If you’ve ever been house hunting, chances are you’ve encountered a lockbox. A lot of real estate professionals use these devices because they’re a convenient way to show a property for both the buying and selling agent. But did you know these seemingly benign little boxes can actually be a big problem for the real estate industry?
Agents typically work on commission and own the transaction from search to signing. However, lockboxes are in place so any agent — good or not so good — can have access to a property. As a seller, I’d be very concerned if all that stood between me and my home security was a lockbox that so many people could use and abuse. Not only do lockboxes make for a laissez-faire business approach, but they’re also a potential safety risk.
Eliminating lockboxes will help agents prove their worth over listing aggregates and iBuyers that all but try to eliminate agents from the real estate process. Here are four reasons why it’s time for agents to take back their profession and drop the lockbox:
1. Any Agent Can Show The Property, But Should They?
A lockbox basically allows any interested real estate agent to get inside and view the property with clients. But just because anyone can get in doesn’t mean anyone should. No agent knows the property as well as the listing agent – and it’s the job of the listing agent to market the home in the best light possible. It’s obvious when a buyer’s agent showing the home is not familiar with the property, and it’s awkward for everyone. What’s worse, it reflects poorly on the agents, and has a ripple effect through the entire industry. Why would you trust someone who doesn’t know the product to sell it on your behalf?
2. Key Fail
I cannot tell you how many times I’ve gone out on a showing where there’s a lockbox, only to find that the keys don’t fit, or the lock box is broken, or the combination doesn’t work or sometimes the lockbox is missing altogether. Sure, some agents are now using fancy card key systems — but no amount of technology can erase the level of embarrassment when you, as the agent, can’t figure out how to get in the front door. It’s not a good look for the profession.
3. Prime For Crime
Lockboxes can be easy targets for house burglars and trespassers. If the combination falls into the wrong hands, sellers are essentially leaving their homes wide open to possible theft. This scenario also leaves the agents themselves open to harm if they were to encounter a break-in situation, or someone with other nefarious motivations.
4. Diminishing Returns
Agents have an uphill battle when it comes to proving their worth. There are dozens of companies (iBuyers) and technologies (aggregators) out there dedicated to diminishing the role of the real estate agent with claims that they’re overpaid for minimal work. Lockboxes can be used as an argument for laziness — and they only reinforce the myth that real estate agents aren’t worth their commissions.
Many of you reading this may think I’m being too hard on the trusted lockbox, which has been a mainstay in the industry for decades, especially in suburban and rural areas. However, the absence of lockboxes ensures that at least one person showing the property understands the floor plan, the environment and all the perks and quirks. Dropping the lockbox is a simple thing to do, but it also reaffirms an agent’s standing with buyers and sellers. Agents who literally hold the key to someone’s home should honor this position of trust. Not only is it a safer bet, but it’s also good for business.