Lockbox Allocation Calculations
How Your "No Lease Fee" Lockbox Allocation is Calculated
Your “no lease fee” iBox allotment was determined by your listing activity in Heartland MLS each month of the prior year. Here’s how the calculation was made:
Once each month, usually around the middle of the month, a “snapshot” of your listings in Heartland MLS was recorded for use in creating the lockbox allocation calculation. All residential listings with the following statuses: active, show-for-backup, contingent, pending, temporarily off market and auction status, were recorded and retained for use in the calculation. Commercial and multi-family listings with the same statuses as listed above in MLS and with “iBox” indicated in the “Showing Instructions” field were also included in the calculation to determine your annual allocation. The total count of these listings were used to create the average.
An example of an allocation calculation:
Month and Day* # of listings on that day
Jan 14 1
Feb 15 2
March 16 1
Apr 14 2
May 12 2
June 15 3
July 15 2
Aug 11 4
Sept 16 4
Oct 15 2
Nov 12 2
Dec 10 1
26/12 = Average of 2.16 listings
2.16 is rounded up to 3
Current no lease fee allocation: 3 iBoxes.
*May not be the actual date of the listing activity snapshot; for illustration only.
Members do not have to pay any lease fees for allotment lockboxes. Additional iBoxes over/above the no cost allotment are available anytime needed for an annual fee lease at the equivalent to $1.66 per month. Annual lockbox leases run from March 1 to February 26 and are $20 if leased in March. Each month after March, the annual lease amount is reduced by $1.66.