MLS Approved Lockboxes are no longer required on rental properties listed in NNRMLS.
While the Policy states that if a seller approves the placement of any type of lockbox on the property, the current NNRMLS approved lockbox must be used, a recent MLS Board of Trustees decision changes that for rentals.
NNRMLS’s Listing Policy Task Force received requests from our association partners and our members, who work in property management to review our lockbox policy as it applies to rental listings. Decision-makers determined that rentals have a unique use case for access control, which was not well served by the previous policy. The Task Force developed a recommendation to the Board of Trustees to remove the lockbox requirement for rental properties.
The recommendation read, “It is recommended to make an exception for the MLS Lockbox System Requirement for rental properties.” The NNRMLS Board members approved the recommendation during their October 2021 meeting.
The NNRMLS Policy Manual has been updated to reflect the Board’s decision. In the paragraph below, we show the updated policy with the changes denoted in BOLD font.
3.9 MLS Lockbox System Box Required: If the seller approves the placement of any type of lockbox on a property listed for sale, the current NNRMLS approved lockbox must be placed on the property. Properties that are solely listed in the Rental Property Class are exempt from this requirement. (4.A.11)
The updated lockbox policy exception for rental properties is intended to better facilitate the practices unique to rental listings.
We encourage questions and feedback about this topic. Please email firstname.lastname@example.org, or leave your comments below.
Andrew Cristancho Director of Marketing at Northern Nevada Regional Multiple Listing Service