Ease-of-Access, Home Prices, and Marketing Times: The Choice of Lockbox Type

Abstract

Lockbox usage has been common in residential real estate for some time. Older-style lockboxes, which typically require a combination to access the property key, are being displaced by newer electronic versions that require swiping an identification card to access the key. In addition to enhanced security for lockbox-equipped properties, newer lockboxes allow for the collection of showing information, which can be provided to the listing agent. This study investigates whether using a newer-style lockbox affects transaction outcomes. The results indicate that a combination lockbox is associated with a negative price effect, while an electronic lockbox has no pricing impact. Neither lockbox type significantly influences the marketing time.