LOCKBOXES, or should I say, the lack of using one!

THE PET-PEEVE:  If I can name one thing that bugs me the most when it comes to real estate, it's a vacant property not having a lockbox.

Last week, our friend Charles McDonald of Charlottesville, VA posted, Where's the Key, which got me going on this subject.

THE EXPLANATION:  Allow me to first introduce, THE LOCKBOX

Essentially, a lockbox is a "safe" for the property's key.

Supra type Lockboxes

Most are pre-programmed to only open from 7:00am to 9:00pm or 7:30 to 9:00pm

They can be re-programmed to allow showings during certain times, if needed.

They can be programmed  to require an additional security code, called a CBS code.  Without the CBS code, it cannot be accessed.   It's like an additional password,  (you need to turn the CBS status ON).

By checking the lockbox on-line, the listing agent can see who accessed the property including the date & time.

Agents can program the website to send a notification via e-mail, when a lockbox has been accessed.

THE PROBLEM:  In addition to having them for a vacant property, let's not forget the homeowner who is not always home and gives their agent a key....

We hear; "the homeowner won't be home, so you can pick up the key here".  If the homeowner has given the agency a key to give out, why not place it safely in a lockbox...

How ridiculous; for an agent to need to go to each listing office, wait around to track down the key, run to the property, then need to bring the key back.

How many times have we gone to the listing office and

• the key is missing
• the key is out
• the previous agent forgot to return it
• the previous agent lost the key
• the listing office is closed!

THE CONFRONT - MY RESPONSE:

When I've confronted these listing agents that requiring a key pick-up/drop-off, they say:

It's safer..  Are you kidding me?  You're telling me that your homeowner feels safer with ME carrying their house key in MY vehicle or in MY BUYER'S vehicle or AT OTHER PROPERTIES...

We need to track the showings?  Lockboxes track showings on their own...imagine that, technology!

We want to CONTROL the showings?  Control them?  What exactly are you controlling?

The homeowner doesn't want anyone coming in un-annouced- Yes, I can certainly understand that.  So in that case, don't note the lockbox on the listing.  "Call listing office for instructions" would work in that instance.

The homeowner doesn't  want that bulky thing on their door - OK, then place it on the railing, fence, backdoor, side door or anywhere at the property.

The homeowner doesn't like lockboxes - Did you fully explain it to them and include the advantages with the disadvantages of them?

What if an agent loses their lockbox computer keypad - each agent has their special code for their keypad, plus the keypad needs to be updated daily in order to operate.

The town won't allow it - WHAT?  then I need to see the zoning codes in that town.

Showings for that property are restricted, we don't want certain agencies to show our listings - so you're punishing the rest of us.  Anyway, is that legal in the first place?

We don't have lockboxes at our agency - then tell your Broker to contact the board and buy them.

THE "REAL" REASON/PROBLEM:  When it comes to vacant properties and sellers that allow key access, there are 5 REAL reasons why lockboxes are not used by some agencies:

1. These agents want to sell the property themselves (having both sides of the transaction) making it difficult for outside agents.
2. They would prefer agents from their own office to sell the property, in-house deal, (again, having both sides of the transaction, making showing difficult for outside agents).
3. They will not spend the money to buy the lockboxes.
4. The listing agent did not take the time to explain what a lockbox is, or how it works to a seller.
5. OR, the listing agent doesn't know how the lockbox works or benefits sellers.

THE FACTS:  Not having a lockbox at the property puts the seller at a huge disadvantage.  Some agents will not show properties, if they need to pick up and drop off the key. There are so many properties on the market, agents can afford to skip the properties that are difficult to show.

I always use lockboxes.  My personal feeling is that; "I don't care what agent brings in the buyer, as long as the property sells, that is my objective".

Properties needs to be accessible! 

There are thousands of agents out there, they should all have easy access to show and sell each property.

THE SOLUTION:  My suggestion is to have the Real Estate boards require a seller to sign off on a form, if a lockbox is not being used.

This form should outline the advantages of having them, and clearly outline the disadvantages when they are not used.

THE CONCLUSION:  Our local board here in NJ requires special forms for an exclusive listing that's not going into the mls system, because it's places the seller at a disadvantage.

As far as I'm concerned, not having a lockbox falls under the same category.