Definition
A secure metal box attached to a property holding the house key, allowing agents to access properties for showings without sellers being present. Real estate agents use a special keycard to open lockboxes.
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Lockboxes are a standard feature in residential real estate that makes the showing process more efficient for both buyers and sellers. They eliminate the need for sellers to be home for every showing and allow agents to schedule appointments more flexibly. Different lockbox systems exist, including mechanical and electronic versions, and access is typically restricted to REALTORS® who can verify their credentials.
Pro Tip
Always use the lockbox system rather than asking for direct access. It's more professional and protects both parties.
Example
The buyer's agent entered her code into the electronic lockbox to retrieve the key and show the property to her clients.