deal for the access code it gives you.  So it that respect it might be more secure than having a lockbox where any agent can get in during the hours of operation.


What they need to do is combine this with hidden security cameras around the house.  That might be the ultimate for a secured showing.  Allow them access and watch them on security cameras while you in a safe place.

Aug 26, 2016 10:45 PM
Anonymous
Peter A

So anyone can get into your home without supervision. Smart. Why not leave your front door open and let any stranger in. This was the stupidest thing I ever saw on Shark Tank. Thieves can just take whatever they want because no one is there to stop them. I'm a Realtor by the way and you are fingerprinted before you can become a Realtor. This allows anyone saying they are a home buyer to enter your residence unsupervised. Soo moronic.

Mar 10, 2017 07:17 PM
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