Legalized Extortion

Agents Must Succumb

In our state we have an electronic key to get access to homes that are for sale in the area.  Though they are not required and some say “more safe” than other lock boxes, it is an extortion money grab.  As it is not required to have, some agents still put the locks on the homes knowing it has limitations.  There are two problems with the key, one affects the agents, one affects the seller.

Agent Dilemma

The first problem with these keys is that if you do not bow down to make yet another monthly payment to the organization to acquire one of these “optional” keys, you cannot access these homes.  The reason this is extorting the agents is these are tracked so they can control who goes in and out of the property, that is all good.  If the agent does not have a key and uses another key that they could borrow from another agent, both agents can get fined.  Yet, these keys and locks are “optional”.  Though this isn’t the biggest issue, the biggest issue is how these keys affect the seller.

Seller Issues You May not be Aware Of

The seller when selling a home, is relying on the agent to “do everything they can” to sell that property.  Now, all the agents know that these keys and locks are not required to be used by any agent.  So, what does this mean to you as the seller?  When an agent lists your home they “should” be telling you that any person interested in that property will be shown the property if qualified to purchase your home and is interested.  This includes people using other agents.  This is not the reality.

The agent when using one of these locks realizes that not all agents have the keys to open the locks so when one of those agents asks to meet them so they can get access to the property, the answer should not be “well you need to get a SUPRA key, I can’t meet you to let you in”.  My question to this is, are they doing their best to market that property?  If only 5 out of 10 people interested (agents) have these keys, they have just cut your options in half when it comes to selling your property.  Is this what your agent means by “the best they can do” to sell your property?  If you are satisfied with losing half of the possibilities for people to purchase your home, then your answer would be “yes”

Ask your Agent

If you decide to put one of the electronic lock boxes on your property, you should ask your agent that very question.  Are you willing to meet other agents who may not have keys to the box as it is not a requirement to have such keys or boxes?  If they say “no”, then be prepared to lose a decent percentage of prospective buyers for your home.

Yes the electronic boxes are a bit more secure in the fact that the key code states which agent accessed that property but here are drawbacks to using these locks and your agent is more than likely never going to tell you this.  It is always best to become as educated as you can about what you are getting into as purchasing and selling a home is the biggest decision most of us will make in our lifetime.  Don’t you think the person selling your home should feel the same way about your home as you do?

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About madeehr1213

Burlington County Real Estate Sales and Solutions – Michael “Mike” Deehr, REALTOR® Associate, USAF Retired EXIT Realty is the areas fastest growing real estate firms. My team and I specialize in helping buyers and sellers invest in real estate property and homes in Southern New Jersey area including Medford Township, Medford Lakes, Evesham Township, Marlton, Southampton, Vincentown, Tabernacle, Lumberton, Eastampton, Westampton, Shamong, Mount Laurel, Hainesport, and the surrounding areas. (609) 714-EXIT (3948) Office (609) 284-3693 Direct
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One Response to Legalized Extortion

  1. Peter says:

    It would be interesting to know where the “Money trail” leads.

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