Lockboxes: pros and cons

If you’re selling your home, your realtor might suggest keeping a set of your house keys in a lockbox. Though this can make it easier for potential buyers to view your home, is it a good idea? Here’s what you should know.

The pros
Lockboxes are convenient, especially when the property up for sale is vacant. Sellers don’t need to attend each visit and buyers can take a look at the property when it’s most convenient for them. In addition, some buyers prefer visiting homes when the sellers aren’t around.

The cons
No matter how secure the lockbox is, there’s always some level of risk that a burglar could access it. Mechanical lockboxes, however, are more vulnerable than electronic models.

Electronic lockboxes often use smartphone applications to enter a personal code, creating a record of who opened the box and when. While secure, they don’t eliminate the risk of human error.

Keep in mind that the use of a lockbox requires your consent following a thorough explanation of the risks. If you’re not comfortable with the idea, it’s your right to refuse. Finally, remember that realtors are never allowed to give the combination to anyone who isn’t a registered real estate agent. If you see this happen, report it right away.