This morning I attended a presentation on real estate legal and ethical issues by Illinois Association of Realtors® Legal Council, Stephen Bochenek, and Realtor/educator, Lynn Madison. Stephen and Lynn covered several topics including: recent legal cases related to real estate, the top 10 professional standards complaints, agency disclosure issues, mortgage fraud, and changes to the Realtor code of ethics.
One of the issues they raised was the problem of Realtors giving out the combination for combination lockboxes to clients so that they can revisit a home without the Realtor. I showed a vacant house with a combination lockbox in Highland Park to a cardiologist last year. He wanted to visit the house again with a friend the following day, but I wasn’t available. He asked for the combination and I explained that I couldn’t give it to him. He wasn’t happy with me, but I know that I did the right thing.
When a Realtor schedules a showing for a home, if the key is stored in a combination lockbox, the combination is given to the Realtor by the listing broker for that Realtor’s use only. Sellers expect that a Realtor will be present when buyers are viewing a home, even if the home is vacant.
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Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
{ 2 comments… read them below or add one }
$10 says half the agents for your brokerage use “BAW” for “Baird & Warner” as the combination to their boxes.
How does the person on appointments even know they are talking to a realtor? Or can you just call the office and book a showing pretending to be an agent and be given the combination and have the dog caged to boot?
Combination boxes offer much worse security than the electronic boxes do. The keys are linked to the agent, and the agent has the combination to their key only. Seems much safer.
-Athol
Here in the Chicago area, listing brokers typically ask for the buyer agent’s id when scheduling a showing.
Most of the time I use electronic lockboxes (Supra) which I agree give the highest level of security. However, many agents in the city of Chicago don’t have Supra since they are usually present at their showings. In those cases, I use a combination lockbox.