Unless you are a real estate professional, you are probably not that familiar with lockboxes. Essentially, it is a box with a combination lock that stores keys. They are typically attached to an entryway door. Many agents use them so that buyer's agents can have easy access to the home. We don't like them for a number of reasons.
- Are the other agents diligent in returning the key and locking the house up properly?
- How do you know for certain that the key doesn't get lost or stolen?
- We've heard horror stories of agents giving the codes to the clients. They let themselves in. Is this ethical? No. Does it happen? Yes.
- A key cannot tell you how old the roof is, or explain that mystery leak in the basement.
- If a key is not in the lockbox, you can bet the buyers will go on to the next house. They most likely will not return. Result? A potential sale is lost.
- If a seller is paying a commission to an agent, why is a key doing the work?
Think long and hard before deciding to allow a lockbox to sell your house. Used properly, it's convenient. Used improperly, it's a waste of time and a potential sale.