Electronic lockboxes – What are they and how do they work?

Electronic lockboxes are lockboxes that track showing activity. There are two types of Electronic boxes used, Supra and Sentrilock. Both boxes perform the same basic function, which is allow Realtors(R) access to the property while logging the day/time/individual who showed the property.

What purpose do these lockboxes serve? Many sellers want the data that Electronic Lockboxes produce for a number of reasons. The top reason is feedback. By tracking who goes in and out of the property through the box, a seller can contact the showing agent for feedback after the showing. This is especially useful on vacant properties. Secondly, many sellers like the boxes because they convey a sense of professionalism. Almost all 6% listing brokers use  Electronic boxes on their listings. Many of our sellers like to give agents the same showing access as they would receive with competing listings. Electronic boxes accomplish an important goal that we try to stress to our sellers… Make your property as easy to show as possible.

Most agents agree the key to selling your home is pricing the property correctly from the get go. The idea behind this is that properties fresh on the market see the bulk of their traffic within the first 1-6 weeks of listing. A property that is priced too high will not benefit from this traffic and will eventually net less in the long run compared to a property that is priced correctly from the start.

How do I price my property? The best method for pricing your home is to use comparable sales in your subdivision or immediate area. Essentially, what this means is that you are looking for properties in your neighborhood that have sold within the last 6 months. Ideally, you want to find properties that have similar sq ft, views, bed/baths, lot size, upgrades, etc….

How do I take into account short sales and REO’s? This is tricky. Some sellers completely disregard them, others give them too much weight. Most short sales you can throw out simply based upon the fact that less than 10% of every short sale listed will ever close escrow. REO’s are a different story. REO’s that are in good condition should be considered in pricing your property. The reason for this is that you are competing against this property for a buyer. While you may not give the REO equal weight, they should be considered.

If you need help running a CMA (Comparable Market Anyalysis) for your property, give us a call. We can run a CMA for you at no cost anytime you wish.