HI Ute,

The use of lockboxes is common in most area of New Jersey. Some of the flat fee MLS companies might not include Supra Boxes as part of the fee. Some sellers who flat fee list opt to purchase combo locks. While I see some use of combo locks, it is uncommon.

We have some higher end homes that do not have lockboxes, when agent must accompany. I strongly encourage the use of lockboxes, and discourage the ‘agent must accompany’, unless it is a very large and unique property. The absence of a lockbox has a noticeable negative effect on showings.

I had written in an earlier post that I had previously experienced difficulties showing Foxtons listings, but had not recently attempted to show any. It was a frequent complaint among cooperative agents that it could be challenging to make appts and show Foxtons lisitngs. Initially, the company was known as YourHomeDirect.com (YHD) and the company was not a member of MLS, and did not cooperate. There were some sellers that were willing to pay BAC.. Buyers needed to make appts through the Foxtons office, and a Foxtons buyer agent was assigned. They shortened their name and were then known as YHD. Under that biz model, a Realtor such as myself, would have to submit a buyers agency agreement defining that my buyer was paying the commission, and I would then be allowed to set an appt. The problem was that, despite my fax confirmation of such agreement to their office, I was told repeatedly that they had not received my fax. Setting appts was much the challenge.

Fast forward to the sale of YHD to Foxtons (UK based), and Foxtons joined MLS and raised the commission to 3%, then 4% and joined MLSs. Appointments still needed to be set through the Foxtons office, and even though we could now skip the mandatory buyer agent agreement, it still was often still challenging to set an appt. LOCKBOXES now were frequent on Foxtons listings, but the % of Foxtons listings without lockboxes was far greater than the MLS average. I assumed that resulted because sellers were less informed about the negative impact and loss of showings that accompany the decision to withhold a lockbox. When I have a seller who wants to omit the lockbox, I discuss the drawbacks associated w/ that choice. I cannot speak for why Foxtons listings had a higher percentage of ‘no lockbox’ listings. My assumption is purely speculative.

Foxtons listings were at risk of fewer showings as a result of difficulty to arrange appts, absence of lockboxes, negative public perception, and the properties did not make it through ‘agent network buzz’. No one talked about, “Did you see xyz property? They did a great job on y?” Certainly, when a Foxton listing matched a buyer criteria, the listing was put in the mix of properties. When a buyer asked about ‘that listing’, a typical answer was, “I haven’t seen it, and I haven’t heard anything about it from anyone else.” Compare that to a competing property that was aggressively marketed to cooperative brokers, and the competing properties had an advantage. Buyers who tried to see properties and were unable became disinterested in seeing future Foxton listings.

Ute, I went into detail here to help any public members, regardless of location, understand that the listing agent/brokers’ commitment to cooperative broker marketing and showings is very important to the sellers oppty to gain the highest and best offer. I know you asked about lockboxes, and I could have just responded that Foxtons sometimes used lockboxes. Sure, the absence of a lockbox deters showings. But, the collective package of everything a broker does to encourage cooperative broker showings is an important consideration for any seller when choosing their seller agent.

Deborah

Mon Oct 1 2007, 04:01

In the actual city of Chicago, the use of lockboxes - especially with condos, but with city single family homes, too - is very rare. Sometimes this is due to association rules, but more often it is because it is simply custom that showings are accompanied by the listing agent. Sometimes if it is a condo and the unit is vacant, the listing agent may leave the key with the building's doorman for the buyer's agent to pick up.

In the suburbs, lockboxes (Supra) are used about 98% of the time.

City agents often joke that suburban agents have it easy, because they rarely accompany showings! ;o)

Sun Sep 30 2007, 22:31

In NJ we use supra key in the mls area you are in. However some part they use combo locks

Sun Sep 30 2007, 22:29

If you can't show it you can't sell it.

No lockbox in this market is failure out of the gate.

Sun Sep 30 2007, 22:26

Hi Ute,
Lockboxes are common in Contra Costa and Alameda counties (CA)

Sun Sep 30 2007, 22:19