Usually the greatest number of showings occurs in the first three weeks after a home goes on the market. The more obstacles that are placed in the way of buyers and showing agents the fewer showings that will occur. Agents will always check in the MLS prior to deciding to show a home because they need to determine what the showing requirements are. Here are some of the options they will encounter:
- Vacant, lockbox: This means that nobody is living in the house and it is available for viewing anytime. These almost always have a lockbox installed.
- Call first, lockbox: This means the showing agent is to call either the owner or listing agent to schedule an appointment before using the lockbox. It is not OK to just stop by and use the lockbox.
- Tenant occupied: State laws require that different notice periods be given to the tenant unless another agreement has been made.
- Appointment with owner: The showing agent calls the owner and makes an appointment.
- Appointment with listing agent: The showing agent calls the listing agent and makes the appointment. This is often done either at the request of the owner or if the listing agent wants to get direct feedback from the client.
- Restricted days or hours: This often happens when a seller has an infant or other special situation in the house. Obviously, this restricts the number of buyers who will see the home if it does not fit into their schedule.
- Key in listing office: This means that the showing agent must go to the listing office and pickup the key and return it after the showing because there is no lockbox installed. This can be very inconvenient for the showing agent and can reduce the number of showings.
- Call listing office: The showing agent must call the listing office and talk to either the listing agent or someone in their office with pertinent information before scheduling the showing.
Some of the variables that often enter into the decision about how to show the home can include:
- Local custom: Showings are handled differently in some places.
- Security: Sellers worry about theft or vandalism, either at the time of the showing or later. The latest generation of lockboxes records the contact information of the showing agent so there is always a record of who toured the home. We always recommend that sellers remove valuables from the home when it goes on the market. This is more of a problem with open houses than with accompanied showings.
- Seller preference: Sometimes the sellers want either the listing agent or themselves to be present, either for the purposes of garnering feedback or protecting their property. It is not recommended that the seller be present as that often makes the potential buyer uncomfortable and rushed.
There are drawbacks to not having a lockbox which include:
- Agents don't always have control of the time between showings and could miss an appointment or cancel one if the other agent can't be there at the revised time.
- Some agents schedule the hardest to show homes at the end of their day so it is the easiest to drop off if needed.
- Sometimes buyers with agents see a sign and want to see the house right then. If the agent can call the listing agent and get permission to use the lockbox everyone will be happy.
- Buyers are more comfortable looking at homes without the listing agent or seller looking over their shoulder. They will usually get a much better feel for the house without the added pressure.
- Some buyer's agents believe that a listing agent will sometimes withhold the lockbox so the listing agent has a greater chance of "double-ending" the sale. This, in my opinion, is a terrible disservice to the seller.
While there are always certain risks to having strangers touring your home the new generation of lockboxes is technologically advanced and provides accurate data that can be used to obtain feedback from the showing agents or maintain a record of recent visitors for security purposes.
When selling your home the easier access is for showing agents the more people that will see it, and the more people that see it the sooner it will sell.
No system is perfect but the lockboxes of today offer a high level of security to both listing agents and sellers.