When listing a condominium, it’s essential to understand and comply with the lockbox rules set by each Property Management Company. Requirements can vary by building, and failing to follow them could result in penalties or the removal of your lockbox. Here are some important guidelines to keep in mind.
- Lockbox Permissions
Always start by confirming whether lockboxes are permitted. Some buildings only allow electronic lockboxes like Supra and prohibit mechanical ones. Contact the Property Manager directly to clarify. - Placement Rules
Don’t assume standard placement is acceptable from where other lockboxes have been placed. Many buildings have designated lockbox areas due to security concerns. Improper placement – or leaving a lockbox after a listing expires can result in the lockbox being removed or discarded, with no obligation to return it to you. - Protect Unit Confidentiality
Never display the unit number on the lockbox. Instead, attach your business card only. This is the best practice that helps maintain client privacy and property security. - Label Your Lockbox
Clearly mark your lockbox with your name or use a branded wrap. This makes it easier to identify and helps avoid confusion. - Timely Removal
According to the LSTAR MLS® Policies, it is your responsibility to remove the lockbox within five business days after the property closes, or the listing terminates. Failure to do so may result in a Professional Standards referral. - Clear Showing Instructions
Be specific in your listing’s showing instructions. Indicate where the lockbox is located and upload a photo in BrokerBay to guide showing agents.
Compliance Liability
Ignoring lockbox regulations or property management policies may expose you to liability. Particularly if unauthorized access or a break-in occurs. Always prioritize safety and compliance.
By following these best practices, you protect residents but also reinforce your reputation as a real estate professional.
