How does a real estate lock box work?

Question

Hi, I am selling my home by owner. I have an offer to list it on the MLS for $179 and still retain my right to sell by owner. I am thinking of offering agents 2.5% or 3% commission for bringing me a buyer. I see that I can buy a digital lock box on the internet for only about $40. As I am not home most antytime, I would like them to be able to gain access. I know the lock box would have a code and I would put my key in there, but how do I get the code to the agent? How do I know they are an agent and not someone robbing my home? Can anyone offer any information that could help me out? Thanks

Hi I do see I can get a box that will record the last 9 entries? What I am really after is that I work every day and so does my wife, I'd love to allways be there to show the house but do not want to miss out on anyone who can't make it if I can't be there. If I leave work I lose money. I know an agent will do it for 4%, but they don't do anything more than I can and if I offer 2.5% I'm still ahead 1.5%, on my home that could be as much as $4,200. Why give that away?

Answer 1

You are considering advertising your property on the MLS system because hopefully you know that real estate salespeople have the buyers, and without a buyer, your house will not sell.

If you still want to go ahead with your lockbox plan, the obvious answer to your question is to only provide the combination to a salesperson who has called ahead of time to make an appointment, and you know who they are, who their company is, and the name of their client or prospect. Do not give out the combination unless they first register their buyers with you, and you know when they are coming, and who they are.

As far as getting robbed, it is a possiblity. I would change the combination right after the Realtor's showing, or as soon as you get home from work.

Hopefully, your property is in such a hot real estate market that it has sold already and you don't need this advice.
1. You want to sell your house 2. You want the most cash in your pocket at closing as possible. Yet, something has not registered with your thinking that a Realtor is just as concerned about their bottom line.

You understand that time is money because you say in your question that if you leave work to show your house, you lose money. Then you say that Realtors can't do anything that you can't do yourself. Well, exactly what they do is spend their time with the buyer, so that the owner of the property does not have to.

If you do not offer a high enough commission, it is very easy for the Realtor to bypass your house. It just won't enter their frame of reference even if an ad for your home comes up in their listing system. Or, if they do make an appointment to see your home, they will use it and show it only as a set up for the home they know the buyers will really want, probably the home they show right after yours.

Continue trying to sell your home on your own, if you want. No one knows how eager you are for a sale, other than you. If it doesn't work out, or it's taking too long, interview several brokers and their agents. Find the most professional, someone you are comfortable having handle the sale, and sign an exclusive right to sell listing contract with them. Even if it still takes a while to sell your property, you will be assured everything possible is being done on your behalf to make the sale a reality.

Best of luck to you and I hope you make a lot of money.

Answer 2

Yes, and we commonly do, however only with the owners permission. Most lock boxes these days are electronic and monitor/record everyone who uses it. They can also be set to only open for a specific agent, i.e. an agent who has an appointment. It saves agents having to run around picking up and returning keys if the occupant isn't home, which gets the house more showings, usually resulting in a faster sale.

Answer 3

wait a minuet, you are putting the horse before the cart. If you are not available to show the home, how are you going to sell it yourself? You can get an Agent to advertise and sell it for 4%. They don't like it, but they will do it.
Advantages 1 they provide the box, 2 they provide the lookers 3 they do the paperwork

Answer 4

Usually the agent calls you and asks you for the code and you give it to them.

My suggestion for verification would be to ask the agent who he works for, grab a phonebook and verify employment with his broker. You could also give the code to the broker of major agencies in your area in advance.

There are also "master key" systems out there that several agencies subscribe too that you could use. This means that all the boxes for that particular company use the same key and most every agency in town will have a copy.

As for the robbery part, you don't really. That's why you have insurance.

Answer 5

If you are talking about a Supra Lock Box you will not be able to open it. Only Realtors that have the Supra E Key will be able to access it. It is a right that only Realtors have. So that means that you will not even be able to open it yourself to put the key in it or to put it on your door. Unless you are talking about a combo lock box you can use it.