Property Management Brainstorm Five Minute Friday #5 - Utilizing Lockboxes
Lockboxes provide efficiency and convenience, allowing real estate agents and vendors access to a property when we can’t be there. But is it a good idea to utilize lockboxes for property showings? When does it make sense to allow prospective tenants to look at a property on their own? And what can we do to mitigate any security issues associated with using lockboxes for self-showings?
On this episode of Five Minute Friday, Bob explains how North County Property Group makes use of lockboxes to assist in property showings. He covers the three main types of lockboxes, simple combo, Sentri and electronic, describing which is used primarily with vendors and which is exclusive to licensed realtors.
Bob goes on to discuss when the North County team uses electronic lockboxes for self-showings, allowing prescreened, prospective tenants to view a property by themselves within a limited time window. Listen in to understand how property managers can use electronic lockboxes to track who’s coming and going from a property and learn why the benefits and efficiencies of using lockboxes outweigh the slight security concerns.
Topics Covered
[0:41] When North County Property Group makes use of lockboxes to assist with property showings
[1:14] How simple combo lockboxes work and why we use them primarily with vendors
[1:39] How licensed realtors access Sentri lockboxes via a card provided by their local association and MLS
[1:59] How electronic lockboxes provide access only to those with a preprogrammed code
[2:14] Who issues codes at North Country Property Group and how the management team tracks who’s coming and going
[2:33] When the North County team issues realtors and prescreened prospective tenants ‘self-access codes’
[2:50] The conditions for using self-access lockboxes and the limited time window when self-access codes can be used
[3:15] How periods of self-show activity are tracked in the North County system and our team’s practice of making regular visits to the property
[3:36] North County’s policy around allowing property owners to opt out of self-access showings
[3:45] North County’s confidence in the safety of self-showings
[4:34] Why the benefits and efficiencies of using lockboxes outweigh the slight security concerns
Connect with Bob
Resources Mentioned
Property Management Brainstorm EP024: Tenant Turnover Issues Solved
Connect with Bob Preston
https://www.propertymanagementbrainstorm.com/
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