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A Very Cheap Insurance Policy for Every Listing Agent

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Real Estate Agent with Long and Foster Real Estate VA License # 0225089470

A Very Cheap Insurance Policy for Every Listing Agent

Yesterday I was reminded of why I insist on making duplicate key copies for my listings.  Obviously, I always get a copy for the lockbox, but I also make a copy to keep at my desk.  When sellers ask why, I tell them that the minute I don't make a copy to keep at my desk, the lockbox will fail, they will be out of town and I'll have no way to let a buyer's agent and their client into the home.  If I have that extra key, the problem is solved.  

For years I have been making extra front door keys for my listings.  And whenver I don't, is when I wish I had.  Yesterday proved another reason why I always need an extra.  

Buyer's Agent is doing a final walk through the night before a late afternoon closing the following day.  He calls to describe a problem to me about a non-functioning dishwasher.  All he can tell me is it doesn't work.  Then gives the proposed solution of a $350 credit.  Hmmm.  Seems odd because the dishwasher is relatively new and has been used only a dozen times, if that.

It was when I told him I would be by to sort it out that he informed me he had taken the lockbox key.  As I tried to get him to take the key back to the lockbox, I got the various ways this was an inconvenience, or the worry about how the buyer would get the key at closing.  This was beginning to feel like a shakedown.  Felt an awful lot like, "Trust me, there's a problem.  Buyer wants $350 and you can't get in the house because I have the key."

Since I had changed out to a combination box, I explained his buyer could have the combo at closing and he would not be inconvenienced.  It was then he relented and returned the key.  Thank goodness because this is one where I had neglected to make a key copy.

In the end, it was a simple problem.  The dishwasher switch wasn't on.  It is powered by a wall switch, normally used to for a disposal.  Once I got there, I marked the switch with a sticker and made a video of the dishwasher functioning.  My seller didn't have a failed dishwasher.  Hooray!  

Nonetheless, the lesson remains.  Make a key copy for yourself for all your listings.  You never know why you will need them, but in the event you do, you'll have it.

Comments(9)

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Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Hi Chris Ann I totally agree.  For years we've had 3 copies of the key for every listing. One for the Lockbox, one in the office and one with either Gary or I.  There have been a few times when the extra keys were VERY needed.

Dec 09, 2020 04:31 PM
Chris Ann Cleland

And naturally, if you didn't make them on one listing, you would need them desperately.

Dec 09, 2020 04:40 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Retired Central CT Real Estate Broker

I too make the extra copies as so often the showing agents walk out and lock the keys inside

Dec 09, 2020 05:03 PM
Chris Ann Cleland

I did that once, but thankfully left the front door open and was on a walk down deck.  Since then, the key stays on me.

Dec 10, 2020 12:39 PM
Realtyna Inc
Realtyna - Newark, DE
WordPress Real Estate - IDX, RESO Web API, CRM

Hi Chris Ann, thanks for sharing your experiences! This is a great example of how a little bit of foresight can save money.

Dec 10, 2020 03:11 AM
Chris Ann Cleland

And extra aggravation.

Dec 10, 2020 12:39 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That is crazy that he was insisting there was a problem and not allowing you a way to access the home to check it out.  I have never thought of making a copy of the key, but then again, luckily, I have yet to have an issue with the lockbox.

Dec 10, 2020 05:21 AM
Chris Ann Cleland

He obviously relented and in the end, I don't think he was running a play.  He really didn't think of what it would look like to us.

Dec 10, 2020 12:40 PM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

I'm glad that ended well, but who needs that extra stress? I also always have extra keys. Best $8.00 spent.

Dec 10, 2020 05:37 AM
Chris Ann Cleland

$8!!!  Holy crap.  I only pay $1.75 per key here.

Dec 10, 2020 12:40 PM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Great story Chris Ann Cleland and a good reminder about that "insurance policy"

Dec 10, 2020 11:24 AM
Chris Ann Cleland

If you make them you rarely need them.  If you don't, you always will.  Murphy's Law.

Dec 10, 2020 12:41 PM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

hey, that BA had no right to that key. Peform the walk-thru & put it back in the box because your buyer doesn't own the place. I knew what you were going to say here. Our city has that same safety feature about the switch being on or off. Everyone that's been around knows that. Just say NO to a shakedown!

Dec 10, 2020 12:05 PM
Chris Ann Cleland

It's customary in our market, with split settlements, that agents take keys at walk through. However, NOT when there is a walk through issue.  I honestly don't think he intended it as a shake down, but sure felt like one.  

Dec 10, 2020 12:42 PM
Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Colorado Broker / Referral Services

 ... you are a very wise Lady!!!  Yes, there are times we all have wished we had an extra key.  Now, that I look back over the many years... yes, I could have used an extra key, myself!!  Great reminder posting!

Dec 11, 2020 07:58 AM
Chris Ann Cleland

Make it part of the 2021 business plan.

Dec 11, 2020 08:13 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Chris Ann - hmm...a possible shakedown or merely an oversight.  It's times like these where my cynical mind wonders and wanders.  I am glad it ended up being a simple "fix".  

Dec 12, 2020 03:45 AM
Chris Ann Cleland

Well now it's pre-settlement occupancy request.  Not sure the requests are going to end with this buyer.

Dec 12, 2020 01:59 PM