Widely used by REALTORS®, lockboxes are convenient tools for facilitating property showings. However, the use of lockboxes doesn’t come without risks. To ensure a smooth process and maintain your seller’s confidence, please keep in mind the following tips:
- Opt for Electronic Supra Lockboxes: Choose an electronic Supra lockbox over a manual one for an extra layer of security. Supra lockboxes provide traceability, real-time notifications on property access, and great security features like preventing the key release without a valid eKey code.
- Secure Seller Consent: Obtain explicit permission from your sellers before using a lockbox. Sellers should be fully informed and agree to the use of this tool for property access.
- Restrict Code Sharing: Emphasize the importance of not sharing the lockbox code with unauthorized individuals. Unauthorized access poses risks to both real and personal property, compromising privacy, safety, and security.
- Agent Responsibilities: As an agent, it’s essential to understand and acknowledge your responsibility for the safekeeping of the property during showings. Make sure to adhere to all safety and security guidelines to create a positive experience for all parties involved.
- Schedule Showings: Just having a lockbox and an access code does not grant unrestricted entry. All showings must be arranged with the listing brokerage beforehand, unless otherwise specified in the showing information.
- Prompt Removal: It’s imperative to remove your lockbox promptly, on or before closing and no later than five business days from closing or the termination of your listing. Failure to do so may result in a referral to the Professional Standards Committee.
Condo Tips
When dealing with condos, it’s crucial to be aware of the various requirements imposed by the different Property Management Companies. Here are key considerations:
- Lockbox Permissions: Check with the Property Manager regarding lockbox permissions. Some may only allow specific types, such as the Supra lockbox, while prohibiting mechanical ones.
- Placement Guidelines: Determine where lockboxes can be placed, as some buildings have specific locations for security reasons.
- Unit Number Confidentiality: Avoid displaying the unit number on the lockbox. Instead, place your business card exclusively on the lockbox as a best practice.
Failing to follow the guidelines regarding the use of lockboxes and the rules set by the condominium’s property management company may expose you to potential liabilities, especially if a break-in occurs. It is of paramount importance that agents prioritize security measures and respect property management regulations to mitigate such risks.
By adhering to the above best practices, you will not only enhance the security of your property showings but will also project the image of a reputable real estate expert in the local community.
