What are real estate lockboxes?

Whether you have contractors coming by when you’re not home, you’re selling a home or you operate a short-term rental, you may want to use a lockbox. A lockbox is a convenient way to give people access to your home when you’re not around.

In real estate, agents frequently use lockboxes when representing a home because it allows them to show a home to prospective buyers without needing you there to give them a key. Rather than giving them a key, you can leave one in an accessible lockbox so they can get the key, show the house, and lock back up after leaving without bothering you.

Why do people use lockboxes?

Real estate agents and homeowners have used lockboxes since the 1950s for myriad reasons. Basically, they’re a simple way to share secure access to the home without making a new key. That may include for:

• Realtors: Agents use lockboxes to make showing a listed property significantly easier. Instead of having to travel all over or arrange a meeting with the seller to pick up and drop off keys, the agent can show the home with greater convenience.
• Contractors: It’s not always easy to be present when you have contractors coming over to work on the house. A lockbox is a good way to give trusted contractors access to the house to get work done without requiring your presence.
• Short-term guests: It’s very common for Airbnb or Vrbo hosts to use lockboxes to allow short-term residents access to the property without being physically present to let them in.

Types of lockboxes

Many security and lock companies make lockboxes these days and there’s no shortage of options available for purchase on the internet. Many real estate offices also provide lockboxes to home sellers that agents will be responsible for managing during the home sale process.

Standard lockboxes

Standard lockboxes usually feature a combination lock or special key to physically open the box. Most open with a spin lock or push button system that uses a pre-set alphanumeric or numeric code. 

Electronic lockboxes

Many newer lockboxes go beyond the physical combination to open digitally, via a phone app. These electronic lockboxes use either a secure electronic key or an authentication tool within the app to open the box. Most electronic lockboxes are especially easy to manage because you can share access with individuals virtually permanently or for set periods of time. You remain in control of who has access via the app.

The National Association of Realtors owns and recommends Sentrilock for real estate agents and homeowners. This lock is especially made for real estate agents, evidenced by the one day code feature that allows agents to easily change the lockbox code every day for maximum security.

One of the primary benefits of electronic lockboxes is that they keep automatic records. You’ll always know who opened the lockbox and when so whether it’s you or the listing agent managing the lockbox, you’ll have a comprehensive history of when the lockbox was accessed and by whom.

Hybrid lockboxes

Some lockboxes on the market offer a combination of standard and electronic locking mechanisms. These are useful for less tech-savvy people who would like to use a lockbox, but still share it with individuals who would prefer to use the electronic features.

What are the benefits of using a lockbox?

Sellers usually have the option to allow or refuse a real estate agent to use a lockbox on their home. However, the benefits significantly outweigh the drawbacks.

Easier showings

The primary reason why agents like to use lockboxes is because they make it easier to show potential buyers the property. If a buyer can only see the house at a very specific time, the agent just has to give you a call and ask you to step out for a few minutes so they can show the house.

If you’ve already moved out of the house or you’re out of town for a weekend, your agent can easily show the house at buyers’ convenience, making it easier to find the right buyer.

Convenience for buyers

Lockboxes are convenient for listing agents, but they’re also great for buyers’ agents. If potential buyers have an agent looking at homes on their behalf, the agent just has to contact a home’s listing agent and can take a look at the house on their own, without having to set up a formal appointment. This makes it easier for buyers and their reps to see more homes.

More privacy

Most buyers don’t want the sellers lurking over their shoulders while they’re considering making an offer. With a lockbox, it’s easy for the seller to leave the house for a bit to give a potential buyer some privacy without having to do an awkward exchange of keys.

Lockbox best practices

If you or your agent are using a lockbox, keep these tips in mind:

• Keep your lockbox in an easily accessible place. It gets dark early in winter and snow could make a lockbox on the ground especially difficult to find. 
• Label your lockbox. Especially if you live in a condo or townhouse, it’s important to clearly label your lockbox so that agents, contractors, or visitors know that they have the right one. There may be more than one lockbox nearby.
• Update the code regularly. Remember to change the access code to the lockbox regularly. If you have contractors coming over, give them a new code. Change it after their work is done. Same goes for short-term rentals. If you give the code to a potential buyer to see the house, change it as soon as they’re done.
• Keep the lockbox up to date. Weather can rust older lockboxes and make them especially difficult to open. If you know that weather or any other factors impact the ease of which one can open the lockbox, let anyone know if there’s a special trick to opening it. Better yet, just get a new one.
• Keep it strictly on your property. While a utility box or water meter are on your property, they’re still accessible to public works officials. If someone has to look at your electrical or water meters, you don’t want them to accidentally damage the lockbox. Worse yet, if the lockbox accidentally causes damage to utilities, you’ll be responsible for the damages.