Mike Explains: Lockboxes

In real estate, we have everyday situations of granting access to properties with various potential buyers, tenants (some may or may not have agents), and vendors. You need to accommodate different, conflicting times. It can often be too much to meet them all in person every time. Plus, your property is a home that you have entrusted us to take care of.

Luckily, there are tools for that: they are called lockboxes. That’s how the pros handle it.

In real estate, a lockbox is essentially a locked container or a box that has a key inside that gets you to access a property.

There are three basic kinds of lockboxes:

The first is a combo lockbox. All someone will need is the combination to release the outer case and the key's inside. You can get them in almost any hardware store. They are inexpensive and easy to use.

It may be fine for a trusted vendor or if you just need to let a person get the key to the property. The downside with a combo lockbox is that unless you physically go to the property and change the combination, anybody who has it has access to the lockbox.

The second is an electronic Supra. It works by putting your code in the app, generated by a smartphone. One of the advantages to this is: controlling who was in there. By the way, the only people with access to these are licensed Realtors®.

The downside is they must be a real estate agent or must have a real estate agent with them. So, a plumber that needs to get in, or anybody else for that matter who does not have a licensed Realtor® with them, is not granted access.

The third kind of lockbox is an electronic self-showing box. It is a mix between a simple combination lockbox and an electronic Supra. After screening the visitor, a code can be granted, then put in the lockbox, which opens a compartment to the key. The code is only good for a set period. Many controls are used with these self-showing boxes. They keep getting better with new technologies and reporting features.

The technology of this self-showing tool is impressive and helps get vacant properties leased out quicker and repaired in much less time. This interim reduces the risk of a vacant property and saves on vacancy expense. 

There's no one-size or one lockbox for every situation. The key is to have the right lockbox for the right situation. Here at the Mike Dunfee Group, we have the right tool for every situation.

If you'd like to find out more about how we access properties and how we make sure it's safely done or how you can, we'll be more than happy to talk to you about it.

Dunfee Real Estate Services, Inc.

DRE #02026232

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