Lockboxes Mean Easier Access, More Offers on Your Home Sale
Should you allow a lockbox on your home when you’re trying to sell?
We hear this question often from our clients, many of whom are worried about strangers walking through their house when no one is home.
It boils down to this: How fast do you want to sell?
Because access to the house directly translates to offers. And the more offers you receive, the more likely you are to sell faster and for a higher price.
There are obviously circumstances in which a lockbox is not required, or can’t be used. Home sellers should carefully weigh their situations as they prepare to market their homes for sale.
Here are the types of lockboxes available to help sell a home:
Programmed (Realtor-only): Real estate agents can subscribe to a service that allows them to use programmable lockboxes that can only be used by other subscribers. In much of Southern California, agents use lockboxes from Supra (shown here).
Supra boxes require a special agent-only key or an app that only an active agent can have on their smartphone. Either method requires a daily update from Supra in order for the agent to access a lockbox.
When an agent opens a lockbox, Supra sends the listing agent an email with the contact information of the agent who accessed the keys. Supra boxes also can be programmed to open only during certain hours.
Combination: Most hardware and home-improvement stores sell “combo” keyboxes made by a variety of manufacturers. They vary from push-button combo boxes to dial combo boxes to combination keypads built in to the door locksets.
Combination access is less secure because the combinations can easily be given to another person, even a buyer, and opened at any time.
At Dream Big, we do not endorse the use of combination lockboxes except to keep a backup set of keys or for handyman/service provider access.
Security and Safety: Strategies to protect yourself during your home sale
Here are the most common “showing instructions” that owners employ to sell their homes:
Lockbox/Go Direct: This method is most commonly used on vacant homes. No appointments are necessary and agents can freely schedule showings during regular business hours. Agents are most likely to show a home with this access.
Lockbox/Call First, Go Direct: This method is the least-restrictive for owner-occupied homes. The agent calls the owner for access. If no one answers, they leave a voicemail saying they are going to show the property at a certain time. Because there is a lockbox, they then go at the appointed time, without waiting for the owner to respond. Agents will freely show properties with this access.
No Lockbox/Appointment with Owner: Agents must call the owner or the agent to set an appointment, which can be set at any time agreed by both parties. If timeframes are restrictive, it can reduce the number of agent showings.
No Lockbox/Appointment/24 Hours Notice: Most often, this method is used if the property is occupied by a renter. California law requires at least 24 hours notice to enter a tenant-occupied property. Agents must call the owner or the agent, who then attempt to set the appointment with the occupant. Some agents will pass on showing properties like this because of timing or the perceived “hassle factor.”
No Lockbox/Appointment with Agent: In special circumstances, or sometimes even on high-end properties, the sellers will require that the listing agent be present for every buyer/buyer agent showing. If timeframes are restrictive, it can reduce the number of showings.
No Lockbox/Keys at Listing Office: This antiquated method in which the showing agent picks up the keys from the listing agents office, is rarely used today because of the technological advances in lockbox security. When required, it greatly reduces showings.
Secret Lockbox/Appointment Only: This is the method that Dream Big most often uses. Though there is a lockbox on the property (in a hidden place), it is not published in the MLS listing. To a showing agent, the instructions appear to be appointment only with no lockbox available. If the owners are home, they can schedule the showing. But if no one will be home, the agent is told to use the lockbox. This method helps avoid “surprises” by agents who may see a lockbox on a home that they think is vacant.
Thinking about selling your home? Want to know what marketing strategies work best to get the highest possible price for a house? Call us today at 951-778-9700 or use the form below for a 10-minute consultation.
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Lockboxes and Home Sales | Selling a Home in Riverside CA | Brian Bean and Tim Hardin Dream Big