Optima Biltmore Tower Owners…Unite!

We just heard that Optima Biltmore Towers (OBT) management made a major policy change last week that we believe will have an adverse affect on property values there.

Real estate agent lock boxes are no longer allowed on the property!  This means that agents looking to show OBT to prospective buyers or renters will have to make appointments with the various listing agents to do so.  Can you imagine trying to coordinate a client’s schedule with three or four or more Realtor’ schedules?  This policy will discourage agents from showing the building.

It is true that some other high rise buildings prohibit lock boxes.  However, those buildings have doormen or other on-site personnel who make it easy to show the property.  OBT is one of the only buildings, perhaps the only building,  in the valley which doesn’t have a doorman or on-site personnel but outlaws lock boxes.  In contrast, some buildings have actually spent money to make it easier for agents to show their condos.  For example the Home Owner Associations at Third Avenue Lofts and Biltmore Square installed metal bars in central locations so that all Realtor lock boxes can be hung in one, easy to find and secure area.  Doing so eliminated the “clutter” of lock boxes being hung in random places around the property and it makes it super easy for an agent to show multiple properties.  I can tell you from personal experience that before Biltmore Square installed the bars I HATED showing the community and rarely did.  Now that the HOA installed the lock box bar it is super easy to show properties there.  It seems to me that Third Avenue Lofts and Biltmore Square are encouraging agents to show their condos.  In light of the current economic mess that sure seems like the right attitude to me.  Optima Biltmore, how ’bout making it easier to show condos there, NOT harder!

I understand and appreciate the value of security.  Great security is one of the reasons that I live in a high rise.  But there are better solutions that banning lock boxes.  This is a big mistake and believe me this policy will hurt property values in the building.  If Realtors find it very difficult to show a building then guess what?  They won’t show it.  If people stop showing the building then values will go down.  If you are an owner of a condo at Optima Biltmore Towers then I strongly encourage you to contact your management company and insist that they come up with a better solution.

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4 Comments so far (Add 1 more)

  1. While I appreciate the Optima owner’s opinion, unfortunately restricting access will effect showings thus less showings, less demand, less demand affects property values. The people who specialize in this niche know this to be a problem all too well. The example given is just one example (and thankfully it’s a positive example) however as someone who has shown in that building between 70-80 times, it’s the most difficult to show in the city. Security is one thing. Marketability is another. The two should not be confused as they are really unrelated. Of course, there is the occasional Realtor that makes a mistake which is unfortunate. But how many times do tenants/owners allow people into the building without knowing who they are. This I see all the time. Focus on the problem and you’ll see the problem isn’t Realtors. In the end, it’s a mistake for the board to make things more difficult for Realtors in that building. This soon will become very evident and hopefully the powers that be will realize this.

    1. Fitz on November 11th, 2009 at 4:21 pm

  2. Optima Resident – you raise some good points but allow me to offer a different perspective.

    You mention an agent accidentally walked into your property using a master key. I too would be upset if that happened to me but that is not a lock box issue, a security issue yes, but not a lock box issue. Unless there are a bunch of agents out there with master keys (I certainly hope not) then this is a very isolated experience. Certainly there are other solutions to resolving that problem than to force all properties to be shown by appointment only. And for that matter, the agent who walked in on you will not be affected by the policy change as she has access to the property with or without making an appointment with a listing agent.

    I agree that the previous system (securing lock boxes to storage cages throughout the parking structure) was less than ideal. Many of the listing agents failed to mark their keys and fobs adequately so it was difficult to make sure one returned the right keys and fobs to the right lock box. I use to bring small sandwich bags and a marker with me when I showed the building. I would make a seperate bag for the contents of each lock box so that I was sure to return everything to the right place(cumbersome but effective). Two great things about the key fob system are that “lost” fobs can be deactivated thereby eliminating any security risk AND the HOA controls who has fobs and can charge listing agents a high fee if they lose them (this would encourage them to mark their fobs well AND to identify any agents who fail to return the fob to the appropriate lock box). Please know that today’s lock boxes allow the listing agent to identify exactly which agent access the box and when.

    As of a couple months ago, the concierge was explicitly prohibited from helping agents show property. Has that changed? If so that is great. When you say the HOA manager helps agents, who are you referring to? Ms. Pocs? If so, although she is very helpful and a great asset of the building, I did not know that her job included assisting agents in showing property. I do not think that is the case at all.

    I know that security is important to the HOA at Biltmore Towers, as it should. That’s great. However, making it more difficult to show condos is not good for the building. Encourage the HOA to reconsider their solution. Go see how other HOA’s solved the same problem (eg Biltmore Square and Third Avenue Lofts) and come up with a solution that provides great security AND allows agents to show the condos in a manner that “makes sense”. You guys have a high tech modern security system in a modern building. Certainly there are better ways to contral “access” to listings than the “old world” way of scheduling appointments.

    2. Will Daly on November 7th, 2009 at 3:19 pm

  3. Unfortunately this is not uncommon in my market. Actually, accompanied showings are the norm or close to – and you’re absolutely right – it’s a complete hassle. I know many agents present it as a service to sellers but what goes unsaid is that many times those listings are shown less frequently than a lockbox outfitted property. Coordinating four people’s schedules is close to undoable. Hope that condo associations hear your message!

    Liz

    3. Homes in Cambridge on November 5th, 2009 at 12:03 am

  4. I couldn’t disagree more. We are Optima residents and value our security. Last week a Realtor walked into our Unit while we were watching television. She apparently had a master key and mixed it up with four other units that she was showing.

    When we purchased in Optima, three of the better units we looked at were shown by appointment. Our Realtor had no problem coordinating the appointments and it was a great pleasure to meet the listing agents to answer questions, etc.

    We’ve also found out that several fobs have been missing from the lock boxes… not very good for security. Also, it’s not uncommon for Realtors to mix the keys up… leaving the next Realtor in a bit of a pickle.

    We also have an onsite HOA manager and a concierge service to help coordinate Realtors, sellers, and prospects.

    I encourage the board to stick to their guns on this one. They have the best interest of the residents in mind… knowing that we have a strong HOA board is a terrific sell point that well out-weights a Realtor actually working for their client by making appointments.

    The best people to help sell existing units are the current residents who feel SAFE and SECURE in one of the best high-rise condo complexes in the Phoenix area. This will NOT hurt property values… in fact, it shows new prospects that we are serious about security and proud of this incredible community. In fact, folks and Realtors already know that Optima Bilmore Towers IS the place to live when wanting a fantastic location in the 24th Street and Camelback area of Phoenix.

    5. Optima Resident on November 4th, 2009 at 7:37 am

One Trackback

  1. By Optima Homeowners Action to Improve Security Irks Realtors | 24th and Camelback on November 4, 2009 at 12:23 pm

    [...] A very pro-active HOA Management and Board have taken action to improve high-rise security but irks some realtors.  See posting at:  WeKnowUrban.com [...]

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